Having a budget only works if you stick to it! Track your spending and subtract anything you pay out from your total monthly funds. Check it out! Step 5: Track Your Spending PNC’s Student Budget Calculator can also help you get your budget where you want it to be. Keeping these percentages in mind may help you identify areas where you can cut back or where you have wiggle room to spend a little more. This guideline can help you keep your budget on track, as you look back to evaluate where you spent money in any given month. Look at several months to calculate an average.Īs you work toward your ideal budget, you can also refer to the 50/30/20 rule, a guideline many financial experts recommend for budgeting costs. Once again, your bank statements may be helpful as a starting point. For some line items - those that are the same from month to month - this will be easy. Create a simple spreadsheet or find a template online to help keep your budget organized and current.Įnter all of your expenses, putting numbers to each. Now that you know the components of your college budget, pull them all together in a form that makes it easy for you to refer to your budget throughout the month and make needed updates. Debt includes any financial obligations you have committed to, like a car loan or credit card payments.Īccessible version of this graphic is below.Savings should include three categories: emergency savings for unexpected expenses, shortterm savings (for that spring break trip or a new phone) and long-term savings for your financial future (like a house or retirement).Wants are extras or nice-to-haves: dining out, going to the movies, buying clothes, etc.Needs are necessities - expenses you can’t avoid: housing, food, transportation, etc.Look over your list of monthly expenses and categorize each of them as a need, a want, savings or debt. For example, if you’re living off campus, you may need to factor in gas, parking, and car loan and insurance payments, whereas someone living on campus may not. Of course, expenses vary based on where students live and other factors. Referring to your recent bank statements can help you see where your money typically goes.Ĭommon costs for college students include: Being able to anticipate your monthly financial obligations is critical to successful budgeting, so take some time to really think this through. Next, turn your attention to your monthly expenses. Then add these figures together to determine your total monthly income. Write down the dollar amount of each as a monthly sum that’s available to you. Think about all of your income sources - any regular paychecks, cash from dog walking or babysitting, financial aid, scholarships or grants, birthday or holiday money, financial assistance from family, and college savings (like from a 529 Plan). Here are six easy steps to help you get your college budget off the ground: Step 1: Determine Your Total Income It empowers you to control your finances and make smart decisions about saving and spending. That foundation is a budget.Ī budget is a written plan that enables you to see how much money you have coming in and how much is going out to pay for various expenses. It can actually be easy when you have the right foundation in place. Don’t let money management overwhelm you. On top of that, you have personal expenses and savings goals to think about. Tuition, room and board, textbooks, class supplies - college costs can really add up.
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