Budgeting in College

Everyone's financial situation in college varies, but if it is your first time out on your own creating a budget can help keep your finances in order. I recommend using a zero-based budget, so you know where every dollar is going. There are many budgeting apps you can use to track your spending and budget each month, or you can do it the old fashioned way by hand.

Here is a Budgeting Template Link to get you started (the red text is just an example).

Tips for Budgeting in College

Identify any income:

• Determine if you are receiving any money back from scholarships, grants, etc... after tuition is paid. Divide the total amount by the amount of months in the semester. This "income" can be used in your budget.

• If you get an allowance from parents while in school be sure to include that in your budget as income.

• Include all work income as well.

Figure out your expenses:

• Do you need to pay for car insurance? food? debt? be sure to include all expenses.

• Do not forget expenses related to haircare, clothes, or activities.

• If money is tight, make a list to identify your basic necessities costs and your wants costs. You can then trim the wants category down.

Don't forget to save:

• Saving money in college can feel daunting, but even sticking back $25-50 a month will help you in the long run.

• Creating an emergency fund will help you avoid debt and extra stress on top of school when something comes up. Be sure to only use this money for an emergency.

• Create sinking funds for trips, activities, etc... Figure out the date for the event, and determine how much you need to save each month to pay for it. Tuck that money away, so you can pay and enjoy your event stress free.