![]() Not only is your income coming in at a slow or non-existent rate, but the financial demands of living independently are always increasing.įor me, I’ve been trying to keep up with gas prices constantly increasing, and my electric bill is particularly high in the summer due to my air conditioning units.Įven students who have their financial aid in order will find themselves spending money. With financial demands increasing by the day, the third reason to budget is because financial demands increase, and it is your responsibility to keep up with the tide. It is all too common to find college freshmen who have zeroed out their checking account before the end of the first semester (personally guilty). However, even students who work part-time will find cash not coming in as quickly as it goes out to pay your expenses. If you will be a full time student, you will not have the time for a full-time job, meaning the money you make may barely be enough to cover your full-time expenses. The second reason to budget is because your funds are now limited and restricted. ![]() Don’t get caught without a plan or you may find yourself in a financial hole you unwillingly dug yourself! Limited funds to spend This great responsibility can be overwhelming. Many students take out loans for their tuition. Many students will no longer live at home where parents take care of most, if not all, of your living expenses.Īll of a sudden, you’ll have to think about paying for groceries, gas, and other expenses. The first reason to budget is because you are entering the real world, and being independent is a lot pricier than you think.įor most incoming freshmen, college is the start to being on your own. That way, you can work towards being on your own in the future. If you are on your own for college expenses, whether it be through scholarships, financial aid, or working to afford your education, budgeting skills are crucial.Įven if you are receiving help from family or friends (like me), you should also budget and use the extra help to your advantage by learning good budgeting skills. Mastering budgeting is a skill every college student needs. When you think of the word “budgeting,” what is the first thing that pops into your head? Money hardships? Excessive saving? The opinions expressed by the author are their own and do not necessarily reflect the positions, viewpoints, or policies of Niche. ![]() This post is from a student, parent, or professional contributor.
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