Program Overview

Introduction to Budgeting

Creating a budget can be intimidating, but it is not as hard as it seems. The real challenge is sticking to it.

Understanding Living Expenses

Average monthly living expenses according to the U.S. Department of Labor are relevant for consideration. As a college student, you may not have all these living expenses.

Tracking Expenses

Start by tracking what you spend over the next couple of weeks. Log every penny that comes in and leaves your wallet and bank account. This will allow you to see where your money is going, helping you identify any unnecessary purchases you may be able to eliminate from your budget.

Determining Income and Expenses

• Make a list of all income that you receive directly.
  • This could include wages, work-study, family help, food stamps or any other source of income.
• List your Expenses
  • Using your Estimated Cost of Attendance or your pre-billing statement to determine tuition expenses will be part of what you want to track.
  • You may even want to dedicate an expenditure toward your savings.
  • Consider doing the same with your student loans.
    • Paying even a small amount each month toward the loan principal or interest can go a long way.

Types of Budgets

• Online budget: There are many budget tools online that will assist you in creating a budget.
• Mobile App: There are a handful of mobile apps which allow detailed budgeting to be done right from your phone.
• Spreadsheet: Using a program like Excel or Google Sheets gives you control over how your budget is constructed and will do the math for you.
• Paper: A Sample Semester Budget can help you prepare for a semester at a time.