How to Budget as a Student

Category: Money

If you’re a young student and don’t have much experience in budgeting, make sure the first thing you do is to define your financial goals. To set these goals answer the questions: Where do I want to go? Where am I now? What’s in the future for me?

Data will also help your goal-setting. Are you familiar with a SWOT Test? When you identify:

  • Strengths
  • Weaknesses
  • Opportunities
  • Threats

So instead of a SWOT, you can do a similar test… a IEOT:

  • Income
  • Expenses
  • Opportunities
  • Threats

Check your situation in each of these areas and evaluate your practices. Ask yourself: What changes should I make to improve?

Lastly, after careful thinking, design your own financial system that will show where your money goes and keep track of your income and expenses. Happy Budgeting!


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