Personal finances and saving money don’t need to be complicated. Get started on your money saving journey with these 4 quick and easy budgeting tips courtesy of Zions Bank’s summer interns.

 

1. Set up a Budget that Makes Sense for You

It’s easy to talk about setting a budget, and to estimate how much you are spending each month. It’s not always so easy to sit down, look over your expenses, and figure out how much you should really be spending on meals on campus, iced coffee before class, and those little treats after work.

Luckily, setting up a budget does not mean cutting out all the things you enjoy. It is simply a tool for planning how to best spend, save, and otherwise use your income. When you first start making a budget, a good rule of thumb is to be flexible with yourself.

Everyone’s budget is different, and it takes time to learn which expenses you have on a daily, weekly, monthly and even yearly basis. Marketing data analyst intern Lily Tait finds that flexibility is key to success when it comes to creating a budget.

“Have a budget, but also allow yourself to fail so you can learn how to best manage your money for you personally,” she says. “Your budgeting might look different from your friends, so don't compare your financial situation to others.” 

2. Be Mindful of Your Expenses

Small expenses add up. Making an effort to avoid unnecessary spending can lead to a stark difference in how fast you are able to reach your financial goals.

Project analyst intern Braden Ritchie advises that preparing meals at home and planning ahead are good first steps in cutting down on unnecessary expenditures.

“You can save a lot of money through simple things like meal planning and packing a lunch,” he says. “You'd be surprised how much people spend on things that don't matter.”

Retail banking strategy intern Anna Gready finds it important to both make a budget that works for you, and to keep your small purchases in check.

“I have found it helpful to make a weekly or monthly budget that is easy to stick to and follow,” she says. “It is helpful to make sure to include every little expense even if it seems minor.”

3. Make Saving a Part of Your Budget

The common advice to “pay yourself first” applies to college students, too. Making sure to save with every paycheck can make a big difference in meeting your financial goals. Whether you can put aside $10 or $100, every dollar makes a difference.

4. Keep Your Budget Simple

“Take a deep breath. Finances are not as overwhelming as they may seem,” says Operations Compliance intern Elias Stewart.

Taking things one step at a time makes all the difference in reaching your financial goals. It can be overwhelming to take things all at once, but putting in a bit of thought and effort every day will leave you several steps ahead on your financial journey than the day before.

In your savings and budgeting journey Zions Bank is here to help you and offers a suite of banking products for students, including Anytime Checking^® and Young Savers accounts and the Vivid Rewards Visa^® Credit Card. Visit our website or a local Zions Bank branch to learn more.

Marlie Hansen is Zions Bank’s Corporate Marketing and Communications summer intern, and is a junior in communications at the University of Utah.