Why Budget?

You might be asking, "Why do I need to budget?" Given that many students are not responsible for their own expenses, or have irregular incomes, it’s a legitimate question. Why should you budget when you don’t have anything to budget?

But you do need to budget, for plenty of reasons. If you pay your own expenses, budgeting can help you:

• Take control of your finances
• Afford your expenses
• Stay out of debt
• Pay off debt

Even if you don’t pay your own expenses, you should still budget, because you can:

• Start saving for the future
• Control mindless spending
• Afford things you really want

Not convinced? Just try tracking your expenses for a day. You might be surprised to see how much money you spend without even thinking about it. Wouldn’t you rather know how much you are spending, and decide what to spend it on?

Budgeting is all about taking control of your life and setting your own priorities. It doesn’t have to be tedious or limiting. It’s not even hard. But it is the first step toward loving your money.