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April 2nd, 2020

Budgeting: Simple and Effective.

Kyle BrooksCollege itself can already rack up some enormous costs that can leave new freshmen struggling to keep track of what they can and cannot afford to spend on. For this reason, a major practice to gain is to begin budgeting. Many students come out of high school having had everything in life either easily achievable without too much money out of their own pocket or no bills to pay. With the introduction to adulthood being so rude regarding funds, proper budgeting is necessary. Allotting funds in your budget towards basic monthly necessities such as hygienic products or bills still enables a student to have money leftover to purchase small luxuries.

Allowing for transportation in one’s budget is also key. The car you drive and the fuel you burn costs money to maintain and run. Putting money aside to potentially pay for an unforeseen accident can help students keep their cool and prevent unneeded stress or strain. Funds for gasoline and insurance should be incorporated as well. Sometimes it is better to seek public transportation or carpooling, that way you do not pay for the fuel and save money on insurance.

Counselors can help make budget decisions as well. External assistance is readily available through not only financial firms, but also in colleges where counselors are provided to each student. If money is pressuring you as a student, maybe getting a second opinion on how to divide funds would help. Many of the financial consultants available are well educated and thoroughly knowledgeable on what is truly essential to plan for and where you could be shaving a few dollars to put towards other important elements.

Though new to the word of finance, budgeting is an effective, simple method with plenty of support that would assist students in starting off financially sound.

Kyle Brooks, Northeast High School

Category: College Bound