College Student Budget Help!?
For the first time ever I am going to be paying my rent and I need some financial/budget help/advice. I'm a poor college student.Here's my situation: I get paid bi-weekly (every other week) around $300. My expenses: $350 per month rent $100-120 every other week in groceries $30 medication per month I want to be able to save money in my savings account -wedding next year so I want to add to my savings & have $30 recreation money per paycheck, still be able to eat, get medicine, and pay rent. How do I do this? I've been thinking out a million and one different ways, but each seems too stressful, like there must be an easier option. I want to cut my grocery bill down. My fiancee and I are sticking to the outer edges of the store, keeping away from processed foods, expensive meat cuts, etc. We aren't vegetarians, we eat pretty much anything - I'm thinking about cutting our grocery bill down to just ground turkey, frozen vegetables, bananas, milk, and loads of rice & pasta.
Personal Finance - 4 Answers
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1 :
Consider buying dried beans and peas (legumes) as a cheap source of protein. These can be cooked in a crockpot and left while you are in school. If you don't have a crockpot, simmer them on the stove when you are home studying. Lentils cook the fastest, in 30-60 minutes, for those times you are in a hurry. Also, this may sound gross, but there are lots of perfectly good and plastic-sealed foods thrown out daily by grocery stores. Check the dumpsters nightly for all kinds of baked goods, fresh vegetables, and packaged foods that are perfectly good to eat. "Freegans" do this all the time - they were recently featured on Oprah's show.
2 :
You might try finding a better on-campus job. With your income, you probably qualify for grant assistance, so be sure to fill-out a FAFSA (see link) to see if you qualify for state or federal grants. You may not be interested in taking on any debt, but a student loan could be a good answer for you. If you qualify for a subsidized loan, you will have no interest accrual or payments until six months after you cease being enrolled on a full-time basis. You should take the maximum loan you can, in this case, invest it in a safe place at a decent rate of return. The ING Orange Savings Account is a good place (see link), or I could recommend other things to you offline. Once you graduate, pay-off the loans in full from the savings or investment account, and keep the interest as your reward for being smart with the government's money. This will also give your credit score a tremendous boost once you graduate, which will make buying a car or home much easier after you begin your career. Good luck!
3 :
May I ask where you live to only be paying $350 bucks per month rent? But seriously, even though the other people may seen like they are spamming, if you have time on your hands, consider learning how to make a web site. The money I earn off my web site in 1 month could pay for your rent for 3-4 months. If you combine that income with the income of a part time job, you will have tons of left over money.
4 :
No utilities? No car payment, insurance, gas tank, cable or satellite? There's a few things not listed in your budget, so dunno if the figures are accurate. If they are, your income/outgo are fairly well balanced. Lucky you. Most students are taking out loans in addition to working to pay their college and school related bills.Your rent isn't too horrible, especially if it includes utilities. Pretty much your option include parental help, loans, or yet another job to increase your income a bit, or a combination of the three. Sorry there aren't any easier options. Sounds like you've thought it out pretty well. Good luck!
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