Budgeting for Successful Living

BY:  Thavon T. Davis

Mental anguish and physical strain are, sadly, elements that have become characteristic of college student life. While dealing with the stress of challenging college classes and the pressures of twisted college social constructs, students are also faced with the severe financial burdens as they strive to meet the significant demands of college life. As students attempt to ease some of the burdens with which they’re faced, they’ve come to question of “How to relinquish the financial challenges associated with student life?” One way to ease these burdens is through fairly stated, well-structured financial budget.

In class we discussed the many benefits of developing and following a rational financial budget which include clear guidance on expenditures, renewed focus on monetary goals, and greater insight of current financial standings. The process of budgeting, however, can be very difficult to navigate. Below is a video that provides guidance as to how to develop a financial budget for college living:

  

 http://www.youtube.com/watch?v=GZ-DgdyoEkg

In the article, “How to Create a Working Budget” (http://www.wikihow.com/Create-a-Working-Budget), authors outline eleven (11) steps for people to follow as they aim to prepare a successful budget. These eleven steps are:

1. Calculate how much money you earn in a month after taxes.
2. Calculate your expenses.
3. Set your goal.
4. Divide your budget into basic categories.

5. Add up all your spending by categories.
6. Decide on a method to keep track of your budget.
7. Set up your ledger.
8. Decide how long your budget plan must last.
9. Show a deposit in each category at the start of each period, then show all the expenditures from that category throughout the period.
10. Use that first section of the ledger book to record income and then show the budget being subtracted from it each period.

These steps present a guide for developing successful budget that if followed can ease the financial burdens with which college students are faced. The benefits of financial budgeting, however, are not limited to college life. As people aim to strengthen their financial security, financial budgeting is a practice that should be carried forward through their lives. Below is a video that provides guidance on budgeting beyond the college level:

http://www.youtube.com/watch?v=RodgzQoyDh8

Financial practices such as these will ensure a person’s financial success. The guidance provided in the classroom, along with the information provided in this blog post, will ensure that people are on a path to financial security and growth.