When you do this, you can have a set earnings goal that you work toward each summer. If you need to work during the school year to supplement your income, you can plan ahead and schedule your time effectively. A college budget can help prevent you from making the most common college financial mistakes—from misusing your loan money to ruining your credit—so you can graduate debt-free. The best way to start this budget is by listing these costs first. If you have one, you can also include your meal plan in this initial tally. Estimate the cost of books and materials for each semester and add that in as well. When creating these categories, you can estimate your monthly budget amount and then multiply it by the number of months you will be away for college. Then add in annual costs like spring break or Christmas presents. Avoid signing up for monthly contractual obligations that require you to buy out the contract to cancel them. These might include a television package, a gym membership, or a cell phone plan. You can often find monthly gyms and cell phone plans, as well as apartments that include utilities and cable. When you look at the total cost, you may be a bit overwhelmed. Take time to evaluate your summer job and whether it is paying you enough to cover college expenses. Can you find a job that pays better, or work two summer jobs? Otherwise, you may need to consider working during the school year. It’s important to make the most of your summer job, so you do not need to work as much during the school year. If you do plan on earning money each month to supplement your other earnings, estimate on the lower end, because you may not be able to find a job that pays as well or has the hours available. You should also avoid working so much that your schoolwork suffers. Determine the amount you will transfer into your checking account each month to cover your monthly expenses and then leave the rest of the money alone. Avoid dipping into it outside absolute emergencies, or you might spend the last two or three weeks of school starving because you have run out of money for the semester. It is important to find a balance between graduating quickly or moving more slowly so you can work and graduate with less debt. Your college budget can help you do that. Be sure to keep looking for ways to save on your daily expenses to help you reach your goals.
