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How to Build a Monthly Budget as a Student (Even If You’re Broke)
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Mischief
Maya Brooks
How to Build a Monthly Budget as a Student (Even If You’re Broke)
“You don’t need more money — you need a better plan.”
Are you tired of asking, “Where did my money go?”
Do you find yourself broke two weeks after getting your allowance or MoMo from home?
You’re not alone — and budgeting is your solution.
In this blog, I’ll show you how to create a realistic monthly student budget — even if you’re living on GHS 100 or less.
---
🎯 Why You Need a Budget as a Student
Budgeting helps you:
Avoid borrowing before the month ends
Prioritize essentials (food, data, transport)
Plan your savings and small hustles
Stay disciplined with your spending
Prepare for emergencies
📌 No matter your income, you can budget.
---
🧮 Step-by-Step: How to Create Your Student Budget
---
✅ Step 1: Know Your Total Income
Start by writing down everything you earn in a month:
Source Amount
Allowance from parents GHS 150
Side hustle (e.g., snacks) GHS 100
Occasional MoMo help GHS 50
Total Monthly Income GHS 300
📌 Be honest — don’t include money you hope for.
---
✅ Step 2: Identify Your Monthly Expenses
Next, list all the things you spend money on regularly:
Expense Estimated Cost
Food (chop bar, groceries) GHS 120
Data & Airtime GHS 30
T&T (Transport) GHS 40
Laundry/Soap GHS 15
Handouts/Printing GHS 20
Miscellaneous GHS 20
Savings (even GHS 1!) GHS 10
Total GHS 255
📌 Don’t forget the small but frequent ones — sachet water, ludo, meat pie, impulse buys.
---
✅ Step 3: Categorize Your Expenses
Break your expenses into 3 groups:
Category Items
Needs (Survival) Food, T&T, soap, printing
Wants (Non-urgent) Airtime, snacks, entertainment
Savings/Investment Future plans, emergency, hustle capital
📌 Tip: Prioritize needs, then allocate for wants, and always keep something for savings — even if small.
---
✅ Step 4: Use the 50/30/20 Rule (Student Edition)
Use this simple budgeting formula:
🧾 50% = Needs → GHS 150
🎉 30% = Wants → GHS 90
💼 20% = Savings → GHS 60
👉 Adjust based on your income. If you can’t hit 20% savings, start with 5% or 10%.
---
✅ Step 5: Track Your Daily Spending
Use:
A notebook or jotter
A budgeting app like Monefy or MyBudget
Google Sheets or Excel
Record even small buys like:
Meat pie – GHS 3
MoMo loan fee – GHS 1
Hostel water – GHS 0.50
📌 When you write it down, you become more mindful.
---
✅ Step 6: Review Weekly
Every weekend, ask yourself:
What did I overspend on?
What surprised me this week?
What can I reduce next week?
📌 Budgeting is not strict punishment — it’s flexible planning.
---
✅ Step 7: Plan for Emergencies
Put aside even GHS 5 per week. After 2 months, you’ll have GHS 40 — useful for:
Sickness
Unexpected class trip
Broken phone
MoMo reversals
📌 Life is unpredictable. A student fund = peace of mind.
---
🔁 Sample Monthly Budget (GHS 200 Student)
Item Amount (GHS)
Food 80
Data 20
Transport 30
Soap/Laundry 10
Handouts 15
Wants (snacks) 20
Savings 25
Total 200
Even GHS 200 is budgetable — it’s about control, not cash.
---
💬 Real-Life Testimony
Yaw, a student in Kumasi, used to run out of money by mid-month.
He started budgeting with a paper notebook and saved just GHS 10 weekly.
After 3 months, he had GHS 120 saved — which he used to buy stock for a snack business that now earns him GHS 250/month.
---
🛠️ Tools to Help You Budget
Tool Purpose
Monefy Simple expense tracking
Notion Custom student budget boards
Google Sheets Flexible and free
Notebook Works offline and fast
---
💬 Final Words:
💬 “Budgeting is not about restriction. It’s about freedom — knowing where your money goes and telling it what to do.”
Whether you earn GHS 100 or GHS 1,000, control is key.
Start now. Track often. Adjust as needed.
Your future self will thank you.
---
📸 Suggested Image:
Search Pexels for:
“student budgeting”, “Ghanaian youth calculator”, “African money diary”
---
🏷️ Suggested Blogger Tags:
student budget, how to budget, Ghana student life, money control, broke student finance
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