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

Maintaining budget will help you save your own money and you will come to know that what all extra expenses you have done. Students living off-campus must have the habit of creating a financial diary. There are some tips that will help you in maintain the diary. For that, have a look at the attachment provided.

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

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

  2. Most students don’t care and don’t 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 don’t know how to properly create a budget, then budgeting won’t 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 won’t 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.

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