Having a solid plan in place can be a blessing for a student and their family. Setting up a college student budget, it pays to have a plan in place to track your spending. A college budget that accounts for textbooks, housing and other expenses can cut stress and overspending. It can also shape healthy financial habits for the future. 4 steps to creating a college budget: 1. Discuss a budget plan with your parents or whoever is responsible for expected expenses and financial aid. Opening a new credit card or checking account is an option. 2. Expenses. Tabulate the costs of textbooks and school supplies, room and board, transportation, clothing, and discretionary spending. 3. Keep track of your spending. Monitor your spending. Determine your needs and decide which nonessentials you can trim. 4. Take budgeting to the next level. There is an invaluable lesson in learning how best to start setting yourself up for the future by managing your budget. You will begin to really take ownership of your college experience when you understand how much the monthly output in terms of food, transportation, clothing and rent can add up. Do your best to create an emergency fund, for example, or how you can begin to pay off any student loans, if applicable. Last, you gain some insight into why taking the easy way out by getting school loans is not the best route to go.