HOW SHOULD I MAKE MY COLLEGE BUDGET?
You may not know exactly what your financial aid package will be, how much money you’ll make working a job, or what expenses you will have in college. But you can start thinking now about how you will budget your money. Use the table below to make an estimation. You can get an idea of how much you may need to pay using the College Costs Estimator.
How to Create a Budget
A budget tells how much you can afford to set aside after all your household expenses have been paid. Follow these steps to create your budget:
- Add up all your household income for one month.
- Add up your fixed expenses: essential costs like rent or mortgage payments, food, utility bills and car expenses, such as gas and insurance. These expenses shouldn’t vary too much month to month.
- Subtract your total fixed expenses from your total income.
- Take out an amount for college savings (as much as you think you can afford).
The money that remains can be spent on flexible expenses, such as entertainment and eating out, or put aside for those unexpected expenses that come up.
Click here to download a budgeting worksheet