For some, part-time jobs are to help them make a little extra money on the side. But for first-time college students, a part-time job is an absolute necessity. Not only are you earning a decent income, but you’re also getting hands-on experience in the workforce. However, the money you get shouldn’t be used for routine splurges. You must have a proper budget in place if you want to have stability early on. Granted, budgeting for the first time can overwhelm even the most diligent of students. In this article, we’ll be providing tips to help college students budget with their part-time job.
Calculate How Much You Make Each Month
While you won’t be earning as much money as you would in a full-time position, that doesn’t make it any less important. The whole goal of a part-time job is to help you build your finances. That said, the first step to budgeting is to calculate how much you earn each month. How much you make will slightly fluctuate, so don’t worry about being exactly on the dot. All you need to figure out is the average amount you earn each month. From there, you can then subtract any money you plan on spending, whether it’s for expenses or putting it in your savings account.
Focus on the Future
The whole point of budgeting is to plan your future, and you’d be amazed at how much it hinges on the amount of money you have in reserve. The money you make and put into savings is good, but it’s not enough to have security. For this reason, many take out a credit card or two. As a college student, you can take out a student credit card as your first one. Student credit cards offers benefits that traditional cards do not. You could get bonuses by maintaining good grades in your coursework and getting a certain percentage back at sponsored stores. These benefits will vary on the company you get the card from, so make sure to compare each one before making a final decision.
Let Your Goals Guide You
Anything can feel pointless without something to strive for and budgeting your money is no exception. To make sure the work you perform is worth the effort, set goals for yourself. Whether it’s a short-term goal, like having a certain amount of savings in your bank, or a long-term goal such as investing in real estate, you need to have something that motivates you. Don’t hesitate to take as long as you need setting your goals as there’s most likely a lot you want to accomplish.
Use Automated Apps
The reason why budgeting is so looked down upon is because of how long and tedious it can be. It used to be that everyone had to crunch the numbers and balance out their checkbook. Fortunately, those days are long dead as millennial money habits have given way to using mobile apps making budgeting far easier. All you need to do is enter your budget once and the app will automatically keep track of it. This leaves you to only make short edits when need be.
