As college students, we have all had our “broke times” or maybe you have been “broke” since you left home to come to school. Each semester I start off with a substantial amount of money from working, but I notice that I am left with nothing by the end of each semester. This leads to eating ramen noodles for about a month, which as we all know is not the healthiest meal plan.
My mother was not too proud of me for having to come home to borrow money until I could finish the semester and work again. We both came to the conclusion that we should sit down together and create a financial budget for the coming semester. I have concluded that once I receive the abundance of money right before the start of the semester, I have the feeling that I can spend it all within the first month. Therefore, I tried to come up with a solution to make my money last by creating a personalized budget.
I started out by writing down how much money was currently in my pocket and then calculating exactly how much I will owe to the University of Georgia and how much rent I will need to take out each month. After calculating these fixed costs, I also estimated expenses and subtracted them from the money in my pocket. For example, these expenses include: gas, groceries, dog food, eating out, etc. After subtracting out all of these expenses, I realized exactly how much I have left over to spend on extracurricular activities.
Not only does this set me up for success financially, it also allows my stress levels to deplete drastically. I find myself throughout the semester constantly stressed out about money. This, in turn, leads to unneeded stress flowing into my school work and studying. After creating the budget, I feel that I can completely focus on school rather than stressing out constantly about how I am going to survive the last month of the semester with no money. I am aware that the majority of college students encounter the same stresses on a daily basis, but it is so easy to reduce those stress levels and live a better life overall by being financially cautious and simply taking 30 minutes to create a budget.