Budgeting the SMART way

The most dreaded but helpful tools to gain knowledge on while in college is......you guessed it....BUDGETING!!

As a college student, it is important that you have a firm grasp on how to budget your money. Although refund checks come each semester, it can be completely gone before the second month of the semester. Here are some practical tips to help you with budgeting. As you prepare to become an adult and take full responsiblity without a refund check, be sure that you are taking care of your finances as a student. As a Believer, it is important to give God the first 10%. Imagine if He only gave us the 10 and kept the 90, would you be able to survive? The 10% is so little in comparison to what He gives us on a consistent basis-life, health, strength, peace, joy, and love. 

Proverbs 3:9-Honor the Lord with your wealth and with the firstfruits of all your produce;

1) Budget each check. Budgeting can be a daunting task if it is not done correctly. In order to have a plan and the plan works, you must budget down to the last penny. 

2) Estimate expenses. It may be best to have a car with no payment as a student. Write down your monthly bills and add up the total for all the bills on a monthly basis. It may be best to create categories such as food, gas, clothing, bills, and entertainment. 

3) Divide and conquer. Yes, it is vital as a student that you divide and conquer your spending. Review your bank statements over the past months and see where most of your funds are going. If that is fast food restaurants, you may want to buy food and cook. If those funds are going to clothing, you may want to set a limit on the amount you spend each month. 

4) Focus on saving. Although everything may be going right at this moment, you never know when you will have an unexpected need. Be sure that you are saving a certain portion of your income for those unexpected needs-flat tire, brakes, cell phone bill, new microwave, etc. 

5) Treat yourself. While it is important to enjoy life as a young person, your priorities must be in order. Pay your bills first, save, and then spend a small portion on yourself. We all deserve to splurge on ourselves every now and then.