Forbes magazine projects that in the years to come, you could spend up to US$334,000 for four years in college. Note that this figure is only on tuition fees, and it excludes books, boarding houses, and other expenses.
Going to college is undoubtedly a very big investment, both personally and financially; for the first time in your life, you will now be away from home. Your parents are no longer within easy reach, and no one else will be looking after you; for the first time in your life, you are now responsible for yourself, especially with how you manage your money.
Especially if you are given a study grant, budgeting effectively is a must. Be guided with these Grant Budget Samples. Extend your smarts to your finances, and learn how to budget wisely with the help of this post and these templates.
College Student Budget Sample
College Student Budget Worksheet Example
College Student Monthly Budget in PDF
College Student Monthly Budget
College Student Budget Worksheet Planner
Sure, all throughout high school your parents might have given you an allowance. You had freedom over it, and how you spent or saved the money was entirely your call. However, college is an entirely different playing field. For one, your tuition fee will cost much more—almost triple than what you spent for high school. On top that, you now have to live away from home, which means that you have no one else to rely on for your rent, your food, your groceries, and etc., but yourself.
All in all, college is a household investment. The amount of money that your family will have to set aside for your tuition fee, your living expenses, and all your other needs is no laughing matter. Make the most of this investment through smart budgeting.
The best way to track finances is to make budget sheets. Many apps are now available specifically for college budgeting, but for your specific spending needs and the like, it is much better to make your own. These sheets show samples of how it could be done, and you can easily download them to guide you.
Before you start budgeting, first take three days to a week to identify your expenses and your spending habits. At the end of each day, list down your purchases and determine how much you spend on average. This is also a good way for you to see whether you are spending your money on unnecessary purchases so that you will know how to make changes.
Budget Time Frame
Now is the time to plan out your budget. The first step is to consider whether you will be doing it daily, weekly, monthly, or yearly. For templates, see these Yearly Budget Samples. You could also choose to do it by semester.
- the money from your parents;
- financial aid such as scholarships, student loans, and grants; and
- all other sources of income like a part-time job.
Put the same against your detailed list of expenses according to your budget time frame. This will allow you to see any savings, if you are stretching your money smartly, or if you have been overspending and will now have to cut back.
Among the few investments that top college finances are the budgets for large projects and productions like these Film Budget Samples.
College Student Budget Worksheet
College Student Budget Calculator
College Student Expenses Budget
Be smart and responsible with your budget for college, and see more of these Monthly Budget Samples for guidance.
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