Budgeting

Learning how to budget your money is a crucial survival skill that can have life-long benefits. Build good financial habits now and you'll make the most of your money during and after your graduate or doctoral program. 

Create a Personalized Budget 
It can be tricky to create and maintain a budget while you're attending school, because your income and expenses can drastically change from semester to semester. Create a general budget worksheet to compare your estimated expenses with your available income. Make your budget after you've paid large expenses for the semester, like tuition and fees.

Group your expenses into essential and nonessential expenses. Don't forget the most essential expenses like rent, educational fees, and car or credit card payments. Make your list of expenses as accurate as possible, including the following:

• Grocery and restaurant expenses
• Laundry, utilities, and home maintenance expenses
• Entertainment and weekend expenses
• Transportation expenses, including gas and auto maintenance

Outline a Spending Plan 
Once you've created an accurate budget worksheet, determine the minimum and maximum funds you can expect for each educational term. Divide your funds by the number of weeks or months in the term to create a reasonable spending plan. Because your income and expenses can change drastically from term to term, you should create a new budget at the beginning of each academic term. 

Maintain Accurate Records 
You may be surprised by how much you spend on incidental expenses or impulse purchases. Determine your weekly spending by keeping accurate purchase records. For a few weeks, carry a notebook with you and record your purchases and ATM withdrawals. By keeping close track of your expenses for a couple of weeks, you'll be better able to identify your spending weaknesses.

Money Saving Tips 
No matter how streamlined your budget is, there may be times during the academic year when your expenses outweigh your income. Use these popular student tips to save money and stick to your budget at any time of the year:

• Use coupons and look for sales
• Take advantage of student discounts
• Attend free concerts and events
• Stock your pantry to keep from going out to eat excessively
• Find deals on second-hand text books in bookstores or online
• Compare banks to get the lowest student fees
• Avoid credit card purchases, or pay your full balance immediately to avoid finance charges

Keeping a budget requires self-discipline and moderation, but the good financial habits you build while you're in school can save you money long after you complete your educational