Your situation at school can change rapidly. You might decide to get a part-time job in the middle of the semester, or you might leave a job. Maybe your landlord increases the rent without notice or you have major car trouble. Or maybe, with changes in the economy, your parents can’t afford to help you out as much. Any of these events will affect your financial condition.
How do you adjust your budget as your money situation changes?
If you take on a part-time job or gain reliable new income through other sources, two healthy budget adjustment decisions to consider include:
Losing a job or suffering any other loss in income forces you to control your spending—particularly the purchase of nonessential goods and services. Here's an approach that can help you adjust your budget so you don't have to cut out entire spending categories: