I think budgeting and practical finances should be taught at multiple stages throughout a student’s life. I thought I knew the general idea but didn’t appreciate how much neglecting it would set me back.
What is your process for budgeting? As a starting point this article lists a few methods.
I use zero based budgeting where every dollar is assigned a purpose. I don’t end up sticking exactly to the plan, but I do keep a spreadsheet which lists my current balances and all expected expenses, so I can see my future balance and avoid going in the red. A couple times a month I cross off expenses which have been paid and update the balance. This is especially helpful to me because a big portion of my income is irregular month to month.
I haven’t been following any specific method, just a budgeting spreadsheet that has evolved over time - though my own method works out similar to the “Pay yourself first” method mentioned in that link. Basically a spreadsheet with columns for each month & the rows document required expenses/bills, then savings goals, then slightly less-required expenses & discretionary spending. Some people do similar using “buckets” of spending goals & that works too.
Been doing it for a while so at this point already know my expected monthly/yearly costs & even have a year out projection of where the savings goals will land at the end of 2024. Of course keep in mind life happens, no amount of budgeting will get you out of surprises. It’s always best to have emergency savings.
For what it’s worth spending flowchart from the Personal Finance communities helps out a ton when planning things out e.g. https://lemmy.ml/post/1161162 from !personalfinance@lemmy.ml
EDIT: Speaking of the other communities you may want to visit !personalfinance@lemmy.ml / !personalfinance@lemmy.world while you’re on this topic :)