Mastering Student Budgeting: How I Manage Expenses, Earn, and Provide for Family

Many of us students have to manage our own expenses from study related materials to making a living sometimes far from home and it all does require a proper budgeting plan.

No one is pro from the beginning and especially when inflation is high one person can't blame themselves from running out of money before we get paycheck.

Learning this part when you're just student is best time and more important in this expensive era.

We need to find other examples and see how other people are managing their expenses and doing budgeting, who's way of living is similar to ours and who's plan is more suitable for us than we can adjust the whole budgeting according to our own way of living and the way we want.

After all, I'm a student who's doing work to earn Independently as well as bread earner of my family. So, I'll share my ways of budgeting and how I manage it in this blog which can surely help you.

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How I Failed in Budgeting: Millennials or Gen Z

I have explored tons of tips related to budgeting on internet in past and tried multiple strategies but failed everytime.

This was because of that tip or advice coming from people who's situation and time was way different than our current time.

Image by Arek Socha from Pixabay

Back then in millennials time the cost of living wasn't high and inflated also economy or world wasn't where we are at.

Now in this age of Gen Z we have inflation which made cost of living higher and with this modern era we have more needs and wants in everyday life.

Mastering Student Budgeting

It all started with my first part time job when I was at 8th grade I used to work as an employee in restaurant not 9 to 5 but 9 to 11 or sometimes 3am in the morning on weekend holidays and from that money I was managing my own expenses and never asked my parents to pay for those things.

So, firstly When you're earning hard money from hardwork than you do act more responsible and think twice before spending.

Image by Steve Buissinne from Pixabay

There are Two types of Students: the one who gets pocket money from parents and the second one who works and earn Independently.

So, you should know which type of student you're; the first one who Gets pocket money monthly or earn at your own.

1- Know the source of Income
This is the first thing you need to know is from where you're getting that money; parents, a job, from crypto (any).

I know my source of income was used to be part time job but than I left that to focus on study and now crypto is my only source of income for now.

currently when my only source of income is writing on hive.

And gets payout in 50/50 Hive/HBD this helps to grow for long term (HP) as well keep up with everyday expenses (HBD
).

The amount I earn each month is never same/fixed there's up's and down where I have to adjust.

2- Know Your Expenses and Needs

I always know my expenses and dates like payment of electricity bills every 27th, internet bills every once a week, 10th of every month is to pay rent of home and fee for this semester, syllabus and exams due etc.

Knowing your own needs like groceries for Food and travel or other mandatory utilities or stuff.

Image by Steve Buissinne from Pixabay

When we know all of our needs this help us avoid or control unnecessary spendings and budgeting gets a lot easier.

3- Cutting unnecessary expenses

We have to cut some unnecessary expenses being done like that one time when I bought my Netflix subscription which is gonna last for 30 days.

I only did purchased it once in my lifetime and found it unnecessary purchase.

As my internet alone cost me 260rupee a week and adding 500 rupee for a Netflix was like a waste because with 260 I still can't use whole internet data. from that data I can download plenty of movies or series on the internet.

So, always look around and see where you can cut some unnecessary expenses.

4- Keep an eye on spending and adjust accordingly

We do buy this and that everyday repeatedly costing money like for me it was fries or snacks that can be adjusted from purchasing on regular basis to every once in a week.

This way it could cost less and the more i eat it everyday the more health issues were facing.

So had to be responsible and did what was necessary now I don't even crave for it anymore but still sometimes once in a week while passing by it makes sense.

We should keep an eye or track of our spending and expenses of this item or thing is necessary to keep or not.

5- Savings is Necessary

My whole budgeting lies around this particular area "Savings" like every cent counts and every cent we save is a relief or good for own peace of mind.

Image by Nattanan Kanchanaprat from Pixabay

I have future plans or goals that can be only achieved if I do save and every month even as little as 500 or 1000 rupees I do take them separately and give to my mom who keep it save.
6- Discipline and Motivation is the Key

All we need to make our budgeting plan a success requires being discipline and staying motivated.

Sometimes when i do get off track instead of following my budgeting plan I go with the flow, spend it without looking at where it's going and almost 99% time this way I run out of money almost one and half week before month.

So, staying motivated and disciplined is a must thing to do and learn over the time.

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Wrapping up...

This is how I do and it is working as of now but with time when things do change we need to update it. For now, over the time learning is the way and hopefully this whole idea is beneficial for you.

Do let me know how yours is different than mine and where I or others can improve in comments.

Fin.

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_{Thanks for reading.Greetings.}

All the content and images are mine except indicated. No copyright infringement intended. 23/05/2023.