Set Priorities and Make Changes
What did you learn from completing your spending plan income and expenses worksheets? Do you have money left over at the end of the month? If so, congratulations! You can save that money, put it toward your educational goals, and start building financial security.
If you spent more than you brought in, look at your monthly expense worksheet to see where you can cut expenses. Some costs are nonnegotiable, such as tuition and fees. But you have some control over personal expenses, such as eating out, your cell phone plan, and entertainment. Think about your spending priorities, and then…
Grab a notebook and write down your ideas for cutting back on non-priority spending.
Ask yourself: Is this expense a “need” or a “want”?
If cutting costs still doesn’t make ends meet, you may need to consider ways to increase your income, if this is possible with your work and school schedule. You might find extra jobs to earn a little more cash. You also could gather things you no longer need or use, such as clothing, CDs, and sports equipment, and sell them to bring in extra cash.
But watch out for Financial “Fixes”.
Grab a notebook and write down other ways you can increase income.