What are budgets and why should I have one?

While the income you make is very important, how you spend that money is equally important. You should always have a planned, well-thought out budget to control your spending and keep you from overspending. Always keep track of how much money you are spending and set limits on how much money you spend on certain things (for example limiting yourself to $150 per month when dining out). Prioritize spending your money on your costs of living, which typically includes your rent, food, utility bill, and any other expense that you need to pay to sustain your standard of living. Also make sure you have money to pay your tuition and other related fees every semester.