Why Is Budgeting Important?

     So, for the next week I am going to explain budgeting. I'm fully aware of the excitement you are feeling right now. So, before I can answer the question stated above, I need to explain what budgeting is. Budgeting is the act of keeping and putting your money in pockets and in predetermined places to keep track of spending. It's a great tool to use as a college student. For me personally, I have a set limit that I can spend per week, and I make decisions based on how much I want to spend. But, let's excuse my experiences and understand why it's important. 

    Budgeting keeps people in check and helps give an understanding of where their money goes. If you buy say a five dollar Starbucks coffee everyday, love to buy clothes, and overdrafts their bank account twice a month, why not change your habits and start budgeting. With a budget, you can acquire some savings, no longer need to borrow huge lump sums of money from friends and family, and if done correctly, you can still spend money on the things you love doing. 

    So, this is why i believe budgeting is important. You can save money, build some credit, and live a comfortable life instead of not knowing where you spend. Tomorrow, I plan on making a tutorial on how to make a budget, and give some tips on how to make it effective for yourself. 

    Thanks for reading, have a great rest of your day!

    - Conner Hamilton

Comments

  1. Kristina DonzaOctober 20, 2022 at 10:52 AM

    I think this is a very important topic to discuss Conner! As a college student, I catch myself in a hard position of wanting to buy many items that make me happy and wanting to save money to afford my rent and other expenses. People believe that budgeting means they cannot spend money on items that just bring some extra joy into their lives, but that is not the case. I like how you set a limit on how much you can spend per week, I think that would benefit me in starting a budgeting plan. Budgeting is definitely important and thanks to you for being the one that shares crucial tips on how to budget!

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  2. Roman LiberatiOctober 20, 2022 at 3:30 PM

    Budgeting is definitely a very important topic and something that I need to do a better overall job of. I think limiting yourself to a certain amount of money every week is a great strategy and something I may consider. One thing I do is I try and use my Flex Dollars before I use my actual money. Yes, it is still my money but I paid for all that flex so I might as well use it for on-campus purposes instead of going off campus and only being able to use my card. It's just so hard to not spend money in college but especially for me this year because I am off-campus and already have a year of eating SRU dining food under my belt. I am actually going to start going home on weekends to work for a little while this semester until I can't anymore because I just need money. One thing I try to do is use my cash for food and such, use my debit card for non-food items or things I don't have enough cash for, and use my flex dollars for food/snacks on campus. I use my checking account for purchases of food and clothes and use my savings account for school related purchases and I like this strategy as it helps me watch where I take money from.

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