Tuesday, April 14, 2009

Establishing A Budget for College Students

By: Corey Mutterperl

Just like handling your classes, handling your budget is another part of the college life. When you begin college, you may want to establish a budget to help you manage your finances.

What's Your Income?

Your first step should include establishing what type of income you have. If you're working your way through college, you may have limited income once you pay for tuition or other loans. Perhaps your parents are helping you pay for college and supplying you with a monthly allowance. After making a list of your incoming money, tally it up and see what you have to work with.

Figure Out Where Your Money Goes

After you find out how much you have coming in, you need to figure out how much is going out. Some traditional methods involve carrying a mini spiral notebook and logging in your expenses. If you use this method, you may want to make categories to help you stay organized. You will want to keep track of your expenses for about a month, which allows you to really know what you're buying.

Establish Your Budget

After you've kept your log for about month, you can begin establishing a budget. Start by making a list of the things you have to spend money on, such as:






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