Looking for Money Management 101? You're in the right place! No matter your age or year, financial management can feel overwhelming.
The good news? A simple budget is all you need to feel more confident and in control as you navigate the semesters ahead. Here are some tips on how to start your college budget.
Start with What You Have
Look at what you have saved and your monthly income, if you have an on- or off-campus job. If your job has inconsistent hours or unpredictable income, estimate your earnings on the lower end so you don't spend above your means.
Having an idea of what you're working with will help budgeting feel less intimidating.
Know Where Your Money Needs to Go
Make a list of all your monthly expenses. Some items, like rent or a cell phone bill, are likely the same from month to month. Others, like groceries, entertainment and supplies for school may vary, so make an educated guess of what you'll spend in the next month and adjust as you go.
If you can't remember all your usual purchases off the top of your head, log into your Apple FCU Mobile App, tap on your Checking account and scroll back through your posted transactions. Use these transactions to help build your list.
Build a Budget That Works for You
Now that you have a clearer idea of the money you're working with, create spending categories that make sense for your lifestyle. For example: if you always pay $1,000 in rent, build a "Rent" category and allot $1,000 in your budget each month. Or, if your Checking account reveals you spent $98.48 on eating out in the past month, round up to $99 and allot that to your "Restaurants" category.
It's important to factor the things you enjoy into your budget, such as getting dinner with friends, buying school merchandise or your morning iced coffee. If your budget is too restrictive, it will be harder to stick to it.
Wondering what to build your budget on? Check out budgeting apps recommended for college students. Some of them are completely free for students.
Check in Regularly
Check your budget against your actual spending as often as you can. Apple FCU breaks down your spending into categories right in our Mobile App. Just log in, tap More > Financial Resources > Track Spending.
Spending more in a certain category than you realized? Next month, dedicate some more funds to that category, or find ways to cut back on your spending.
Plan for the Unexpected
A laptop repair, a parking ticket or last-minute supplies for a course: college life is full of surprises. Make room in your budget for any emergencies that may arise. Even a small emergency savings fund can help you navigate these financial challenges.
We designed SafetyNet to help you build your emergency savings. This high-yield savings account earns 2.75% APY* on up to $10,000, which means your money grows fast, even if you aren't starting with much.
Apple FCU is Here to Help
The most important thing to remember about budgeting in college: give yourself some grace. Financial management is a skill that needs time to be developed. As long as you're consistent each month, you'll find it gets easier over time.
Our recommendation: grab a friend, go to your favorite coffee shop and build your budgets together. Having someone to do it with will make it feel less like a chore and more motivating.
Have questions? Our team is always here to support! We offer free financial counseling to all of our members. If you need more expert advice on building your budget, reach out to us today.
