The freedom of college may place you in a new situation: managing your money for the first time! Here are some times for creating a budget:
- Track Your Spending – The key to successful budgeting is being honest with yourself about how, when, and on what you spend your money. Tracking your spending is the first step to the budgeting process. Some helpful online tools to do this can be found at: http://www.cicmoney101.org/Course-Catalog/Spending.aspx
- Make a list of your income and expenses. Once you know what you spend your money on, you have to assess how much money you have. Here’s a helpful tool to track both your income and expenses: https://www.cicmoney101.org/Calculators/Budget-Worksheets/Traditional-College-Student.aspx
- The Math Does not Lie! - After you’ve totaled your income and your expenses you have to be honest with yourself and correct imbalances by either cutting your expenses or increasing your income. If you have extra cash, then consider saving money for unexpected expenses.