Setting a budget can seem like a daunting task especially when there are so many expenses to keep track of. When you’re a college student on a tight budget, there’s no point in making a budget because you’re already in debt anyway. Right? Not so much. Your finances aren’t completely a lost cause and shouldn’t be put to the back of your mind until graduation. Here are a few tips to set a budget and stick to it.
Knowing what is most important to you and your success is the best way to keep your mind focused on your budget. Keep your eye on the prize (graduation) and you will be much less tempted to blow through your tuition savings on that fancy jacket you’ve had your eye on.
2. Avoid Temptation
When you know you are at the end of your budget rope, stay away from big sales and stores altogether. Odds are you will end up making impulse purchases with money that you really should have used for textbooks instead.
3. Count every purchase
It’s tempting to count small purchases as freebies when it comes to your budget. A box of mints here, a nail polish there, and before you know it you’ve racked up quite a bill of small purchases that you didn’t account for in your budget.
4. Ask yourself if you really need it
Even when we have the best intentions, a budget can be ruined with buying things that you just don’t need. Let’s say you need a paintbrush for your art class. You arrive at the art supply store and you see a fancy set that you’re pretty sure Picasso himself recommended. Purchasing such a luxury is a budget blowing move that you could try to justify, but deep down you know that you could have cut easily cut costs by only buying what you truly need.
What tricks do you use to stick to your budget? Let us know in the comments below!