How to budget in college
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The following is an computer-generated summary of the video transcript.
So today I'm going to be talking about budgeting, how to budget in college, what you need to watch out for. Also just talking about what I spent my first semester of college and what I've learned from it. Okay, let's talk first about what college students usually spend their money on. So in order to be smart with your money, you need to rank these seven things in order of most important to least important. Okay, now you need to figure out how much of that list of seven things you have covered by your parents or scholarship money. So let's say you've got rent intuition, taking care of by your parents or scholarship money thing. So now you need to take a look at how much money you personally have in your bank account that you're willing to spend or that you have to spend. If you divide $3000 by two and let's say each semester is four months, that means on a monthly basis you're gonna have about three hundreds of new $5 to spend. What I just did was I divided the money that I had into each month that I'm gonna be a college, and that number that you get, whatever that may be, is going to be your monthly budget. Remember, you don't have to keep that monthly budget. If you have $3000 in your bank account, when your savings account and your monthly budget is $375 you can still you can bring it down to, let's say, $200 because then you'll have a couple 100 left at the end of the semester for you to spend or for you to keep in savings. The one thing Thio make sure you remember is that you don't want to go above budget. If you have $375 to spend every month, then you don't want Thio. Bring it up to $400 because then you're gonna not gonna have enough money to last year, the end of the year unless you have parents that are very generous and that will send you money if you run out. Keep in mind that you don't have to have the same budget allowance every month. You can decrease it to $200 in October if you don't think you're going to spend that much money in October and then maybe add some of that September of you if you think that your textbooks are gonna cost a lot of money or you have to buy a plane to get home or things like that. So that's where a monthly budget kept on dual sheets or Microsoft Excel becomes really hand. I'm just going to show you what I spent from September to December because that's when I was in school. So this all of this, and then all of this is how much I spent in September on food. So this is everything I spent on things other than food. As you can see, on September 1st, I spent $100 on a Unical jacket. On the 20th I spent $25 on some club dues, and there's my phone bill. I want to mention that you should always write down where you spent your money. For example, on the second of September, I spent $21 on groceries at Walmart's. It's important to write down where you spent that money because it's nice to be able to look back on your budget and see where you're spending money repeatedly. If you look over to the right this value represents how much money I spent in September on food alone. This value represents how much money I spent on other things. This is my total amount of money that I spent in September. So this value and read thus value represents how much money I wanted to spend. My goal was $250 and I spent $212 so I saved around $37. If we take a look below, um, this represents my income, which is zero, because I don't have a job. So that means the amount of money I've spent thus far in the school semester because I've only been at school for one month. As you can see, only spend 100 $57 which is great because my budget was 170. So I say $12. I spent a lot of money on other things, though. As you can see, I definitely went over budget this month. My goal is to spend $100 on other things, but instead I spent $300 because my plane ticket and that's fine, because I can just decrease my budget on other months to make up for that. Let's just hopped out to December to see how much I spent in the first semester. That's pretty good, because my total budget for this year's $3000 so that's about halfway. The great thing about having a budget is that you can keep track of how much you're spending, and you can see how much money you have left. If you know that you have enough money for that, figure out how much you want to spend on necessities like groceries, transportation, school supplies, toothpaste, stuff like that. Then you can worry about spending money on extra stuff like clothes, fun activities.