Budgeting Like a Pro When You're Going to University or College

1
Budgeting Like a Pro When You're Going to
University or College
2

• Most students dont care and dont want to
  hear about budgeting. But your college days may
  be the best time to learn how to budget your
  money. Besides, the more successful your
  budgeting, the more money you have to spend on
  luxuries or save for the future. So, now is the
  time to create a budget and learn how to manage
  money. Learning now will help you during and
  after university. Below are a few tips on
  successfully taking control of your finances.

3
Create a Financial Diary

• Creating a financial diary may seem like a
  tedious task, but it can make you aware of the
  exact amount you spend on certain items and help
  pinpoint areas where you can save. There are
  plenty of mobile apps that can help you track
  spending or you could go old school by creating
  a financial diary in notebook. In your diary,
  record daily and monthly expenses. Just remember
  to record everything you spend money on, no
  matter how small the purchase.

4
Create a Budget

• Truthfully, a realistic budget is essential
  for college students. However, if you dont know
  how to properly create a budget, then budgeting
  wont work very well for you. Use an app or
  accounting software to calculate and track your
  income and expenditures throughout the semester.
  Most importantly, record major expenditures,
  including the rent if you live in UOIT off campus
  housing. A financial app or software will
  automatically calculate the total amount of your
  expenditures and savings, and even offer helpful
  comparisons.

5

• To create a feasible budget, first add up
  your income and all guaranteed additional income,
  e.g. money received from student loans or grants.
  Then, add up all guaranteed expenditures, such as
  the rent and bills. Subtract your guaranteed
  expenditures from your guaranteed income and you
  should be left with the amount you can spend on
  living expenses, luxuries and possible savings.
  Next, estimate how much you might spend or would
  like to spend on food, clothing and
  entertainment. After all of this, you should have
  a realistic amount left over. Left over money can
  be used for savings or an emergency fund.

6
Save Some Money

• Just like budgeting, saving is one of the
  healthiest things you could do for your financial
  present and future. Savings can help you in
  emergency situations and help you afford luxury
  items in the future. Not to mention, if you live
  in a Durham College residence, it could help make
  moving off campus more affordable. Since you
  wont have to pay rent or bills, you should be
  able to save that money for your future deposit
  or apartment. Once you move off campus, your
  savings could help with purchasing furniture,
  household items and more. Remember that saving
  even the smallest amount could help finance your
  future.