By Jade Garcia, Financial Wellness Peer Advisor
Budgeting for the summer can be difficult compared to the rest of the quarters. Some may ask why? It can be quite difficult because many students don’t receive financial aid since they are not in school and usually get a part-time job to pay for their fixed and flexible expenses.
Here is what you need to do to have a successful budget for a great summer:
What is Your Income?
To start a budget you need to see what is your source of income whether it’s an employment income, an allowness, or scholarship money. It is also important to break down your source of income for every month and see whether it’s going to be enough to pay for your fixed and flexible expenses. It will also show you if the money you are getting is consistent.
What are your fixed and flexible expenses?
We all have expenses that we need to put money aside for every month. You should know what are your fixed expenses such as any bills you have pay monthly. You will also need to calculate your flexible expenses which can be from entertainment, going out to eat with your friends or going to the grocery store.
Putting money aside for you fixed and flexible expenses can show you how to break down your monthly income and see how much money you have left for yourself. You also see what unnessary spendings you have been making and can cut out of your budget.
Don’t Binge Spend!
We get it it’s summer and everyone wants to be out and about. Take a step back and realize what spendings you are making. If you are going out with your friends to the bars or to eat, try your best to take cash only. Having your card around will make it easier for you to just swipe and cary on. Having cash available lets you see how much you are spending and how much you have left.
Planning ahead of time saves you not only time but money. If you are planning to go out and travel or plan a trip with your friends make sure you plan ahead. It will show you how much you will need to spend and if you are planning on flying or taking bus to travel, you save money by buying the tickets early on.