Everyone has heard people say "live like a student" and this is true. Why live like a king on a student budget? This will only cause more issues for you later on. Know what your wants and needs are with the following examples:
- Do you really need a new iPhone 12 Pro when your iPhone 10 works just fine?
- Do you really need to get takeout food every other night, or can you learn how to cook simple meals at home? It is cheaper to have a week's worth of groceries at home than buying food up to 3 times per day.
- For textbooks, do you need a brand new book, or can you rent the book for a small fee?
After some time, you have a good idea of how much money you are spending and where you are spending your money. This will give you the chance to reallocate your money to different costs as your costs may vary each month, with you spending more on costs in one month and spending less in another month.
At the end of the day, creating a budget will give you control over your money and help keep your finances in order. A budget will also help you not to spend more than what you have, and will allow you to plan for both short and long-term expenses.