For college students planning to attend college this year and plan on living off-campus the Federal Student Aid office of the U.S. Department of Education put out some tips to help with those students looking to budget their money.
Here are some important points to keep in mind as you build your budget and identify what goes into your income and expenses.
Overestimate your expenses. Underestimate your income.
Plan on spending more than you will expect to have less money coming in than you really do. This is a simple trick akin to setting your watch ahead 5 minutes to give an extra cushion of time. It may seem silly to play "pretend" but the results could be a surplus of income rather than running out of money. Something many college students are familiar with.
Your family might offer good advice.
Parents and spouses may be critical when it comes to your budget because they care about you and don't want to see you in a tight financial spot. Discussing how financial decisions will be made with others close to you and seeking a "second opinion" can help.
Prepare for the unexpected.
Set aside an "emergency fund." Budgeting will help you cover unexpected expenses and plan for drastic changes that may occur.
The above is good advice for any students who are looking to stretch their 2019-2020 school living budget.
Tips from Rochester Smart Student Housing