Learning how to deal with these semi-regular expenses is a standard part of budgeting after graduation as well. Or, you may want to subtract the expense from your income at the start of each term and use the remaining difference as the starting point for your monthly income. Similar to your income, you may want to split up and track the expense monthly. You may have semi-regular expenses, such as payments for room and board, that are due at the beginning of each semester or quarter. There aren’t many specific budgeting apps for college students, but the top budgeting apps can work well for students and graduates alike. Over time, the data you collect can help you better understand and control your finances. Track your spendingĪfter you have your estimates for your expenses and income, you can start tracking your spending. And when you have more income, you can put the extra money into one of your savings goals. When you have more expenses, you’ll need to find ways to save money or increase your income. In the end, you want your monthly expenses and income to at least match up. For example, if you save up $3,000 over the summer and have eight months of school, you can divide the $3,000 by eight and set your monthly “income” at $375. Consider dividing what you have by the number of months you need to make it last. If you don’t have a steady income and are relying on savings or loans, it can be tricky to figure out what you should use for your monthly income in your student budget. Limiting how much you borrow now can make budgeting trickier, but it’ll also help you save money later. However, while a loan can give you money to spend, remember that you’ll also have to repay the loans plus interest. Student loans can also seem like income, as you may be able to use the money for living expenses. You should try to openly discuss how much money you can expect to receive and whether it’s a steady amount for living expenses or only for emergencies. Some students may also have “income” from their parents. While more than 70% of college students work while enrolled, many take on part-time jobs, have limited work-study awards or work during the summer to build their savings. The average college student’s income may be fairly low. But to start, write down an estimated amount next to each category. Over time, you’ll figure out your average monthly expenses for each category and can make sure you plan ahead and have enough money to cover your bills - or have a plan for cutting back and saving money. For example, you might create subcategories under food for groceries, coffee, eating out and eating in the dining hall. You can start estimating how much you spend each month by writing down all the potential expense categories, including:ĭepending on how precise you want your student budget to be, you can break the categories into subcategories as well. Estimate your monthly expensesĬollege expenses can vary greatly depending on where you go to school, your program, extracurriculars and your arrangements for room and board. More budgeting tips for college students 1. Here are four steps you can take to start. You’ll want to identify and set goals, and then figure out how to budget and save money to make progress toward achieving those goals. While the basic budgeting process requires you to track your income and expenses, the deeper fundamentals can be more difficult. Even though you may not have a lot of income as a college student, learning how to budget may wind up being one of the most valuable skills you pick up. A college student budget can be easy to set up and manage because there may be fewer sources of income and expenses to track.
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