Controlling your spending through budgeting requires planning, discipline, and a basic understanding of simple budgeting techniques. If you don't, you may find yourself in a very difficult position as the year passes. List fixed expenses such as tuition and fees. List variable expenses. Variable expenses are subject to a certain amount of control as they can be obtained at varying costs, and in some cases you can do without them.
Examples are housing, meals, books, supplies, transportation, clothing, and other personal expenses.
Total all your fixed and variable expenses. Balance your budget by subtracting your total expenses from your projected income. If your estimated expenses are higher than your projected income, then you need to consider ways to reduce your spending in the variable expenses category. Develop financial savvy . Understand the effect of capitalization of interest on loans and credit cards.