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Budgeting Basics
Now that you're in college, learning to maintain a budget is an essential skill in preparing for your future, keeping track of your income and expenses, and meeting your financial goals. A budget breaks down how much money you are receiving (income) and spending (expenses) each month. To keep your budget balanced, your expenses should be less than your income, meaning you spend less than you make.
Budget Tool
Need a place to start in building in your budget? Download our customizable budget tool to help you track your income and expenses (On-Campus or Off-Campus)!
You Can't Always Get What You WantBudgeting requires you to separate your needs from your wants. While Netflix may seem essential (especially during finals week), it's not a necessary expense. Needs include items such as housing, utilities, food, and transportation. When starting your budget, assign funds to your needs first. Any remaining money (also known as discretionary income) can be used to fund your wants. |
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Budget BustersIt's easy to justify small daily purchases. Will you really miss that $3 for a daily trip to your favorite coffee spot? But little "everyday" expenses add up. Consider this: if you drink one $3 coffee every day, that comes to around $90 a month and $1080 a year! Brewing your own coffee at home will cost a fraction of the price, and will save you massive amounts over time.
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