Budgeting

Every student’s budget will look a little different. Remember, the cost of living is more than just rent and food. To get started, you can download this Easy Budget Calculator to calculate income and expenses for the semester. 

Here are some things to keep in mind when putting together your budget:

• What do your sources of income look like? Will you be using money from student loans? Did you find a part-time job? Consider how fixed your income is.
• Have a conversation with your housemates. If you’re splitting bills, prorating rent based on room size, or assigning certain communal costs to individuals, consider how that may affect your individual budget.
• Are your water, heating, and electric bills included in your rent? If not, expect to pay more in the winter months.
• How will you be getting to class? If you’re driving, factor in gas prices, insurance, and a parking pass.
• Is your residence furnished? Do you have cooking equipment? Living furniture, pots and pans, a desk, and a good bed are all one-time expenses, but can add up.
• Set aside money for the unknown. Things like car repairs, fines, and inflation are never hoped for, but can’t be ruled out.
• Factor in fun! Whether it’s take-out or a night out, put some money aside to unwind and make the most of your college experience.

Money Management 101

Financial literacy is the ability to develop and use money management skills to make informed and effective short and long term financial and budget decisions.