Friday, April 23, 2010

College Students on a Budget

Living on a budget is one of those things that we know we need to do, but sometimes don’t know what steps to take to begin.

Guest speaker Brenda Vaughn spoke to Vol State students about maintaining a budget. Vaughn works with the National Student Loan Program and said, “One of the hardest parts about developing your budget is changing your behavior."

Vaughn talked about the recession. “We as a society were secure in our jobs, and things changed on us. Life throws things at us all the time and we have to be ready for it,” she said.

Several students were present for the discussion. Rob Eisenlohr said, “I just wanted to get more insight on budget. I’ve been a student here since the summer.”

Heather Lowhorn said, “I’m a disabled veteran. I blew out my knee in the Marine Corps. I came here today because I’ll be having my second child in July and was hoping for a few tips.”

Vaughn said that no more than 15 percent of your income should go toward your transportation. “We’ve got to figure out what our standard of living is,” she said.

Tips included keeping your housing budget to 38 percent of your income. This includes rent or mortgage, utilities, insurance, taxes, and home maintenance.

Vaughn stressed reducing the price of everything and finding alternatives to going out. She said not to deprive yourself, just reduce spending. Rent movies, go to matinees, etc.

For budget worksheets and more information go to Financial Literacy Online.

Volunteer State Community College

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