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Student Budget Plan

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By katyPublished about a month ago 2 min read

One of the things that you also need to know is you can manage your money well as a student by creating a full budget plan. Set up a realistic budget using the following steps:

Step 1: Assess Your Income

List everything that comes into your house in the way of money and:

- Monthly income (take-home earnings after tax) of a part-time job.

- Family Allowance: An Income from the family regularly.

- Scholarships and Grants - Financial aid that does not have to be paid back, provided for education.

- Student loans: add these to long-term planning.

- Resources Other-Anything like side work, scholarships, grants.

Step 2: List Your Expenses

List your monthly spending as categories

Fixed Expenses:

TUITION & FEES: DIVIDED BY MONTHS PER YEAR

- Rent/housing: Rent (monthly, or dorm)

- Utility payments: Power, water, internet, and also phone costs

- Insurance (health, renter's, or car insurance)

Variable Expenses:

- Household goods: Food expenses per month

- Transportation - public transport, gas, car maintenance

- This can include: Books Supplies Software

- Personal: Grooming, toiletries and healthcare/m Medical Expenses 50.00

- Entertainments: Going to the movies, eating out (like, going to nice restaurants), hobbies.

- Savings: Save a part of your income for the emergency and the coming days.

Step 3: Set Financial Goals

SHORT-TERM and long-term financial objectives

- Long-term Goals: Whether monthly savings targets, credit card debt, or saving for a trip

- Long Term Goals: Graduate without debt, Establish an Emergency Fund, Buy A Car.

Step 4: Build Out the Budget Spreadsheet

Track your income & Costs in a Spread Sheet. Include columns for:

- All your sources of income and the amounts you earn.

- Expenses- Breaking out and listing all expenses

- Total income and totals of expenses.

Balanced: The difference between Total Expenses and Total Income for verifying the budget is intact.

Step 5: Watch and Change Your Money Plan Check and update your money plan often:

- Weekly Checks: Look at what you spend each day and change your chart every week.

- Monthly Looks: Think about your money plan at the end of each month and change parts if needed.

- Change for Shifts: Fix your money plan for any shifts in what you get or spend

Step 6: Keep and Cut Costs Find ways to keep money and cut how much you spend:

- Make Food at Home: Keep money on food by making meals at home.

- Use Deals for Students: Use deals for students when you shop, have fun, or get help.

- Get Used School Books: Buy used books or rent them instead of buying new ones.

- Less Subscriptions: End any subscriptions or groups you don't use.

- Share a Ride or Use Public Travel: Keep money on how you move around.

Step 7: Use Money Tools and Help Use tools and help to handle your money:

- Money Apps: Use apps like Mint, YNAB (You Need A Budget), or PocketGuard to watch spending.

- Money Advice: Get advice from money helpers at your school.

- Classes and Meetings: Go to money learning meetings held by your school or area.

Making and keeping a money plan is a big skill for staying steady with money as a student. By looking at how much money you get, putting your spending into groups, making money goals, and always checking your budget, you can handle your money well and make your money future safe.

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About the Creator

katy

Life lessons and poets :)

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