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Money Matters: Budgeting for College

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Money Matters: Budgeting for College

Posted by Jade

College is sure to be one of the most memorable and (for some) most expensive experiences of your life. As such, you must remember that money matters and know how to budget for college. What is a budget? A budget is an estimate, often itemized, of expected income and expenses for a given period. In other words, it is the total sum of money set aside for a purpose based on what you have coming in and how much you plan on spending.

 

One key thing that will help you not just before college but during and after is to prioritize and know the difference between a “want” and a “need”. A want is usually something you wish for, crave, or desire but DO NOT NEED. A need on the other hand is a requirement or a necessity. For example, most people “need” a cell phone but they “want” an expensive one that costs several hundred dollars. So, with that being said, what do you think you will need and want as college students? Try this: List the top 5 things you think you will need in college and the top 5 things you think you will want in college. Organize that list based on priority and in the order that you will acquire them. The results may surprise you!

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