5 Ways to Manage Your Budget During Inflationary Times

Costs are going up at grocery stores, gas pumps, and pretty much everywhere else. Here's how you can protect your pockets.

Attending university can be a huge financial burden on students, with costs ranging from tuition and accommodation fees to personal expenses. Now, with inflation, affording necessities has become more challenging for some. Fortunately, students can manage the increased cost of living with five effective steps:

1. Use a budgeting app

This is a great way to get a visual of your expenses and financial goals. Knowing how much you earn and spend monthly is important when creating a budget. Adhering to that budget can also give you a sense of control and accomplishment. Some of the best budgeting apps include Mint, YNAB, and PocketGuard. These apps connect with your bank accounts to track your spending and categorize your expenses.

2. Cut unnecessary expenses

You could be paying for monthly subscriptions you don't use often or have forgotten about. You can cut costs by cancelling them or switching to a cheaper plan. Rocket Money and TrackMySubs are great subscription management tools.

3. Make a shopping list

Never go shopping without a plan. A spontaneous shopper will likely spend more and buy things they don't need. Be intentional about every trip to the grocery store by making a list and sticking to that list. Impulse purchases can put you over budget and prevent you from affording necessities and reaching your financial goals.

4. Take advantage of student discounts

Students qualify for many discounts, ranging from big purchases like a laptop or tablet to small purchases like food and clothing. Student discounts are also available for transportation, entertainment, and health and fitness. Typically, all you need is your student ID to get a discount of anywhere from 5 to 30 percent.

5. Apply for scholarships

Scholarships are a great way to reduce costs while in school. Many academic institutions offer scholarships of different sizes and with different application requirements. At Tyndale University, 90 percent of full-time undergraduate students receive scholarships and awards. Explore the wide range of scholarships and programs at Tyndale University today.

Follow these five steps to start effectively managing your budget!