Creating a Student Budget Guide

1. Determine your income sources:

Part-time job: If you have a part-time job,
calculate your monthly income after taxes
and deductions.
Scholarship/Grant: If you have a scholarship
or grant, determine the amount and
frequency of payment.
Parental contribution: If your parents are
contributing to your expenses, determine
the amount and frequency of payment.
2. List your monthly expenses:
Tuition and fees: Determine the amount you
need to pay for tuition and fees each
semester.
Rent: If you live off-campus, determine the
amount you need to pay for rent each
month.
Utilities: This includes electricity, water, gas,
and internet bills.
Food: Determine your monthly food
expenses including groceries, meals outside,
and snacks.
Transportation: This includes gas, public
transportation, and car maintenance.
Books and supplies: Determine the amount
you need to spend on books, course
materials, and school supplies.
Personal expenses: This includes clothing,
entertainment, and other personal
expenses.
3. Create a budget spreadsheet:
List all of your income sources in one
column, and all of your expenses in another
column.
Subtract your expenses from your income to
determine how much money you have left
over each month.
Allocate the leftover money towards savings,
emergency funds, or other goals.
4. Consider opening separate accounts:
Checking account: Use this account to pay
for your monthly expenses such as rent,
utilities, food, and transportation.
Savings account: Use this account to save
money for emergencies or future expenses
such as textbooks, a new computer, or a
study abroad program.
Credit card: Consider opening a credit card
account to build credit, but be sure to use it
responsibly and pay off your balance in full
each month.
Remember to review and adjust your budget
regularly based on changes in income or
expenses. By creating a budget and sticking
to it, you can stay financially stable and
achieve your academic and personal goals