STUDENT BUDGET GUIDE
Managing money can seem overwhelming. Especially when you’re in
college, and the thought of even checking in on your funds might make you
cringe. But effective money-management isn’t difficult, and it can seriously
reduce the amount of stress you have when it comes to your finances.
Check out these tips to keep your finances in check:
1. Assess Your Income
a. Identify Sources of Income:
-Part-Time Job: Calculate your net (after-tax) monthly income.
-Allowances: Include any regular support from family or guardians.
-Scholarships and Grants: Note the amount received each term or
year and divide by the number of months for a monthly figure.
-Other Sources: Include any side gigs, freelancing, or financial aid.
b. Total Monthly Income:
-Add all sources of income to determine your total monthly income.
2. Track Your Expenses
a. Fixed Costs:
-Tuition Fees: Divide annual fees by the number of months you’re in
school.
-Rent: Include any utilities (if not included in rent) and any regular
lease payments.
, -Utilities: Electricity, water, gas, internet, and phone bills.
-Insurance: Health, car, or renter's insurance premiums.
b. Variable Costs:
-Groceries: Estimate your monthly spending on food.
-Transportation: Include gas, public transit passes, or rideshare
expenses.
-Textbooks and Supplies: Average cost per semester divided by months
in the term.
-Health Expenses: Regular prescriptions, or co-pays for medical visits.
c. Periodic Costs:
-Subscriptions: Streaming services, magazines, or memberships.
-Medical Expenses: Any regular or unexpected health costs.
-Annual Fees: Divide annual costs such as club memberships or student
organization fees by 12.
3. Create Budget Categories
a. Essential Expenses:
Allocate funds for necessary items and services that you cannot avoid.
b. Non-Essential Expenses:
Managing money can seem overwhelming. Especially when you’re in
college, and the thought of even checking in on your funds might make you
cringe. But effective money-management isn’t difficult, and it can seriously
reduce the amount of stress you have when it comes to your finances.
Check out these tips to keep your finances in check:
1. Assess Your Income
a. Identify Sources of Income:
-Part-Time Job: Calculate your net (after-tax) monthly income.
-Allowances: Include any regular support from family or guardians.
-Scholarships and Grants: Note the amount received each term or
year and divide by the number of months for a monthly figure.
-Other Sources: Include any side gigs, freelancing, or financial aid.
b. Total Monthly Income:
-Add all sources of income to determine your total monthly income.
2. Track Your Expenses
a. Fixed Costs:
-Tuition Fees: Divide annual fees by the number of months you’re in
school.
-Rent: Include any utilities (if not included in rent) and any regular
lease payments.
, -Utilities: Electricity, water, gas, internet, and phone bills.
-Insurance: Health, car, or renter's insurance premiums.
b. Variable Costs:
-Groceries: Estimate your monthly spending on food.
-Transportation: Include gas, public transit passes, or rideshare
expenses.
-Textbooks and Supplies: Average cost per semester divided by months
in the term.
-Health Expenses: Regular prescriptions, or co-pays for medical visits.
c. Periodic Costs:
-Subscriptions: Streaming services, magazines, or memberships.
-Medical Expenses: Any regular or unexpected health costs.
-Annual Fees: Divide annual costs such as club memberships or student
organization fees by 12.
3. Create Budget Categories
a. Essential Expenses:
Allocate funds for necessary items and services that you cannot avoid.
b. Non-Essential Expenses:
