Braden Saint-Val – News Writer
Budgeting is a crucial skill to learn as a college student, as it helps build decision-making skills and achieve financial and academic goals.
It makes it easier to plan, save and control your expenses. It is also a way to avoid debt and improve your credit.
Balancing a job and school can also be part of a budget as you navigate how to spend your income and stay on track with classes to graduate on time.
If you have student loans, budgeting will help you make the most of the money you have borrowed and determine how long it will take to repay your debts and how much they cost.
However, mistakes like impulsive spending or not making a budget at all can lead to you falling short on your goals and not being ready to handle unexpected obstacles.
Exercise science major Devin Magloire, a senior, aims to be more frugal with his spending and always looks back on his financial hardships to find ways to do better.
Looking for financial advice is always a great strategy alongside budgeting, especially when it is a new habit.
“I usually go to my mom. She works at a bank, and she gives me a lot of advice. Or, I could go to some of the offices we have here, like the Financial Aid office,” social work major Lydia Brown, a junior, said.
Computer science major Anthony Jenkins, a junior, believes that while it is fine to splurge on occasion, you should always think about your necessities in a budget and if a potential purchase is a want or a need.
Besides budgeting, there are other ways to practice financial literacy, such as investing or saving for emergencies and occasions.
“I really want to get into investing in order to make the best of my money, so I’m definitely going to look into that in terms of next semester,” said psychology major Gaby Perez, a freshman. “As of now, I’m thinking of more simple things such as opening a Roth IRA and things of that nature in order to obtain financial stability.”
As you go through different stages of your life after college, you will always need to reevaluate income and expenses. Your goals will change over time, and so should your budget.
