How to create a college student budget in just 4 steps!

How to Create a College Student Budget…In Just 4 Steps!

The most common financial troubles college students face is usually the lack of a realistic

budget.

Determine Your College Budget in 4 Simple Steps

1. Establish how much money you’ll have each month.

2. Subtract fixed costs from the monthly total above.

3. Know how much disposable income you have left over for discretionary spending.

4. Review and modify your budget regularly.

1. Establish how much money you’ll have each month –

do by listing your all your income:

• Money you make from a job• Money from mom & dad or other family

members• Loans, grants or other forms of financial aid• Other sources of cash, such as gifts

cc: 401(K) 2013 - https://www.flickr.com/photos/68751915@N05

2. From the monthly total, subtract fixed costs like:

• Tuition and fees• Housing (house payment or rent, utilities,

etc.)• Books, lab fees, classroom supplies• Car loan• Credit card payments• Car and/or health insurance• Cable and phone bill

cc: Tax Credits - https://www.flickr.com/photos/76657755@N04

3. Know how much disposable income you have left over for discretionary spending like:

• Snacks, drinks, groceries, meals out

• Social/recreation costs such as movies, athletic events or concerts

• Transportation • (this includes car

maintenance & parking fees)

• Personal expenses, including laundry

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4. Review and Modify your Budget Regularly

•As each semester progresses, track all of your expenses and determine if you are on budget. •Remember that sometimes you’ll spend more than at other times, so make adjustments accordingly. •If you regularly review and modify your plan, you can find ways to change your spending so that everything balances out over time.

Today’s Take-Away• Don’t make the mistake of being carefree

about your money when it comes to college.• Create a realistic budget that’s flexible and can

adapt to changing circumstances during college life.

• This is one assignment you can’t afford to fail.

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Sources• Barr, Cecellia. "College Budget: How to Save Money & Cut Expenses in

College." Debt.org, n.d. Web. 31 Mar. 2015. https://smartasset.com/personal-finance/how-to-create-a-college-budget• Goddard, Thiery. "How to Create a College Budget." Smart Asset, 15 Dec.

205. Web. 01 Apr. 2015. http://www.debt.org/students/college-budgeting-101/