Budgeting

Tips

• Record Your Actual Expenses

    Carry a small notebook or use a phone app to record even the smallest expenditures such as coffee, movie tickets, snacks, and parking. Some expenses that are often ignored include music downloads, charges for extra cell phone usage, and entertainment expenses. Search for an online tool to assist you—many are free!

• Organize Your Records

  Decide what system you’re going to use to track and organize your financial information. There are mobile apps and computer-based programs that work well, but you can also track your spending using a pencil and paper. Be sure to be consistent and organized, and designate a space to store all your financial information. Good record-keeping saves money and time!

• Keep Records Of Your Rental Payments

  You can find examples of rent receipt templates with a simple online search. Find a version that suits your needs with the proper fields available for pertinent information. Make sure that your receipt always includes all names, addresses, and month-related specifics for easy reference at a later date, if necessary.

• Include A Category In Your Budget Called “Unusual”
  There will be some expenses every month that won’t fall neatly into one category or that you couldn’t have planned for. An “Unusual” category will help you budget for these occasional expenses.
• Review Your Spending For Little Items That Add Up To Big Monthly Expenditures
  The daily cup of coffee and soda at a vending machine will add up. Consider packing your lunch rather than eating out every day. Spending $10 a day eating out during the week translates to $50 a week and $200 a month. A $5 packed lunch translates into a savings of $1,200 a year. Save even more by looking for ways to manage and reduce your transportation and entertainment expenses.
• Make Your Financial Aid Credit Balance Refund Last
  If your school applies your financial aid to your tuition and fees and there’s money left over, the school will refund that money to you so you can use it for other education-related expenses (textbooks, transportation, food, etc.). Remember that your financial aid is supposed to help you cover your cost of attendance for the whole semester or term, so be sure to make that refund stretch over time rather than spending it all as soon as you get it.
• Comparison Shop
  Comparison shopping is simply using common sense to compare products in an attempt to get the best prices and best value. This means doing a little research before running out to buy something, especially when it comes to more expensive items. Make the most of tools like phone apps for comparing prices and value.
• Use credit Cards Wisely
  Think very carefully before you decide to get your first credit card. Is a credit card really necessary, or would another payment option work just as well? If you receive a credit card offer in the mail, don’t feel obligated to accept it. Limit the number of cards you get.
• Don't Spend More On Your Credit Card Than You Can Afford To Pay In Full On A Monthly Basis
  Responsible use of credit cards can be a shopping convenience and help you establish a solid credit rating and avoid financial problems. Consider signing up for electronic payment reminders, balance notices, and billing statement notifications from your credit card provider.
• Create A Routine
   Manage your money on a regular basis, and record your expenses and income regularly. If you find that you can’t record your expenses every day, then record them weekly. If you wait longer than two weeks to record information, you may forget some transactions and be overwhelmed by the amount of information you need to enter.

These insights are provided for general informational purposes only and should not be interpreted as legal advice. Before signing any contract or lease, it is strongly recommended that you consult with a qualified legal professional.