Budgeting Strategies For College Students: New to budgeting? In this episode of The Finance Couch, Ross Mac explains the 50/30/20 budget – which is helping students everywhere save and spend at the same time. It seems like everyone these days has their own, elaborate way of budgeting. For some, these complex strategies work great, but for others, they can make saving money feel like a daunting task. Luckily, financial consultant Ross Mac is here to break down one of the simplest budgeting strategies.
In this episode of The Finance Couch, we meet 22-year-old Kamran, who wants to know how best to spend, save, and be mindful of his earnings as a college student. Ross proposes the 50/30/20 budget: allocate 50% of your post-tax income to necessities like rent and groceries, 30% to discretionary spending like dining out and travel, and 20% to savings. Ross emphasizes the importance of not touching that 20%, using it for retirement accounts, building a fully funded emergency fund, or other savings goals.This budgeting strategy is perfect for college students, young adults, or anyone who is just starting out in their money management journey. Join us in this couchside discussion to learn just how impactful a strong budget can be!
The Finance Couch is a short form video series developed by Million Stories and sponsored by Experian to increase financial literacy among young adults. Watch this video, “Budgeting Strategies For College Students”, to learn about budget planning and catch more episodes of The Finance Couch on Finstream.TV here: https://www.finstream.tv/videos/the-finance-couch/