The beginning of the semester always flies by. One minute it’s syllabus week, and the next you’re preparing for your first round of exams, projects, and papers. Before we get completely caught up in school work, it’s important to take a step back and think about how we’re financing our semester. Starbucks every day may seem like a necessity to get through your 8am, but it takes a huge toll on your wallet. We, as students, should be reflecting on what money we have coming into this semester, what sources of income we’re relying on, and what expenses we expect to have. Here’s some tips for budgeting out the rest of your semester so you don’t end up on a ramen diet week 6.

Budgeting looks different for everyone. Some prefer a paper guide where they can manually input their budget each month. Other people have an app connected to their bank account (securely) that creates a budget and assists them in maintaining that budget. Make sure to find the right type for you.

The first step in budgeting is to define where your income is coming from and how much income you are receiving. Keep track of how much money you receive next month to give you an estimate of your income from the semester. Income sources (any money that you are gaining) can include:

• Part-time job income
• Assistance from parents
• Money you receive from student loans
• Scholarships

Need to earn some extra cash? Check out this post from The College Investor that shows 100+ ways to make some money.

Next track your expenses and make sure you aren’t “out of balance”: spending more than you earn. Check out this post by the National Endowment for Financial Education to learn more specifically about budgeting.

Don’t worry, it’s completely normal for your budget to be out of balance at first. As college students, it can be difficult to generate enough income to cover all of our expenses. That’s why many of us rely on part-time jobs, student loans, and food from our parents to help us get by. A good way to start balancing your budget is to either try to find more sources of income or limit your spending. Maybe you can’t afford The Field every week with friends. You can always suggest a potluck dinner where everyone cooks a meal or side dish to cut down on that weekly expense. Maybe Starbucks doesn’t fit in your budget, but coffee is very important to you. Investing in a coffee pot or Keurig will be much cheaper in the long run.

Lastly, a budget doesn’t have to be rigid or strict. Budgets are supposed to be flexible and fit your lifestyle. Adjustments may need to be made while we’re in college but it’s better to live like a college student now, than have to live like one after you graduate.

Want more quality information on budgeting? Check out Penn State Libraries’ Financial Literacy Guide. It outlines other great resources and books about budgeting/other personal finance topics.

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