College Budget

As most college students already know, learning to live on a budget is one of the most difficult adjustments of freshman year. Many college bound seniors save money all summer to use in increments throughout the upcoming semester, so when the money stops coming in yet continues to be spent a budget needs to be made. So that is exactly what Veronica Lewin did, after talking to her parents about how much money they would be giving her each month and adding that to the amount she had saved over the summer, she was able to successfully decide how much could be spent each month and what she would be including in her monthly budget.
Lewin’s parents decided they would add $500 a month to her debit account for monthly spending. The money was divided up amongst her cell phone bill, hair salon visits, tuition and books. Lewin’s would then use her $830 a month scholarship, $100 Christmas break savings, and $40 from book sales to cover other expenses such as the remainder of her tuition bill. She also added in the average monthly expenses of $60 in clothes, $30 in food, and $10 in prescription medicines. Lewin’s also spends $60 a week going out 2-3 nights. As like many college students this is where most of her monthly budget is spent.
It is important for students to plan a budget early in their college careers so they do not rack up unneeded bills. If students do not learn how to sufficiently spend their money then it can cause for major financial and credit issues in the future.