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!

 

Read More Here: https://collegeinfogeek.com/budgeting-for-college-students/