Student Budgeting
All About Budgets | Students

Simple Budgeting Guidance for Students

Students Who Want To Learn About How A Budget Works

Simple budgeting guidance for students is very important as it’s not always taught in the school system.

Money is one of the most important resources that an individual can possess at all times.

However, if that resource of money is not handled correctly this results in failing their budget or they’re not using one.

It can pay for necessities like food and shelter or small leisures like ice cream.

Unfortunately, many people end up losing track of their spending activities and they become short on budget when it matters most.

Budgeting is extremely important, especially for students who are most likely on a monthly allowance.

It’s necessary to plan ahead and balance your finances as early as now.

This is why I wanted to talk about simple Budgeting guidance for students.

What is one’s weekly income/allowance and its source(s)?

The first thing you need to consider is how much money you get in a week or month, regardless of where it is coming from.

If you are working part-time, then you can be confident that you will get paid as long as you put in the effort.

On the other hand, people who get their allowance from parents have to worry about their family’s expenses too.

Budgeting Guidance for categories needs to be allocated.

Where your money needs to go depends on your financial situation.

If you are attending college away from home then you may have to worry about rent.

However, living with your parents makes you worry-free about your daily necessities.

Here are some things to consider as priorities for your savings from most urgent to least.

Daily expenses

Whether you have to worry about rent or not is situational but your budget for public transportation and food is constant.

Even if you can eat breakfast and dinner at home, you also need to worry about lunch and snacks at school.

You also need to keep a few extra paper bills in case of seeing something you like out of the blue or needing a few more coins for a sandwich.

Of course, daily expenses do not include your leisures like playing online slots, RPGs, and trying out other types of betting even in the smallest amounts.

No matter how affordable they are, these still factor in your whole budget in the long run.

Saving for the future

For students, it is only a matter of time before they either have to move out and seek opportunities in another city.

You need to think about practicality and comfort before worrying about having an impressive flat for guests.

Another idea worth pondering on is owning a car.

  • You may want to invest in a utility vehicle for the family or an impressive ride for friends and peers.
  • Use your current income as investments that could give you more money.
  • You could run a business, participate in the trading of assets, or invest in stocks.

Granted, all of these activities need intensive research and careful studying on top of your school activities.

You will need to spend time and money but the result is always rewarding.

If you are in high school then you should already start planning which industry you plan on joining.

There is only so much that your daily teenage wage and allowance can pay for your tuition but your savings can help make it more manageable.

Even if you can’t pay the monthly fees, you can at least pay for your necessities like a laptop/desktop, industry-standard equipment, and more.

Important of Electronic Devices For Student Guidance

Speaking of devices, computers are important in any industry.

The quality of the hardware you need may not be important to most industries that only need to operate office-centric programs like Microsoft Office.

If you plan on being in the entertainment or software industry, then you need a unit that can support powerful programs.

There are also sound mixers and recording devices needed by aspiring musicians and voice actors.

If you wish to be an athlete, it is best to invest in high-grade apparels to avoid injuries and discomfort as well as ensuring its endurance for years.

There’s also a gym membership to pay for so you can stay in competitive form.

Budget for leisure hobbies, and other personal interests

Even if you don’t plan on developing games or making movies, you may still want to own a powerful system.

Video games are extremely popular right now for all demographics.

You can get a game console or a PC.

You may also get the best tablet or smartphone in the market for a better experience in watching movies or playing mobile games. 

Being a collector might be the most expensive hobby that anyone can have.

It involves seeking valuable items in a niche whether it is pop culture or craftsmanship related.

The most coveted objects are always expensive as it is also sought after by like-minded people.

Your budget for leisure should be the least of your priorities.

Wealthy People May Spend More Money

It is entirely possible for adults to have more money for wants than needs.

This is why they can afford various luxuries like taking vacations, playing online slots, or participating in auctions for collector’s items.

Unfortunately, such opportunities are restricted for students who have loans and fees to worry about.

That is why they are more in need of budgeting tips than adults.

Overall budgeting guidance that I can offer is in my Budget Category on the blog or in the three links below.

Other Budgeting Guidance Posts on CBB

Start Here if you’re looking for more budgeting guidance.

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One Comment

  1. One thing we did with our son who went away to university is after sitting down and calculating all the recurring expenses (rent food etc) we transferred an applicable biweekly amount to his account on the same pay date as ours.
    This did 2 things. First it ensured that he didn’t run through a large sum early and then had to call us for more money later. Second, it got him used to working with a fixed inflow of money that had to last until the next payday. This is a skill I think many people lack so this was an opportunity for him to practice.

    The second year I worked with him on how to see how much tuition had to be paid and to arrange the payment himself. He learned to navigate the website find his account, find out which payment methods they accept, then set up the payment in his account. This again is a skill (bill paying) that many people don’t have now that we don’t whip out a cheque book any more.

    I will admit that I navigated the Initial OSAP and University applications as he was in high school at that time. But over the 3 years of university I gave him more and ,ore responsibility for his own finances.

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