The Outcome of a Successful Budgeting Plan

By Alexandra Blockton
ablockton@lc.edu

Are you a college student who seems to always feel as if you are living from paycheck to paycheck? Of course, it may seem very difficult especially if you feel as if you never have enough money to cover your expenses in life.  You should stop worrying and start budgeting to see exactly where your money is being spent and start taking full control of your income. It does not matter what your monthly income is, you can always learn to budget and do what works best for you.

Start by making a budget plan. Consider questions about income, such as “how much money do you make?” What expenses (e.g. auto insurance, food, electricity, mortgage/rent, cable, etc.) do you have?  Once you have paid your monthly expenses, think about what other expenses are a necessity and what you can set aside to save. You may also want to consider a budgeting app like EveryDollar or Mint.

Consider opening a checking account at one of your local branches and use direct deposit. When using direct deposit you may ask your banker to have a certain percentage of your check deposited into a savings account, which is a separate account from your checking account while being linked together with your identity.

Another option you may want to do is shop around for auto insurance. Do not just go with the first auto insurance price offer you see available. There are lots of different auto insurance companies and plans out there, but you have to choose what is best for you.

Save on groceries by using coupons and making meals that have a greater opportunity for leftovers. Avoid going out to restaurants or cafeterias and pack lunches when able to. Continue to cut down on your wants and focus on your needs while evaluating the cost.

Once you start succeeding from the budget plan you have used, you will notice your debt is disappearing and your savings account will have more money inside. After being able to use your budgeting plan accurately, you can first build your emergency savings fund. Start saving extra paychecks and plan ahead for large expenses or treats like vacations in the future.

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