Budgeting

Get More Out of Your Money

While 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.

How do I create a budget?

Creating a budget is pretty straightforward and starts with this simple equation: What you earn (your income) minus what you spend (your expenses).

The steps involved in creating a budget include:

  • 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: https://studentaid.ed.gov/sa/prepare-for-college/budgeting#why