In your life you likely have a plan for nearly everything you do - what kind of job do I want? Where do I want to work? Where do I want to live? What foods do I enjoy eating/making? And so on...and yet, having a plan for your money - a budget - can feel overwhelming and limiting. The irony is when you have a solid budget that you follow, you can more easily fulfill the life plans and goals you have for yourself.
A budget is not a stagnant spreadsheet or list somewhere. Your budget is guidelines for how you wish to spend your money and so it should fit your lifestyle. Maybe you need a particular budget for the academic year but when you're working more over the summer, you can adjust some of your spending categories. Ultimately, your budget is should help you feel less stress about money, not more. Many people find auditing or adjusting their budget annually or every 6 months helps them form healthy spending and saving habits that fit potentially changing incomes. Additionally, your budget is for your specific income. Resources online that list specific amounts in each spending category aren't helpful when those amounts aren't realistic. Some resources list percentages and that can also be helpful but beware of spending categories that don't apply to you (maybe you're not paying for a mortgage right now or your food budget is your campus dining card). Make your budget your OWN!
The links below are to helpful articles and resources as you prepare your own budget. If you have a meal plan, you also want to do a separate meal plan budget to be sure you have money for campus dining for the entire semester.
It's simple! Follow your budget. Some people find using cash envelopes or cards with specific spending limits helpful when staying within your weekly/monthly budget amounts. Your bank may offer a spending breakdown to show you where you spend your money. There are several free apps for budgeting as well, some free and some for a fee. Even a simple spreadsheet can help you track - the trick is entering in your expenses regularly. Find a time frame that works for you: daily? weekly? monthly? The more frequently you update your spending and saving, the more accurate your monthly budget will be.