Managing your money

Why does it matter?

Believe it or not, budgeting your money for everyday expenses will be your saving grace during your time in college. You might not think that a cup of Starbucks coffee will cost you a lot but you’ll be surprised. It can be nerve racking to think about money, and account for every penny of your spending but it is a necessary task to make sure you are being financially responsible.

ways you can manage your money

Part Time Employment

Getting a part time job can help you afford extra living expenses that may not directly go towards the cost of school. Many four year institutions have on campus jobs meant for students who attend school full time. These jobs are often very flexible and work along with your class schedule. They also may have a limit to how many hours you can work a week, helping you to prioritize your education. Some on campus jobs accept students with work study and others hire students without.

So depending on your financial aid, pay close attention to if an employer requires you to have financial aid or not. Contact the admissions counselor at the institution you are planning to attend to talk more about where to find these job opportunities.

Setting up a Direct Deposit

Once you’ve found employment, it’s important to set up a direct deposit so that your payments go directly to your bank account. This makes it easier for you to manage your money and avoid wasting unnecessary time with paper checks. Remember, you're a college student, time is your biggest asset.

So now that we have some income coming in, along with any refunds you’ve been given, let’s MANAGE IT!!

Creating Realistic Budget

Get in the habit of creating a monthly, weekly, and daily budget. First, figure out how much money you have coming in every month. Since 2 year institutions typically do not have student housing and meals, your biggest monthly expenses could be rent, meals, and travel. Make sure you budget your money so that you have enough for these items each month. Most people typically use an excel spreadsheet like the one provided here, or a budgeting app to budget their expenses.

Creating Realistic Budget

Budget for surprises: In life, many expenses come up that were not anticipated. You might need to make an emergency trip, or help out a family member. Anything can happen that will require you to spend unexpected money. Allocating monthly emergency money is a smart idea even if you do not use it that month. Simply roll-over the emergency money that was not used for the next month.

Budget for home/personal items: The expenses for personal items such as toiletries and items needed for the home such as cleaning supplies can add up really quickly. It’s important to budget for these items because they are also necessary expenses that may creep up on you.

Budget for saving: Get in the habit of saving money as soon as possible. You can start your saving budget by allocating how much money you'd like to save each month. Then open up a savings account with your bank, at the end or beginning of the month, add that amount to your savings account.

Track Your Spending

Tracking your spending is easier said than done. It can be difficult to go into a spreadsheet and manually track how much money you’ve spent every day, week, or month. Below are some useful apps that can help you track your everyday spending.

Here are some helpful resources that can help you track your spending!

Page updated

Report abuse