Budget Calculator

Studies show that working a reasonable number of hours during college helps you organize your time more efficiently, builds the skills you need once you graduate, and may even improve your GPA! Be careful not to work too many hours, though. Your top priority should still be your education. Check with your financial aid office to see if you qualify for Federal Work Study or look into a part time job on or off campus.

Now is a good time to make a list of any expenses you have that are normally paid twice a year or quarterly. Average these out on a per-month basis, which will give you a better idea of your expenses overall.

Examples

• Need to save $60 to pay for the registration on your car once per year? Put aside $5 every month, and save yourself the trouble later.
• You may only pay your school expenses once per semester, but it's a good idea to average that cost out per month, so you have an idea of the impact of those expenses on your day-to-day budget.
• If you pay car insurance once every six months, it might be quite a hit to your wallet twice a year. Make it easier on yourself – set aside 1/6 of that bill every month.

There are great ways to save on the expense of books. Check out the bookstore's used books, see if you can buy one from someone who just took the class (make sure you have the right edition!), or look for Internet sources. Need a novel for an English class? There's always the library!

Payments may not be required on your student loans yet, but it's a great idea to pay them down while you're still in school. You'll be glad you did when payments are required.

Wasn't it great of your school to provide you with all those free books? But, if you don't return them on time, you'll end up with late fees. So before you have to buy your own bookshelves for those library books, start paying attention to due dates. Some schools will even hold your transcript until your late fees have been paid!

Did you know you're spending per year eating out? Once a month, stay home instead of going out and see how much you can save!

each year spent on vending machine snacks really adds up. Plan ahead and bring healthy and inexpensive snacks with you.

Food is a necessary expense when you share your home with a pet. Just think twice before adding another cat or dog to your household.

Tickets? What are ya doin'? Driving the speed limit and parking where you're supposed to will save you time and money in the long run.

The best plan is to have zero credit card balance. If you do have a credit card, follow the tips below to stay credit card smart:

• Shop around for the best card for you. Look for no annual fees and a low interest rate.
• Read the fine print.
• Apply for only one card.
• Pay off your balance each month.
• If you can't do that, always pay more than the minimum payment amount.
• Make every payment on time. Late fees are very expensive.
• Keep your limit low to prevent unmanageable debt.
• Consider using your card for emergency purposes only.
• Review your credit report once each year.
• Never lend your credit card to anyone.
• Report stolen cards immediately.
• Financial problems? Seek help and get rid of the card.

Children can be expensive! Make sure to include costs of diapers, formula, etc. in your budget. Have a friend with kids too? Take turns babysitting for each other!

Good job! You're living within your means. Now would be a great time to think about how to build up your savings or pay off any debts you have (like maybe your student loans?).

You are spending money faster than you can make it. It's time to cut back your spending. You may want to think about taking a second job, but learning how to live within your means is more valuable than that extra income.