Making a good budget

Making a budget was by far the mostpopular saving strategy in the Claris poll and the most effective one too. Now a days, it is even more popular as people have access to a great budget app.
In the Claris survey, more people said they’d cut back on other expenses like mortgage or utility bills, medical expenses or restaurant meals to make ends meet if they had to have a budget. That’s a great reminder to stop spending money on things you don’t need.
Cue the clich: Don’t spend money you don’t have!
But, what if you don’t really have to have a budget?
How to make a budget for anyone with no money
Before you write a budget, the key to success is to define what you need to have and what you don’t.
You might be tempted to use a budget for an immediate situation and then to look at what you can spend, but don’t do it like this. A budget will help you to find money for the future, which means you need to plan ahead!
Just like the Claris survey shows, you may not have money right now.
For example, a student with a part-time job, but no financial help can buy a new laptop. But a student with a full-time job, but no money to pay for it, won’t be able to buy a new laptop for the foreseeable future. The next time you have a question, look to see what you need to have to be able to pay for a need. If you don’t have it, look into what else you can do to increase your income. In the Claris survey, about a quarter of students said they had no savings at all.

Know Where the Money Comes From

According to the Claris survey, over 40 percent of parents said they were worried about where their children’s money is coming from in college. By the time a student graduates, 80 percent of parents may be worried about this.

Another thing to keep in mind is that tuition rates have risen faster than student incomes, with students paying over 50 percent more in tuition than their parents. Most parents have a set budget, but if they can’t see their child’s spending, then they may need to see a professional. Consider All Spending You Need to Make In order to have the right finances, you need to be able to look at all of your spending, not just your credit card spending. To make this point clear, think about what you spend money on as far as food, clothing, and entertainment. Then think about how this is going to be spending money at college, including tuition. Ask yourself the following questions: Are you spending money on things that you are happy to get rid of when you don’t use them, but don’t need them?

What are you buying when you buy things to fill that void?

Are you spending money on things that are going to get you nowhere?

Where is the money going? Where is it going to be spent? It is important to remember that students have a lot to think about and it is not

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