Budgeting

Students who are on a limited budget (which includes the vast majority) will have to carefully consider where their money is spent. Creating and sticking to a budget is extremely important if you don’t want to find yourself without the means to purchase necessary materials and to maintain brain function with healthy meals – not just McDonalds!

Considerations when planning budgeted costs should include the costs of housing and if the housing is off campus also food, power, telephone, internet and transport. In addition all students should budget for toiletries, cell phone, entertainment and snacks. Initial set-up costs may have to be factored in if they were borrowed or paid in instalments and these may include first and lost months rent, course fees, insurance, furniture and clothing. Other occasional expenses should be put aside including trips home, vacations, emergencies and special occasions or gifts.

The amounts for these will vary depending on the course, location and other factors so each student’s budget will be different but most students will need to consider all of the mentioned expenses.

Related Links and Resources

• Budget Calculator – ed.gov
• Budgeting While in School – aie.org
• Budgeting tips for college students – lendingtree.com
• Budgeting for the college student – Bankrate.com
• Budget Worksheet for College Students – about.com
• Student Budget – Westwood College
• Establish a College Budget – saystudent.com

Recommended Books

• Zero Debt for College Grads: From Student Loans to Financial Freedom
• 1000 Best Smart Money Secrets for Students (1000 Best)
• FINANCIAL BASICS: MONEY-MANAGEMENT GUIDE FOR STUDENTS