Budgeting Advice

While university charges are fixed, many other expenses are variable based on your situation. The basics of budgeting and credit awareness will better equip you to make sound decisions now and in the future.

4 steps to create a college budget

The basics of budgeting and credit awareness are the same for students as they are for anyone else.

Step 1: Talk it out

Determine your Needs vs. Wants. Budget first for needs and then carefully consider your wants.

Decide in advance who pays for what. It’s important to determine which expenses you are responsible for covering – cell phone, personal items, entertainment,etc. – and include them in your budget. If your family or guardian will be assisting you with these costs, have a conversation to make sure that everyone understands the plan.

Discuss what happens in an emergency, or when an unforeseen expense occurs. A little planning will make unexpected events much easier to handle when they come your way.

Step 2: List income and expenses

Identify all monthly inflows of cash and their sources:
Refunds, employment, savings, borrowed funds, and money from family.

Identify all monthly outflows of cash and their sources:
Focus first on major expenses such as meals, books, etc.

Step 3: Build your budget

Use our Student Budget Worksheet to create your monthly budget.

Step 4: Track your spending

Whether you use paper and pen, a spreadsheet, or an app, it’s important to consistently track your spending to avoid risk of busting your budget.