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The most common financial troubles college students face is usually the lack of a realistic budget.
However, once the budget is created, it’s time to stick to it. Make it your financial master or you’ll find yourself running through your money very quickly.
Learning smart money management and how to reduce your expenditures now can help you establish a solid foundation for your future.Learn to manage money intelligently and keep yourself free from worry.
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Determine Your College Budget in 4 Simple Steps
1. Establish how much money you’ll have each month by listing your all your income, such as:
- Money you make from a job
- Money from mom & dad or other family members
- Loans, grants or other forms of financial aid
- Other sources of cash, such as gifts
2. Next, subtract fixed costs from the monthly total above.
Fixed-cost items might include:
- Tuition and fees
- Housing (house payment or rent, utilities, etc.)
- Books, lab fees, classroom supplies
- Car loan
- Credit card payments
- Car and/or health insurance
- Cable and phone bill
3. Now you know how much disposable income you have left over for discretionary spending like:
- Snacks, drinks, groceries, meals out
- Social/recreation costs such as movies, athletic events or concerts
- Transportation (this includes car maintenance & parking fees)
- Personal expenses, including laundry
4. Review and Modify your Budget Regularly
As each semester progresses, track all of your expenses and determine if you are on budget. Remember that sometimes you’ll spend more than at other times, so make adjustments accordingly. If you regularly review and modify your plan, you can find ways to change your spending so that everything balances out over time.
Don’t make the mistake of being carefree about your money when it comes to college. Create a realistic budget that’s flexible and can adapt to changing circumstances during college life. This is one assignment you can’t afford to fail.
Barr, Cecellia. “College Budget: How to Save Money & Cut Expenses in College.” Debt.org, n.d. Web. 31 Mar. 2015. https://smartasset.com/personal-finance/how-to-create-a-college-budget
Goddard, Thiery. “How to Create a College Budget.” Smart Asset, 15 Dec. 205. Web. 01 Apr. 2015. http://www.debt.org/students/college-budgeting-101/
About IntelliTec Colleges in Colorado
IntelliTec Colleges in Colorado offers hands-on career training in the allied healthcare, beauty/cosmetology, business, computer technology, personal training, and technical trades industries with associate degree (occupational) and professional certificate programs. College campuses in Colorado include Colorado Springs, Grand Junction, and Pueblo. Request more information at www.IntelliTec.edu or call 1-800-836-1345.