Budgeting 101: A Guide for Native American Students

College in America is notorious for being a money-grabber for any unfortunate soul seeking higher education. From tuition fees and books to living expenses and social activities, managing your money wisely during this era of your life is essential for academic success and personal well-being.

1. Understand Your Financial Situation

To first understand your financial situation, it is crucial to identify your income sources, which may include scholarships, grants, loans, part-time work, or financial support from family or your tribe. Next, you should track your expenses by keeping a record of all your spending, encompassing tuition, housing, food, transportation, books, and entertainment. Finally, calculate your net income by subtracting your total expenses from your total income to determine how much money you have left over each month.

2. Set Realistic Financial Goals

Short-term objectives could include saving for a laptop, settling a credit card balance, or establishing an emergency fund. Long-term objectives might encompass graduating with little debt, saving for a home deposit, or investing in your future. It's also important to consider values-based goals that align with tribal values, such as contributing to the community, supporting cultural events, or pursuing education that benefits your tribe.

3. Create Your Budget

The 50/30/20 Rule: Consider using this popular budgeting method:

• 50% of your income goes towards needs (housing, food, utilities).

• 30% goes towards wants (entertainment, dining out, hobbies).

• 20% goes towards savings and debt repayment.

Prioritize Essential Expenses: Ensure your budget covers your basic needs first.

Allocate for Your Goals: Set aside a specific amount each month to work towards your financial goals.

Track Your Spending: Use a budgeting app, spreadsheet, or notebook to monitor your expenses and ensure you're staying within your budget.

4. Make Smart Financial Choices

To save money while in college, consider looking for student discounts, which can provide savings on transportation, entertainment, software, and subscriptions. Cooking at home is another effective way to cut costs, as dining out can quickly become expensive; preparing your own meals not only saves money but also promotes healthier eating habits. Additionally, explore campus resources, as many colleges offer free or low-cost services such as tutoring, counseling, and financial aid advising. Finally, seek financial aid by researching scholarships, grants, and work-study opportunities that can help fund your education.

5. Embrace Financial Wellness

Embracing mindfulness in your financial habits is essential; it involves paying attention to your spending patterns and making deliberate decisions regarding your financial use. Additionally, finding support is crucial, so don’t hesitate to seek assistance if you're facing financial difficulties—reach out to your family, friends, tribal community, or campus resources. Furthermore, it's important to prepare for the future by considering your long-term financial objectives early, which will help position yourself for success.