The BUZZ

Budgets are easier to stick to than you think and it all begins with a step-by-step process:

By Annamaija Irvine, Columnist

When you are a student, money can be pretty tight. Budgeting your money is a smart way to ensure that financial school requirements are under control, as well as any chance at having a life.

At first, budgeting can feel overwhelming but can be easily broken down into simple steps, like in the best-selling financial book, Debt Free Forever, by Gail Vaz-Oxlade. Her advice is broken down as follows: when starting out, everyone should figure out how much money you are already spending. You can do this by keeping all your receipts for a month, actually opening your bank statements, and remembering to write your purchases.

Once you have a general idea of your spending habits and are conscious of where your money is going, calculate how much you owe (for a student loan or credit card for example, including interest), and then from that information, build a budget that works for your individual spending habits.

There are various free online websites that have guidelines and charts for people who are trying to stick to their first budgets, for anyone who does not want to create a spreadsheet for themselves — with papers to write, who has time for extra non-credit work?

The problem that most students face when it comes to managing money is that “money talk” can seem like a foreign language. Start with the basics, and work your way up to what you feel comfortable with, the main idea is to start budgeting all together.

Once you have a steady rhythm, set goals for yourself, and the next thing you know you’ll be planning trips and partying with your friends without having to worry about financial woes. You really can be a student and afford your latte too.