![]() ![]() How much money are you spending each month? We’ve put together this college student budget template to make it easy to keep all this important info in one place. To lay the foundation for your budget, take stock of where you are financially today. Get started with this college student budget template Once you realize your budget is a path to financial freedom, you’ll be ready to put a plan into action. ➡️ Do your best to flip the switch on all these myths. Not to mention, if you’ve taken out loans to cover some of your room and board, then starting a college student budget now means you’ll be able to pay off your student loans faster. There will come a day when you decide to start living on your own, and having a budget set up before you get to that point will put you miles ahead. Because of that cost savings, you can start saving, especially if you’re balancing school and work. The reality: Living on-campus can certainly help you save money in the immediate future, since your housing, meals, and utilities tend to be less expensive (and likely included within a flat rate). Myth: You don’t need a budget until you move off-campus Instead, you want a budget that is flexible, and tailored to your financial goals, whatever they may be. If your plan doesn’t allow for anything enjoyable, it will fall apart quickly. The reality: A budget doesn’t mean you have to eat every meal at home, never go shopping, and cancel all vacations. Myth: A budget means you have to cut out a lot of the fun stuff But a budget is equally important if you’re earning steady income-that’ s when you have the opportunity to start saving money or putting it toward bigger goals. ![]() The reality: It’s true that if you’re running low on funds, a good budget can be a lifesaver. Myth: Budgeting is only necessary if you’re broke Let’s start by dispelling some common misconceptions about a college student budget: If so, you can skip this step.īut if you’re one of the many people who finds the concept of creating a college student budget anxiety-inducing, or so boring it’s almost impossible, then you may need to shift your mindset before you can begin. Maybe you’re already feeling energized and ready to dive headfirst into building your budget (We see you!). Be sure to check out the other resources below! This article is part of our How To Make Money in College series. This article will provide the best budgeting tips for college students, with resources and step-by-step guides to help you get started right away. If you’ve never made a budget before, it can be hard to know where to start. With the right plan in place, you can make the money you have coming in stretch further and discover opportunities to increase your spending (and saving) power over time. If you want to get through your university years without skipping meals and spending way too much time in your dorm, then you need a college student budget.Ī good budget doesn’t limit your financial freedom-quite the opposite. Set new routines for checking in on your budget Make predictions for the next three to six months of college How much money are you spending each month?. ![]()
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