It’s holiday season again, and most people will agree on one thing—this is also one of the biggest spending seasons! Whether money is spent to create fabulous feasts for those family get-togethers or to buy awesome presents for your loved ones (and yourself!), money comes and goes quite a bit this time of year. And at the end of all the festivities, who wants to be left with empty pockets and no idea as to where all the cash went? As a college student, it is even more important to start to get a handle on your money, no matter if you still receive an allowance from your parents, work part-time, or are finacially independent. So, Her Campus is here to help. Here are some simple ways to balance your budget and help out your wallet!
1. Figure out where most of your money is going!
Track your transactions by saving receipts, checking your online bank statement, or signing up for safe and secure personal finance sites like Mint.com. It is so important to be aware of your spending habits. This way, you have a clear idea how much you spend on average in each spending category. You also won’t be left wondering where that paycheck went!
2. Decide a budget!
The best way to go about this is to consider the necessity of each category. For instance, money should be allotted toward bills and groceries before shopping and entertainment. We know how much you’d love to go to that concert, but a girl’s got to eat! After checking out what your average spending looks like for those necessary expenditures, see how much is left for those other (admittedly more fun!) categories.
3. Make a savings account!
Did you know you can have several savings accounts? You can funnel money into different savings accounts for different goals—travel, a big buy, or just extra money for that one emergency. Whether you have a steady income and are ready to spend some serious change or you just have ambitious dreams, it’s important to have some money tucked away.
And there you have it! Happy holidays and happy budgeting!