Are you struggling with student debts, paying bills or otherwise making ends meet? Well,
knowing where, when and on what you spend your money is the best way to manage your
student budget. If you live month to month, on the premise that there are good times and bad
times, then you need to take a closer look at your finances.
Never spend all your money, just because it is there. Remember those bad times? That
spare cash would have come in pretty handy, if you still had it. Sit down and take stock of
everything you spend each month. Keep all your receipts and create spending categories
such as food, rent, school costs and clothes. Deduct these costs from your income and you
will begin to get a picture of where your money is going. Next you need to decide which
outgoing costs should take priority, and where you can afford to make cuts. Note: This does
not necessarily mean cutting out complete categories, but rather, streamlining what you spend
on each.
Certain categories, of course, are fixed and need to be paid first. Your rent, and loan
payments are examples of fixed costs, however, in some cases you may be able to negotiate
lower payments if you are struggling. Luxuries, on the other hand, are fair game. Until you
have a working budget in place, it is likely that you will have to cut back completely on the
small pleasures in life. Remember, renting a movie costs significantly less than a trip to the
movies, eating in is the new eating out, and thrift clothing is just another name for retro.
Wherever possible, spend cash and avoid using credit cards. If you have to use credit cards
at all, make sure that you pay off the balance in full each month. When you start to see spare
cash in your budget, do not immediately go on a spending spree. Lastly, save whatever you
can, no matter how small an amount, and look at it as a emergency savings or a nest-egg for
the future.
