3 Budgeting Blunders College Students Need To Break

Whether you have a relatively large or small income for a college student, you likely still feel broke in those few days right before your next paycheck. The key to thriving instead of barely surviving by living paycheck to paycheck is to create and follow a budget. Benjamin Franklin once said, "If you fail to plan, you are planning to fail." While sticking to a budget might be challenging at first, the peace of mind it brings is completely worth it. Here are three budgeting blunders to avoid:

1. Not keeping a written budget

If you use online banking with a checking account, chances are you have an app that tracks your transactions and may even display them by category in a cute colored pie chart. There's nothing wrong with using online banking but you also need a written budget that you can adjust to fit your specific needs and use to plan ahead each time you get paid (whether that's weekly, bi-weekly, or monthly). We suggest accounting for your income and expenses by writing out your budget in a digital spreadsheet or on a piece of paper. Having a concrete plan written out rather than just a general idea in your head will make sticking to your budget that much easier.

2. Not planning for necessary expenses 

Another common mistake college students make is that they don't start by budgeting for their most important expenses, so those expenses either feel like burdensome obligations or never get covered at all. If you start by accounting for necessary expenses such as bills, insurance, and gas money, you'll know exactly much you have left to spend on more entertaining activities. Two other categories that need to be accounted for early on in the budgeting process are food money and savings. Don't skip meals or try living off of fast food and coffee just because you didn't take the time to plan how much you would need for groceries. Additionally, make sure to set aside some money in a savings account for a rainy day. Start making choices today that future you will thank you for. 

3. Not planning for fun activities

The other budgeting blunder colleges students make is that they don't allot specific amounts of money for entertainment, recreational activities, and shopping. You have more freedom with the money leftover after accounting for necessary expenses, but you still need a plan. Whether you want to go to a concert, see the latest Avengers movie, or take a road trip, you need to figure out about how much money that activity will cost and make sure you have enough set aside for it. Another helpful tip is to give yourself wiggle room when you go shopping. Set aside a specific amount of money for a new outfit, accessory, or pair of shoes--whichever you find first--so whenever you stumble upon that perfect item you're able grab it without going over your budget.

Budgeting isn't easy but by keeping a written budget, accounting for all important expenses, and being flexible with your spending money, you'll be able to set yourself up for success!