Being a student is not always easy. Far too many students go through the school year without knowing how to set a budget and end up needing to take bigger loans not to mention increasing their credit cards debt. To some of you this might be new, you may be a freshman next year, and have never had to do a personal budget before. Here is some useful information on how to budget your year without having to struggle too hard.

1. If you have to move in order to attend school you need to consider various possible living arrangements. Living in the school dorms can be cheaper than renting an apartment unless you are willing to have roommates. With the latter you can divide the costs. Experts say not to spend more than 40% of your income on rent, utilities included.

2. Food expenses add up very quickly when you think of all your snacks, coffee and take-out meal expenses. Home cooked meals, preparing lunches, and carry your home made coffee in your thermos will allow you to save a bunch! Don’t let the cafeterias food tempt you; it can end up being expensive, and less healthy than a home cooked meal! Take note of the grocery stores near your residence. A maximum of 18% is what experts recommend spending on groceries and dining out.

3. What would a student’s life be without leisure and entertainment? Your student id card will usually give you tons of discount and savings for all sorts of stuff; gyms, movies, museums, restaurants and bars, etc. Check the student newspapers and agenda notebooks for more specials offered by local merchants. Constantly ask for special student prices, since not all deals are advertised. Experts recommend spending no more than 5% of your income on entertainment.

4. Saving 5% to 10% of your monthly income may sound next to impossible but is well worth if an unexpected need arises.

Here are some guidelines on how much money you should budget for each expense category:

Source: The Washington Post

If you think you can balance working and school then you should definitely look into it. The first place you should look is right on campus. You’ll save both on time and travelling expenses and the personnel will be flexible with your student needs. Ideally, your student job shouldn’t be too demanding.  

We recommend you search the web where you can find numerous budget worksheets that you can adapt to your own budget. Also, please take a moment to visit our site for information about the financial programs available that can help you pay for your education.