Hi, I’m looking for any suggestions on how to start budgeting as a low income college student. Right now I still live at home so no rent or food costs (if I have the money I contribute to my family’s monthly budget but it’s not expected of me) but I do have a few monthly bills like 2 credit cards, a Hulu account, a car wash subscription, and a gym membership. All of these things are quite small but I only have one job right now and it’s a student researcher position that’s currently bringing in maybe $150-$200 a month. I’m in the process of applying to other jobs so hopefully I can start increasing my income but keep my budget exactly as is to save as I’m transferring schools and moving to a new city in August. I just feel like I spent everything I get every month when I realistically could have $30-80 at the end of every month which isn’t a lot but it’s something. It just feels like I don’t have enough to do those budget trackers with because most of it is gone before I even see it, and the rest I use when I go get dinner with my girlfriend or something. I have financial goals but I can’t start working towards those until I increase my income, so I feel like working on my discipline and budget before that will set me up for success and keep me from using my money right away once I’m able to make more.
I totally get that. Starting to budget can be really tough when you’re on a tight income. Have you thought about tracking your spending for a month first?
Setting financial goals is super important. Maybe try to list out your expenses and see where you can cut back a bit. Even small amounts help.
Have you considered using a budgeting app? Some of them let you see your spending habits and can help you save up a bit more.
It’s great that you’re already thinking about saving. Even if it’s just a small amount each month, it adds up over time.
You’ve got this! Just keep track of your expenses and be mindful. It’s a learning process, so don’t be too hard on yourself.