Budgeting is great a way stay on top of your expenses while in school. Below are some tools you can use to calculate budget that works for you:
Guideline for Creating a Budget
- Track your expenses for a month so you know exactly where you are spending your money.
- Evaluate your income vs. expenses.
- Classify your expenses into wants and needs.
- Determine if the expenses in the ‘want’ category can be reduced.
- Create your budget for a week or month and stick to this budget.
- Write down your short-term and long-term financial goals, so that while you are following your budget you know what goals you are trying to achieve.
Tools
A budget can be as simple as writing down basic monthly income and expense amounts on a piece of paper or creating a detailed worksheet with information for each day of the week.
- In-School Budget Calculator
- Out-of-school Budget Calculator
- Monthly Payment Calculator
- Mint.com Budget App
Useful Links: National Student Loan Data System (NSLDS) | Studentaid.ed.gov