Living on your own while you’re in college can be lots of fun. And it’s a great way to put your budgeting skills into practice.
Most big college bills — like tuition, room, board and fees — are due when each new term begins. (Academic years may be divided into quarters, trimesters, or semesters, based on a college’s academic calendar.) Your college receives the money you’re entitled to for scholarships, grants and loans, and you or your parents or guardians pay your share.
But you’ll need spending money every week to cover campus activities, food, clothing, transportation and personal care. You can use money you’ve saved, cash from your parents, guardians or grandparents or income from a part-time job either on or off campus.
The best way to stay in control is to create a realistic plan for balancing income and expenses that will work for you. A good place to start is with the Budgeting Worksheet.