Budgeting

Get More Out of Your Money

Saving vs. Investing, what is the difference? Saving is a short-term commitment to build an emergency fund while Investing is a long-term commitment to plan for a goal such as retirementWhile you’re in college, you’ll need to learn how to manage your finances, plan for changes, and prepare for the unexpected. Budgeting will help you build decision-making skills in order to reach your financial and academic goals.

Easy steps to creating your own budget
- Determining your timeframe and setting goals
- Finding a budgeting tool that works for you
- Identifying your income and expenses
- Subtracting your expenses from your income to see if you have money left over or if you have a shortfall
- Making any needed adjustments

Budgeting is not just a one-time event. You’ll need to track your spending over time and update your budget as needed. Learn more about creating and balancing your budget. You also can check out budgeting tips to help you get started and stay on track.

Tips for staying on budget

  • Plan for unplanned expenses
  • Limit your expenses
  • Share housing
  • Rent textbooks
  • Explore ways to lower your monthly bills
  • Ask yourself this “Is my budget realistic?”

*Source: Studentaid.ed.gov 

An emergency fund is money saved up in the case of an unexpected event. It is recommended to have 3 to 6 months of living expenses saved up.