Budgeting While in College

[Alex94]

My paycheck in college (work study)isn't consistent. Last year there were some weeks I worked nothing and others that I worked 20 hours which is the max. Is it even possible to create a budget when you have no clue how much the check will be? We only get paid once a month.

[Baby_nurse]

Yes it is possible to budget this way. It's called a zero based budget. What that means is you only plan to spend the money you have on hand because you use the money you earned last month to determine what you can spend this month. Next month you will use the money you earned this month to plan September's expenditures. Other people call it an envelope budget system (like Grandma used to use-when the envelope was empty, she couldn't buy any more of what ever that $ was designated for). You can find lots of websites that explain the ins and outs of this type of system. You can find books by Dave Ramsey in the library that go in to some detail about this, too.

At the risk of sounding like a commercial, there is a computer program called YNAB (You Need A Budget) that helps with this sort of thing. There are forums and free web classes (pay attention to the one on irregular pay cycles) to help you master the concept. The best part for you is that it is available to college students for free.

[Alex94]

Yes it is possible to budget this way. It's called a zero based budget. What that means is you only plan to spend the money you have on hand because you use the money you earned last month to determine what you can spend this month. Next month you will use the money you earned this month to plan September's expenditures. Other people call it an envelope budget system (like Grandma used to use-when the envelope was empty, she couldn't buy any more of what ever that $ was designated for). You can find lots of websites that explain the ins and outs of this type of system. You can find books by Dave Ramsey in the library that go in to some detail about this, too.

At the risk of sounding like a commercial, there is a computer program called YNAB (You Need A Budget) that helps with this sort of thing. There are forums and free web classes (pay attention to the one on irregular pay cycles) to help you master the concept. The best part for you is that it is available to college students for free.

I actually started putting information into YNAB last night. I'm currently trying to pay off some small debt so 90% of my paychecks are going towards that.

[TheKayla]

Look into tips for budgeting your own business or freelance business, the 'feast or famine' cycle is a pretty common thing that many budget for. You at least need to build a cash buffer so that your ebb and flow isn't getting you into any debt if you have fewer hours some pay periods, and rather always have money to pay the bills on hand. So some pay periods you'll be ahead (then don't spend more that month, keep it in savings), and some you'll have to dip into your cash buffer.

Perhaps you can also get a part-time job on top of that, even if only 10 or so hours a week that is consistent? That should help with the blow if you have weeks in your work study that you get no hours. Otherwise you can donate plasma, find temp gigs, hustle in other ways etc. during off weeks.

[Alex94]

Look into tips for budgeting your own business or freelance business, the 'feast or famine' cycle is a pretty common thing that many budget for. You at least need to build a cash buffer so that your ebb and flow isn't getting you into any debt if you have fewer hours some pay periods, and rather always have money to pay the bills on hand. So some pay periods you'll be ahead (then don't spend more that month, keep it in savings), and some you'll have to dip into your cash buffer.

Perhaps you can also get a part-time job on top of that, even if only 10 or so hours a week that is consistent? That should help with the blow if you have weeks in your work study that you get no hours. Otherwise you can donate plasma, find temp gigs, hustle in other ways etc. during off weeks.

I thought about getting a second job, but I'm not sure if I'l have time for that. I have 18 credit hours, work study, weekly sorority stuff, and I have to join a club for the sorority. I figure Ill see how it goes in September and then see if I'll have time. My sorority makes it tricky since some weeks all we have is chapter, other weeks we have stuff going on every night on top of studying at least 15 hours a week in order to meet our scholarship goals.