How do you stay on your budget?

Question

I am a college student with a bad habit of buying food on campus, using my credit card and debit card, and would like to be able to be financially independent in some way. I try to write and stick to a budget, but it ends up failing me. I am sick of borrowing money off my parents. How do you stay on your budget? I would like to stay pn mine! Any sound and legitmate advice is appreciated.

Answer 1

It is hard, but it takes a lot of stopping yourself and asking, "Do I need this?" I LOVE dining out, and I could do it every night. But on my way home, I think about what options I have at home and if it sounds tasty. And I can usually convince myself to eat at home.

So, obviously, having some food around the house/dorm/apartment helps.

I also do it at my job. It's so easy to run down to our cafeteria and pick up a grilled chicken sandwich, but if I did that every day (drink and all), it'd cost me $150 a month. I'd rather send that to pay off my car faster. So, I bring my lunch.

I usually keep the house stocked with Lean Cuisine meals to take for lunch (I put them in a Tupperware container with an ICY pack thing). That keeps me from spending a lot on lunch, and they actually taste good.

But the answer is really self control and stopping yourself and evaluating before you act.

Good luck to you!

Answer 2

The quickest advice is to look at it from the point of view of what you cannot buy in the future. Needs are clothes - resale shops have great deals, food - buy what you need and use coupons, air - it's free, toiletries - to remain presentable, and a roof over your head. Everything else is a want. Is the $20 DVD really worth it to own? Is the $5.99 you spend on lunch daily worth it or can you make it for less? If you spend $5.99 for lunch, breakfast, and dinner daily, that's $17.97 per day, or $6559.07 annually!

Review your budget and don't look at it as "it fails me", make adjustments as you go along. If you alot a certain amount for one thing that you really don't spend as much on monthly, alot the money to something that you are always falling short on. It's an attitude and discipline to stick to the budget. If you fall short, review the previous month and see where you could have cut back. Your budget is a living thing. Don't believe the hype of advertisements and feel you have to "keep up with the Jones'".

Do you budget in the money you borrow from your parents over a certain period of time? Will they let you work it off as opposed to paying them back in cash?

Also remember, you will be out of school soon and entering the workforce. More and more companies are asking for credit reports to be run on new hires as an indication of character, especially if you are going to handle finances. They justify it as if you cannot handle your own money, how are you going to handle their money and are you going to be tempted to better yourself with their money if you get in a tight financial situation. Not fair, but they have to ensure they are covered.

Answer 3

I am a college student with a bad habit of buying food on campus, using my credit card and debit card, and would like to be able to be financially independent in some way.


So YOU JUST FORGET THIS HABIT SOME MORE DAYS THAN YOU ADJUSTED IN YOUR BUDGET OK

Answer 4

Get rid of the credit card if you don't absolutely need it. Spend only what you get from your paycheck. That is, spend what you have not what you are going to get. Pack a lunch or find some way to have the lunch decision made before it comes time to find a quick bite. This helps me when I am no campus.

Answer 5

Look, you don't have to be a struggling college student.Have a look at the big picture. as long as you have money, you have to start being more creative in how you handle it. For example what ever you spend just goes away,Right never to return, but if you look at how to replace what you spend, it causes you to look at how easy or how difficult it is to have what you want vs. what you need. This will train you to control your compulsive spending and show you how easy you can save money on little thing you don't need. Every little bit you save adds up . Remember out of sight out of mind works great. Think about opening a savings account that you don't have access to easily . Always put something in it no matter how small of a amount,you cant spend what you don't have. Save it for something you really, really ,really, really want Something Big !!!! Then you will make the decision to say no. Its Not worth It. Your Credit Will Follow you After School!!!

Answer 6

First, I would leave my credit and debit cards at home, unless you have a specific need for them that day. Second, carry only the cash you have allotted yourself for pocket money. Third, brown bag it at least 4 days a week, carry a thermos. It is tough, but living on only the cash you have has been done before.

Answer 7

Get rid of the cards and just use cash. You cannot spend what you do not have this way.

Answer 8

Don't spend more than your budget is.