Budgeting Tips for College Students
What Is a Budget?
Why Is a Budget Important?
Budgeting Terms To Know
How To Budget in College
List and Categorize Your Expenses
- 1 = must have
- 2 = really want
- 3 = would be nice
Calculate Your Total Income and Resources
Budgeting Tips To Stay on Track
- Overestimate Expenses: Students can round up all their bills and recurring expenses to a slightly higher total than they will actually owe, so that they’re more likely to underspend instead of overspend.
- Underestimate Income: Similar to the above tactic, students can round down monthly sources of revenue to increase the chances of having extra money at the end of the month rather than not enough.
- Ask for Help: Talking to family about the budget and knowing how much, if any, they will contribute.
- Save: Putting money aside for an emergency fund can be invaluable for students. It is tempting to put spare cash toward rewards and wants every month, but unexpected expenses and spending on non-recurring needs can suddenly wreck even the best budget if there isn’t some saving built-in.
- Mint: Created by Intuit, Mint lets users track and manage their money, and has features particularly useful in budgeting.
- PocketGuard: This app helps users stick to their budget, which is useful for students who tend to overspend.
- Wally: Wally is an app designed for budgeting that supports many types of foreign currencies, making it a good choice for international students to use.
- Prism: With Prism, students can pay the bills using the app, making it easy to track payments.
- Albert: This app creates a budget for the user, making it simple to use for beginners.