Money management is more than just sticking to a budget, though that is an important part. It is also finding ways to increase your income, to maintain a steady cash flow, and to plan for the future. Here are some tips to help you manage these tasks during college. First, you need to estimate your college expenses so you can establish how much money you actually need. As you calculate these expenses, you may need to add in a few hundred dollars for special lab or activity fees.
Personal expenses are more difficult to estimate because they are variable.
Begin with necessities, such as clothes, insurance, transportation, phone, trips home, toiletries, and laundry. Then add entertainment incidentals, such as movies, snacks, and CDs. Allow money for emergencies or unexpected expenses. Once you know what you expect to spend, add up all the money you have for college, including money from parents, scholarships, work-study grants, and savings. Also, don't forget any anticipated funds from a part-time job.