Managing my money
Making money is one thing, managing your money is another. Navigating finances can be confusing with a lot to balance, and we have the inspiration to help you build a strong foundation for budgeting and balancing your paychecks.
Expense tracking
Do you find yourself wondering where your paycheck goes? Sometimes we may become unaware of our expenses and spending habits, especially small purchases that add up. In our digital world, online transactions and subscription services can also separate us from our money, making it easier to spend. Start becoming more aware of where your money is going by tracking your expenses.
There are a variety of apps and online resources to help get you started. This website lists the eleven best expense tracker apps of 2022 Links to an external site. to help you get started. You can also download this basic expense tracking Excel Sheet Download basic expense tracking Excel Sheet or search for "Monthly Budget" in Google Sheets templates. If you prefer pen and paper, check local stores for Expense Tracking books. It may take some experimenting to find a method that works best for you.
Budgeting resources
Once you are aware of where your money is going, you can start to make changes based on your goals. This is where creating a budget comes into play. A budget is a spending and saving plan - you choose where your money goes BEFORE it actually is spent. This allows you to plan ahead and see how much money you'll have left over after necessary expenses as well as help you set aside money for bigger purchases (like textbooks at the start of the semester) or unexpected costs (such as a flat tire).
- Grab a free Budget Planner Worksheet Links to an external site. to get you started. There are also a variety of apps that handle budgeting - search your preferred app store for recommendations.
- There are a variety of free online budget templates you can use that are often simpler with fewer frills - find Free Budget Spreadsheets and Templates Links to an external site., including options through Microsoft Office and Google Sheets.
- Search local stores for budget books if you prefer a written budget.
Tip: Budgeting and expense tracking go hand in hand - in order to know if you're sticking to your budget you'll have to continue tracking your expenses. Remember that a budget isn't set in stone, but it provides a foundation that can be changed as your needs change as well as make it easier to adapt when the unexpected occurs.
Bonus materials
Check out these additional resources and ways to apply this content to your life:
Additional resources
If you need support understanding your student loans or planning for repayment, visit the Federal Student Aid Links to an external site. website for a variety of tools and resources.
If you find yourself in a financial situation that may relate to a legal situation, you can access three free legal consultations each year through Student Legal Services. Links to an external site.
Challenge
Track your expenses for a set time (one week, two weeks, or one month). Make a note of anything that surprised you - maybe you didn't realize you spend $50 on coffee or fast food.
Once you know where you're money is going, set a budget for yourself for the same span of time (one week, two weeks, or one month). Reflect on what went well (you made coffee in your room instead of buying one out) and what was difficult (it was hard to say no when your friends invited you to Chiba Hut). Make changes to your budget as needed and keep going!