2008 Woodie Awards
Budgeting could eliminate cash problems
By Shannon Cohen
Contributing Reporter
Issue date: 11/19/07 Section: Business
- Page 1 of 1
By Shannon Cohen
Contributing Reporter
According to most college students, it's hard to budget, due to the fact that most students receive the majority of their income from their parents. However, what do you do when your parents decide to limit your finances? The answer: budgeting!
According to many financial institutions, such as Bank of America, U.S. Bank and First Tennessee, it's fairly easy to develop a budget.
The first step is to calculate your monthly income. Only include the reliable income such as paychecks, as opposed to profits you plan to receive from stocks and other investments.
The second step is to calculate your total monthly expenses. You'll do so by gathering receipts from "non-discretionary" expenses, such as a car note to "discretionary" expenses, such as movies and restaurants. No expense is too small. Once you've established your income and expenses, adjust
the "non- discretionary" expenses. For instance, instead of going to the movies every weekend with your friends and spending a lot of money on snacks; take turns watching movies at each other's house and appoint the others to bring snacks. This method will help you save effectively.
Bank of America also provides a "College Budget Calculator" that helps students keep track of college or everyday expenses. In addition, many financial institutions provide student credit cards for unexpected college expenses.
Regions Bank offers a Regions Student MasterCard and a Regions Student Visa Credit Card with built-in fraud protection that detects unusual activity on your account, there's no annual fee and overdraft protection. Bank of America offers a Student Visa Platinum, which lets college students start building a strong credit base. U.S. Bank offers one of the most rewarding credit cards because it allows you to choose the reward you wish to receive. It also offers overdraft protection, no annual fee, and 100 percent fraud protection. However, if you're already in a great deal of debt, a credit card probably isn't for you.•
Contributing Reporter
According to most college students, it's hard to budget, due to the fact that most students receive the majority of their income from their parents. However, what do you do when your parents decide to limit your finances? The answer: budgeting!
According to many financial institutions, such as Bank of America, U.S. Bank and First Tennessee, it's fairly easy to develop a budget.
The first step is to calculate your monthly income. Only include the reliable income such as paychecks, as opposed to profits you plan to receive from stocks and other investments.
The second step is to calculate your total monthly expenses. You'll do so by gathering receipts from "non-discretionary" expenses, such as a car note to "discretionary" expenses, such as movies and restaurants. No expense is too small. Once you've established your income and expenses, adjust
the "non- discretionary" expenses. For instance, instead of going to the movies every weekend with your friends and spending a lot of money on snacks; take turns watching movies at each other's house and appoint the others to bring snacks. This method will help you save effectively.
Bank of America also provides a "College Budget Calculator" that helps students keep track of college or everyday expenses. In addition, many financial institutions provide student credit cards for unexpected college expenses.
Regions Bank offers a Regions Student MasterCard and a Regions Student Visa Credit Card with built-in fraud protection that detects unusual activity on your account, there's no annual fee and overdraft protection. Bank of America offers a Student Visa Platinum, which lets college students start building a strong credit base. U.S. Bank offers one of the most rewarding credit cards because it allows you to choose the reward you wish to receive. It also offers overdraft protection, no annual fee, and 100 percent fraud protection. However, if you're already in a great deal of debt, a credit card probably isn't for you.•
Be the first to comment on this story