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How to Budget Your Money

Being a college student can be expensive. It’s your first few years away from home, and you have to figure out how to budget your money so it will last. It is a good practice to set aside a specific amount each week to spend. Give yourself an allowance; use this for eating out, coffee, or miscellaneous shopping. You will also want to alot money each week for groceries or other essentials. You may not always use all of this money each week, but that can be an opportunity to spend extra money at times. 

It’s not always easy to hold back on purchases, or to resist going out to eat, but in the end, you have to make the choice to make a few sacrifices here and there. Liberty’s campus pastor, Dwyane Carson, talks about saving, spending, and investing the money you earn. He calls it an 80-10-10 plan. The first 10% is the Lord’s, for your tithe. The second 10% goes toward your savings, and the other 80% toward your spending and living expenses. This is a good plan to implement each time you get a paycheck. Set aside my tithe, and put some money into savings, to help you in the future. The most important thing to remember about your money, is that you need to be careful how you spend it.

Money is a tool the Lord has given us, but don’t let it control your life. The Lord provides in mysterious ways. Just be smart with your spending, learn to save, and give to the Lord that which He deserves.