We hope your summer is going well and that you\u2019re finding a perfect balance between relaxation and productivity. One way you can maximize your downtime is to create and implement a budgeting plan.<\/p>\n\n\n\n
During the summer it can be especially easy to swipe a card, withdrawal cash or Venmo a friend for activities. If there\u2019s not a budgeting plan in place, your balance could hit zero or become withdrawn before you know it. We\u2019re here to help guide you to make financially informed decisions so that you can continue to join in the summer fun without worry!<\/p>\n\n\n\n
First, track your income. Start by listing all sources of income (allowance, part-time job, side hustle, etc.)<\/p>\n\n\n\n
The next step is to write it out all out. Writing out your costs for wants, needs, savings, and debt repayment can make it simple to track your expenses, especially because all expenses can fit into two categories: fixed and variable expenses.<\/p>\n\n\n\n
A Fixed Expense<\/strong> is a recurring cost of which the amount never changes. You will pay these expenses regularly (weekly, monthly, quarterly, or yearly). Because they cost the same every month, fixed expenses are easy to budget! <\/p>\n\n\n\n A Variable Expense<\/strong> is a potential cost that differs depending on your personal spending decisions. Unlike fixed expenses, variable expenses can fluctuate each month; this can make budgeting a little tricky.<\/p>\n\n\n\n Variable expenses are the most tempting things to spend our hard-earned money on, such as take-out, traveling, entertainment, etc. These things catch our attention, but more often than not, they aren\u2019t worth the money. Impulse buys, and other unnecessary purchases can hinder your financial progress.<\/p>\n\n\n\n Here are some practical tips for students to avoid unnecessary purchases and spending:<\/p>\n\n\n\n Embracing budgeting as a part of your routine can lead to greater peace of mind and a more secure financial future.<\/p>\n\n\n\n The Red Kite Team<\/p>\n","protected":false},"excerpt":{"rendered":" We hope your summer is going well and that you\u2019re finding a perfect balance between relaxation and productivity. One way you can maximize your downtime is to create and implement…<\/p>\n","protected":false},"author":2,"featured_media":1895,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[151],"tags":[173,182,39,172],"class_list":["post-1894","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-advice","tag-budgeting-for-college","tag-budgeting-for-students","tag-college-budget","tag-college-finance-tips"],"yoast_head":"\nCreate a Budget and Stick to It<\/strong><\/h4>\n\n\n\n
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Avoid Temptation<\/strong><\/h4>\n\n\n\n
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Use Cash Instead of Cards<\/strong><\/h4>\n\n\n\n
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Delay Gratification<\/strong><\/h4>\n\n\n\n
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Look for Student Discounts<\/strong><\/h4>\n\n\n\n
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