Learning to Budget as a College Student: A Black Woman’s Perspective
Let’s talk about money and college—two words that rarely seem to go hand-in-hand, especially for us Black women. Stepping into college feels like stepping into a world of endless possibilities. There are outfits calling your name, that new phone you’ve been eyeing, and, of course, brunches with your girls. The temptations are real. But sis, let me tell you, if you don’t get a handle on your coins now, you’ll blink and find yourself broke before midterms. Learning how to budget is not just a survival skill; it’s an act of self-love and discipline.
The Struggle is Real…But Manageable
For many of us, college is the first time we’re managing money on our own. Maybe you’ve got a part-time job, financial aid, or some help from home. Whatever your situation, it’s important to understand one thing: that money is not endless. If you treat it like it is, you’ll be texting your mom for help or living off ramen noodles until your next payday. And let’s be real—you can’t afford to be careless, not with the weight we carry. We’re out here trying to break generational curses and set ourselves up for success. That starts with making smart choices now.
Know Your Income…and Your Expenses
First things first, you’ve got to know what’s coming in and what’s going out. If you’re working part-time, calculate how much you’re bringing in each month. If financial aid is your main source, break that lump sum into monthly amounts. Then, list your expenses: rent, groceries, transportation, phone bill, and—yes—entertainment. Don’t play yourself; you know you’re going to spend something on fun, so budget for it.
Create a Plan…and Stick to It
Budgeting isn’t hard math, sis. It’s about discipline. Once you’ve figured out your income and expenses, create a plan that works for you. A good rule of thumb is the 50/30/20 rule: 50% of your money goes to needs (like rent and food), 30% to wants (like that cute jacket), and 20% to savings or paying off debt. But let’s be real; sometimes the numbers won’t line up perfectly, and that’s okay. The goal is to live within your means and save when you can.
Needs vs. Wants: Learn the Difference
This is where it gets tricky. You might feel like you need that $200 wig or those $150 sneakers. But do you, really? Learning to distinguish between needs and wants will save you a lot of stress. Needs are the basics: housing, food, transportation, and school supplies. Wants are everything else. Treat yourself occasionally, but don’t let your wants take over your budget.
The Power of “No”
Let me tell you, learning to say “no” is a skill. Your friends might want to hit up every new spot in town, but if it’s not in the budget, you’ve got to pass. You don’t have to explain yourself or feel guilty about it. A simple “Not this time, but maybe next time” works wonders. True friends will understand, and if they don’t, maybe it’s time to reevaluate those relationships.
Save What You Can
Even if it’s just $10 a week, get in the habit of saving. Open a separate account if you have to and set up automatic transfers. That little stash will come in clutch when an emergency pops up or when you want to treat yourself without guilt. Plus, saving now builds good habits for the future.
Avoid Credit Card Traps
Credit cards can feel like free money, but don’t fall for it. Interest rates are no joke, and it’s easy to spiral into debt. If you do get a credit card, use it responsibly. Pay off your balance every month and avoid using it for things you can’t afford.
Celebrate Your Wins
Budgeting doesn’t mean you have to live a life of deprivation. When you stick to your plan and hit your goals, celebrate! Maybe it’s a spa day at home or a night out with the girls. Rewarding yourself helps keep you motivated and reminds you why you’re doing this in the first place.
Remember Your Why
At the end of the day, budgeting is about more than just money. It’s about freedom. It’s about not stressing over every dollar and setting yourself up for a future where you can live the life you deserve. As Black women, we’re often expected to have it all together. While that’s not always fair, it’s a reality we can navigate with grace. Learning to manage your money is just one step toward building the life you’ve always dreamed of. So start now, sis. Your future self will thank you.
