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You are here: Student Success Skills » Financing Your Education » Developing a Realistic Budget

Student Success Skills

Developing a Realistic Budget

by jack
July 13, 2012

College is an expensive proposition. Once your tuition, fees, and books are paid for, there may not be much left for the other expenses you will have. Most college students need to live on a strict budget.

Exhibit one shows some items you might need to budget for. It doesn’t include tuition, fees, and books. The expenses listed are more of the daily items you need to budget for.

One good way to develop a budget is to keep track of what you pay for on your computer. You can find apps to help you develop your budget and keep track of your expenses.

As with much of college, living with your budget requires discipline and planning ahead.



Exhibit One

Budget Items

  • Rent – This could be a dorm expense or an apartment
  • Food- this could be a meal plan or the cost of groceries if you fix your own meals
  • Fast Food/ Restaurant Expenses – meals you buy
  • Utilities – money you pay for water, electricity, gas, and sewage.
  • Automobile expenses – includes parking, gasoline, insurance, car payment, and maintenance
  • Telephone – your cell phone costs
  • Socializing – cost for going out
  • Athletics – costs related to athletic events (e.g. tickets)
  • Entertainment – costs for concerts, plays, or other like events
  • Computer – includes upgrades, repair
  • Healthcare – this could include doctor’s visits and prescriptions
  • Other expenses

.

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  • The biggest improvement I have made this semester has got to be my study habits.  This semester I made it my goal to study more and work harder in school.  I have kept pretty well to my word up till now and I hope I can continue to do so.  Another improvement that I have made this semester that I'm not too proud to say is not going out during the week.  Along with studying, I also made this my goal.  My dad always told me work comes before play, it's such a simple quote, but it's the truth.  If I plan on doing well this semester, I am going to have to limit my "play" to the weekends and work hard during the week.  With both of my improvements being said, it's likely that my grades are going to improve greatly.  I need to have self-discipline in order to complete my goals until the semester is over.  Discipline is something I lack and I also hope to improve as I make good habits in regards to my studies..

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