Stretch that Financial Aid!
If you are in college right now or planning on attending next year you should begin planning and sticking to a budget. Many people say “I’m going to wait til the beginning of the year, or I’ll start budgeting when I have more to budget, and so on.” I think it’s so funny how people will drive all over town to save 5 cents per gallon of gas, but pay with their debit card that charges them 45 cents! My point: PAY ATTENTION TO WHERE YOUR MONEY GOES.
If you are in college, by now you have recieved your financial aid and might have realized it disappears quicker than you thought. Identifying what you spend your money on is a great way to stretch your money and get ahold of your finances, after all you don’t want to use a credit card if you don’t have to.
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The first place to start is to make a simple spreadsheet with your expenses for 1 month. (or you can find a sample online)
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The next step is to put the expenses into categories and find where you can make some cuts (think need vs. want)
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Lastly, figure out all of your expenses + 10% (things always come up) and stick to that plan.
This last step of course is the hardest, but nothing worthwhile is easy…
HINT: Stash away all your pocket change in a piggy bank every night. When it adds up (you’d be surprised) roll it and deposit it in the bank (don’t use the change machines that take a %)
Lastly, one great hint to not feel like you are depriving yourself too much is to be as boring and tight with money as you possible can for 1 month. This will allow you to “get ahead” a little for the months you stick to your budget.
Thanks for the tip, I thought the FAFSA was done once you were already in college.
Gilbert
November 1, 2007