College Budgeting

Step 1: Your Income

Most college students have money coming in from several sources at different times. Funds from loans, scholarships and grants are released at the beginning of each semester or trimester, whereas money from your parents or your paycheck might come in at least once a month.

Projected Monthly Income:

Job: $
Money from Parents: $
Other Income: $
Total Monthly Income:
(9 Months)
$
Semester/Trimester Income:
Semester  Trimester
Scholarships, Grants or Loans: $
Other Income: $
Total Semester/Trimester Income:

$
Total Projected Income for the School Year:
$

Step 2: Your Expenses

Try to think of everything you will be spending money on each month and/or school term. This will give you an idea of where your money goes and how much you actually have.

Monthly Living Expense:
Food(eating out, snacks, anything not on your meal plan) $
Rent, if you're living off campus $
Utilities $
Transportation
(car payments, bus passes, or taxis)
$
Gas $
Telephone $
Entertainment
(movies, nights out)
$
Clothing $
Personal Items
(shampoo, toothpaste, etc.)
$
Laundry $
Prescriptions $
Other $
Monthly $
Total Annual Living Expense (9 Months) $
Semester/Trimester Income:
Semester Trimester
Tuition
$
Books
$ 
Room & Board (if you're living on campus; includes dorm and meal plan) $
Parking Permit
$
School Supplies
$
Health Insurance
$
Car Insurance
$
Moving Expenses at the beginning
and end of the year
$
Organization Dues/Social Fees
$
Other $
Expense per Semester / Trimester
$
Total Annual Expense
$
Total Expense for the School Year:
$

Step 3: Analysis

Did you stay within your budget? Compare your projected income to your projected expenses.

Projected Income $
Projected Expenses $
Amount under or over planned budget $
If this amount is a positive number, you stayed within your budget! But if it's a negative number, you need to take another look at your estimated income and expenses. You will have to find ways to reduce what you're spending or earn more money. Look closely at what you're spending and see where you can save.

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