Budgeting | Blue to Gold Financial Wellness

A budget is a plan for how you spend the money you earn or receive each month.

Budgeting is key when it comes to managing your finances.

There are some great apps available which can help you budget.

How Do I Budget?

Determine how much money you have coming in (income)
Determine where you need and want your money to go (expenses)
If it helps, track your expenses for 3 to 4 months to get averages of how much you are spending on:

Tuition and Fees
Books and School Supplies
Rent or Mortgage (or Room and Meals if living on-campus)
Utilities
Cell Phone
Transportation
Groceries
Dining Out (including fast food and coffee shops)
Clothing
Entertainment (movies, concerts, etc.)
Medical Expenses
Holidays & Gifts
Savings
Miscellaneous

Enter income and expenses into a budgeting app or budget calculator. Are your expenses less than or equal to your income?

If more money is going out than coming in, you are most likely borrowing from the next month’s budget or going into debt. Either way, you are borrowing from your future income . You either need to increase your income or decrease your expenses.

How Can I Increase Income?

Seek out as many scholarships as possible. They won't find you! Explore scholarship opportunities here.
File your Free Application for Federal Student Aid (FAFSA) early at fafsa.gov to get the best financial aid package available to you. It's available October 1, 2016 for the 2017-2018 school year!
Find a part-time job with the help of Student Employment. Try to stick to under 20 hours per week so it doesn't mess with your academics.
Use your smarts, hobbies, or interests to earn money! Tutor high school students, walk dogs, babysit, or sell crafts and creations online.
Sell things you no longer need. De-clutter and earn cash at the same time.

How Can I Reduce Expenses?

Check out our Savings Opportunities to help reduce your expenses.
Don’t compare your spending and finances with your friends. You don’t know where their money comes from. They could have family or friends helping, or they could be charging up a lot of debt. Focus on your finances and what you can afford.
Use the 30 Day Rule. If you want something – but don’t need it – take a step back for 30 days. This gives you time to think about whether or not you should purchase it and if the value it adds to your life is worth the price. It also gives time to search for a better deal.
Know the time value of your money. How long do you have to work to earn the money to purchase that item? Or are you borrowing from your future income to purchase it (i.e. debt)? Is it worth it?
Consider going cash only. It’s easy to swipe a debit or credit card… too easy. Studies show people spend 12% to 18% less by using cash instead of cards.

Where Can I Find Budget Calculators?

You can find them in multiple locations. You can use apps, online options, or spreadsheets like those you can download below.

How Can I Prep for Future Income?

Use the extensive resources available with Career Services to prepare for and explore future careers.
Research what your future salary may be based on your job and where you intend to live.