University life has a few common tropes that students fall into every year. These include late night study sessions, cramming slice after slice of pizza into weary faces, and having to resort to an online essay writing service to ensure deadlines are met.
One of the most common tropes is the broke university student. Scrounging together a few bucks to grab a burger after a late night party session. Not being able to afford supplies needed to get through the semester. But with a little budgeting help, students can do better, and here’s how.
- Apps Are Your Friend
There is no point in fighting technology anymore. We have the ability to do so many things with just a few taps on our smartphone. So, why not take advantage of that?
Creating structure is what budgeting is all about. There are a ton of budgeting apps out there that can help to create that necessary structure. They include not only a running ledger, but some offer tips on how to improve and save more money. Even better, it provides a breakdown of where money is going each month, allowing refinements and changes to be made.
- Build a Cushion
Without the right budget, having a contingency plan – like being able to turn to an online essay writing service at the last second – goes out the window. When you have your budget figured out, try to give yourself room to build a cushion; 10% or so should serve.
The reason that you want to build that cushion is because unexpected things can and will happen. Instead of wondering how you will pay for those things, you can lean on your cushion. Think of it as a “rainy day” fund that can bail you out when you need it to.
- Invest Change
One of the great things that has happened, as smartphone technology has progressed, is that it has allowed everyone to invest. You don’t need to go through a traditional investment firm and you don’t need a ton of money to start.
There are apps out there that will even let you round up your purchases to the nearest dollar, taking the change and putting it into an investment account. You aren’t going to get rich off of these investments, but you could build up a decent little return that could aid your cushion.
- Pay in Cash
While it may feel like having a budget means no fun, that’s not true. Just do it in a more disciplined way. Before you go out to dinner or a social event, determine what you can spend. Then, instead of paying with a debit or credit card, take that amount out in cash.
This way, you are only committed to spending that amount. You won’t have a spur of the moment decision to way overspend, putting you in a difficult position. You can still have fun but not have to worry about going over budget.
