College Budgeting 101

By: Alexis M Peters ‘20

Ah, money management.

As broke college students, it’s something we all inevitably struggle with. We’re new to this big wide world, and now we have to figure out how to responsibly use money. And studying at USC, there are so many amazing opportunities that, unfortunately, cost money. So it’s extra important to manage your moolah wisely. Here, I’ll share a few tips that I’ve found to be helpful when you’re starting to budget for the first time in college.

Write down everything you think you might need

Lots of unexpected expenses pop up in college. But start out by giving yourself a rough estimate of the things you expect you’ll need in a typical month. This way, you’ll have a rough guide for your spending. And yes, you should include things like Netflix, Hulu, a dinner at Trio House, or a trip to Salt ‘N Straw for ice cream.

Give yourself an allowance

Decide in advance how much money you will spend on food, transportation, and other large categories every month. Or perhaps, you need to give yourself a weekly limit. Either way, once you know how much you want to spend on certain things each month, money won’t feel quite so stressful anymore.

Write down everything that you actually buy

When you make a habit of writing it down every time you spend money (how much and on what) you start to get a better idea of your spending habits. Consciously you will be able to spot trends (like how many times in one week you’re eating out), and subconsciously you will start to be more frugal with your money.

Make a spreadsheet

I’m no good with Microsoft Excel, but Google Sheets has a template for budgeting! It’s a complete spreadsheet that calculates everything for you, and all you have to do is input the stuff you’ve bought that month. Then at the end, it lets you know how much money you’ve saved for the month.

Learn to say no

Sometimes, things just don’t fit in the budget. You have to draw the line and say no to certain events and excursions if you want to save your cheddar.

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