0231:
MONEY IN,
MONEY OUT
BUDGET AROUND YOUR LIFESTYLE
A college education is more than just a diploma. It’s also an education
about life and how to live life on your own. One incredibly important life
lesson that everyone must know is how to manage money. It’s a
crummy lesson to learn the hard way, and oftentimes it can have
effects that can last for years, even decades after the fact. So be smart
and be proactive - keep a budget.
There's nothing scary or daunting about a budget. It’s just a means of
tracking your money as it comes in and as it goes out. A budget should
be your own, meaning that if you want to spend seven-eighths of your
income on alcohol and diwy up the remaining one-eighth for everything
else, so be it. It’s your budget and your choice. Make it work for you
and then stick to it. It’s that simple.
Below is an outline of a budget that includes all the various expenses
and sources of income you should consider on a monthly, per term and
annual basis. You can budget using broad, all-encompassing categories
like food, shelter, entertainment or you can budget down to the very
smallest detail, as illustrated below. Try it for a month and adjust it if
you need to. The important thing is that you get in the habit of keeping
track of your money. Once you develop that habit you’ll feel more aware
and empowered when making money decisions.
MONEY IN
• Employment
• Rich Relatives
• Financial Aid
• Scholarships
• Grants
• Misc. Resources
MONEY OUT
• Rent
• Utilities: Electricity, garbage,
phone, cable, internet
• Insurance
• Revolving Debt: Auto loan,
Student loan, Credit Card,
etc.
• Laundry/Dry Cleaning
• Groceries
• Toiletries
• Entertainment
• Dining Out
• Monthly Memberships: Gym,
Netflix, etc.
• Car Maintenance
• Gas
• Parking/transportation
• Text Books
• School Supplies
• Clothes
• Hair Cuts
• Misc. school expenses: Greek
fees, student fees, etc.
• Tuition
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