Here is the second episode of The College Student’s Guide To Money! In this episode, Chelsea walks you through everything you need to know to make your first budget, no matter how much money you have coming in.
How to make a budget spreadsheet:
The 50/20/30 rule:
The number everyone should know even if you hate budgeting:
The Financial Diet site:
Facebook:
Twitter:
Instagram:
Make sure to grab your ticket for our first virtual workshop on Thursday, July 9, featuring a conversation with Chelsea and Ismat Mangla that will help you build a sustainable budget, while navigating this chaotic year: https://bit.ly/TFDTickets.
Very well edited šš½šš½
I did pen-and-paper budgeting for a while. Excel sheets never worked for me, because I would set them and forget them lol Now, I use budgeting software (YNAB) and I feel very in control of my finances.
Anyone else totally into the fact that the video progress bar perfectly lines up with Chelsea's dining bench during close ups?
yes! thank you for this! š
*already spent 3 months tracking my income, yet cannot find pattern. It fluctuates… one month we need new couch (old couch is unsalvageable), one month my bro asking to lend him money, one month buying hygiene supplies for COVID-19.. sigh
My biggest issue is eating out (delivery). I dont have any room in my budget for this but I still do it and then it's becoming debt. š When I was renting I was able to afford it but now I have a mortgage (as a single person) and need to drastically adjust my lifestyle.
So far the first 3 videos in this series have a lot of good advice for those who are able to work during school consistently. My income generally comes from short term work coming in all at once, or the grading/TAing I do that only covers groceries. I had significant savings going into college but I have to travel to and from and have other expenses out of my control. I know that's why I saved, but I won't have a way to change this until I'm out of college. What advice do you have for college students who mostly get income in chunks?
envelope method is a lifesaver for me. Helped me to return my debt in 2 years, and now I'm even excited to deposit!
A cool tip I found online: you can use Google Forms to create an expense tracker and then have the form automatically export to a Google Sheet so it's nice and itemized with the date of the entry attached. My tracker has the amount I spent, the general category of the purchase, the method of payment, and a notes section. It automatically updates one of the pages on the budget I created so it's easy for me to reconcile at the end of the day or week. It's pretty neat!
Thanks for this! Budgeting is often seen as a way to save more money, but for me, it really helped me to learn to spend it. I'm typically very frugal and try to spend as little as possible. I found that if I was careful, I was able to afford horseback riding lessons (a lifelong dream) a few months of the year while still saving. It's a huge relief to know if you're meeting your saving goals, instead of categorizing every splurge as bad.
I started writing down where my money was going because of corona, more time, less work. Very interesting! Last year I used to spend a substantial sum every month on clothes. This year, not much opportunity for shopping so far, and – big surprise, I found that I didnāt need a new little dress every so often. Looking at last years sums really made me wonder what I could have done with that money. Just looking at the figures can really help you reconsider what youāre spending on and if you really do need all those things.
Thanks TFD, I need these tips.
Iām already loving this series!!!!!! TFD! You guys just keep getting better and better! Thank you~~ I donāt know about anybody else but I really appreciate all the info you guys put out.
YNAB (You Need a Budget) has helped me finally understand how to budget and Iāve stuck with it for 3 months now. It has helped me feel much less panicked and stressed while facing a salary cut and potential upcoming job loss.
Great Series!
Great video to help people get started budgeting!
Iām in high school (India, where thereās no scope for part time jobs for people my age because thereās people older who actually need these jobs to make a living) and Iāve been following your channel and lots of other personal finance channels and making notes so I can start off the right way when Iām in college! Iām so happy that Iāve understood the need for frugality and itās effects on my life. Iām very excited to get older and manage my finances! I know I might be sounding very naĆÆve but it is what it is! If anyone has any sugggestions for me, please reply to this comment.
Can you do a video of budgeting apps that work in latin america??!!! please!!
I wish I had found this channel years ago
Very informative
I am trying to get back into budgeting as I am leaving my full-time job and headed to a retail job and/or no job for a (hopefully) short period of time (I have a lot of things happening in the beginning of Feb so I planned for a small gap between full-time jobs). I have changed career paths and going back to school, so I will have a bit of a gap for a while before starting my next career. I still had a budget, writing out the bills, making sure they got paid, and saving; however, I would still spend money on random things and I don't account for them. I have a habit of shopping when I am bored. A friend of mine though will be working on accountability and making sure we don't spend $ on things we don't need/can't afford. I will definitely be fighting the urge to do that even more now.
Coming back to this video, I realize I like a mix of both paper (transaction registers I get at the bank), and a Google Sheets spreadsheet that calculates budget percentages, wants/needs, and any exta money that's left over at the end of the month.
just out of curiosity, shouldn't student loans also come under necessary expenses, because if we were cutting out what we could live without, we would still have to pay the loan?
I don't budget, I just don't spend….. I should budget though
This topic is explicitly explained. My understanding grows watching this content. You are great. Nice joining you.
I clicked because of the thumbnail. Once it's started I thought it was an add.
What do you do if you subtract all the necessary expenses and you have nothing left? FML. My rent is more than half my income. š Honestly my strategy is probably going to be getting side hustles and maybe a better paying job as well and also using the extra money from picking up extra shifts, tax credits, people paying me back, 5-paycheque months, etc for wants. But I wish I could just already have that bonus money at the start of the month.
I need to do the money diary. I'm pretty financially responsible, but my income and expenses are so random. This would help me get an idea and track my cash in/out flows.
The best way to find that balance between saving and living is by investing, This way you get
to have your saving intact and then live comfortably off the revenue coming in from
your investments. Financial freedom is possible, you just need to know
what to do and when to begin. I am a living testimony.
Great video for those wanting to start a budget. For me, the 50/20/30 method fits my needs as I have a fixed monthly income, and it allows me to identify spending habits and then filter out what is necessary and unnecessary spending.
I like to spend money, I like to treat myself and I like paying without looking at my bank acount. I tried to limit myself, to track my expenses and to have spending categories but that never worked. So when I receive my salary I try to get rid of it fast. At the beginning of each month I pay my loans, bills, I do a grocery shop and I have a set amout that I put away in savings. That way I know that what's left is for me to spend and it might be on going out or getting new clothes or paying for a vacation. If there is money left at the end of the month it goes in savings.
Thank u for this. I was about to take out a loan or another credit card to get more money but I will try to budget & stuff envelopes first. I must be more disciplined. So sad Iāve lived most my life spending blindly, financial education is key from an early age.