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It can be tough to budget as a college student. “Spend less than you earn” is a golden rule in personal finance. If you can follow that rule, you’ll avoid debt and build savings. But college students have a remarkably tough time following this rule, primarily because college tuition costs so much relative to the typical student’s income.
Since college student’s expenses are almost always higher than their income, budgeting may seem like a silly exercise. After all, you’ll take on some debt no matter what. The difference may seem insignificant when you’re taking out student loans. But when it comes to repayment, the difference is massive. You don’t want to be 44 years old and still paying for a Calculus 101 textbook and crappy beer.
Budgeting may not prevent all student debt. But it can help college students understand how income and expenses work together, so they can minimize their overall debt load. This college budget guide gives tips to get you started and provides sample budgets for different scenarios.
