With these smart choices, you’ll save money, the environment-heck, even your back. Use your computer to take notes rather than lugging around notebooks and other supplies. Recycle your used textbooks, or-better yet, download ebooks. Make your own coffee rather than hitting coffee shops. When you need money for a night out, just take cash or a debit card tied to the variable expense account so you can’t deplete money you need for must-pay bills. When you’re getting started, consider having two bank accounts-one for tuition, rent, car insurance, and other fixed expenses, and the other for variable expenses. The extra savings can help when unexpected expenses arise that you didn’t plan for in your budget. It will get you in the practice of knowing how to shop for deals, too. More places than you realize offer student discounts, and you might as well take advantage of them while you can. Consider using it just to pay for one type of required expense each month (for example, gas) so you won’t be tempted to use it to overextend. Choose one card with good rates and terms, and pay off the entire balance monthly. If you want to establish credit with a credit card, don’t have more than one. And, if you come into extra money, consider putting it toward loan payments (such as interest-only loans) while you’re in school so you can save on long-term interest. Take the least amount of loans you can and only borrow for school-related expenses-not pizzas, vacations, or extras. Use apps like Mint or whatever makes it easy for you to look back and see where you overspent and where you did well. Let’s face it: if it’s not easy to compare your actual expenses to your goals, you won’t do it. Use online apps to reflect on your spending.Is parking and insurance outrageous? Ditch your car (plus gas, registration, and maintenance costs) and instead bike or take the bus. Are on-campus housing expenses way out of whack with what you can afford? Look into becoming a resident assistant to get free housing. Be willing to rethink all your budget categories.Start with what you know your needs are (e.g., housing, transportation, food, etc.) versus your wants (e.g., eating out, concerts, spring break trip, etc.). Use your bank or credit union app or statements to look at your expenses over the past months. Identify your spending categories and current amounts.If you don’t have regular monthly income, it may make sense to build your budget around the academic semester-for example, when you have refunds from financial aid, income saved from a summer job, or a chunk to access from savings. Here are 10 best budget planning tips to make money management easier for you. If you’re living on your own for the first time in college, budgeting basics is one life course you don’t want to fail so badly that it takes years to recover. It’s one thing to talk about budgeting-and another to master the life skill of money management.
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