![]() ![]() (Refer to the list of expenses you created when assessing your expenses.) Then decide how much you must spend for each and assign a dollar amount or percentage to that category. Your budget should contain categories for all your major spending groups. Here’s how to budget as a college student: 1. ![]() Making and following a college student budget is the best way to ensure you have enough money to pay for the things you need while still having some money left over for the things you want. Check out these tips to help you make money as a college student. If you’ve gotten this far and you already realize that your expenses weigh in heavier than your income, consider ways you could start giving your income a leg up. The point is to add up everything, Waters says. Transportation (airfare, bus tickets, car insurance, gas).Entertainment (movies, fun with friends, streaming services).You should account for every dollar you’ve spent, Waters says, separating expenses into common categories such as: To do that, refer to your debit and/or credit card statements, plus any record of money sent through payment apps. Waters recommends looking back at three months’ worth of your expenses. Next, figure out how much you’re spending each month. That includes money from a part-time job, financial aid, stipends, grants, loans, or a monthly allowance from your parents. How should students pay for monthly expenses? Start by writing down all the sources of after-tax money you get each month, Waters says. ![]() You can use anything from a simple spreadsheet to a budgeting app to track your income and expenses. Assess your income and expensesĪs you begin building your college student budget, you first need to figure out how much money you have coming in and how much you have going out. Whatever financial issue is giving you trouble, Katie Waters, CFP®, founder of a financial planning firm, has tips for how to set yourself up for success. Need to make sure you have enough for textbooks, rent, food-and some left over for a little fun? Want to spend a semester abroad? Creating a college student budget can help with these goals and more. When done right, a budget can help you limit debt, build some savings, and accomplish your goals. But this transition also comes with different financial realities-and the need to develop new skills around spending and saving money.Īlong with navigating your new campus and sharpening your study skills, there’s another key lesson to learn: how to create a college student budget. College is an exciting time: You’re surrounded by new people, new opportunities, and a chance to dive into the next chapter of your academic career. ![]()
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