Student Budget

Before beginning your housing search, it's essential to set up a budget and consider all the costs involved to help avoid surprises or stressors later on. Start by creating a budget to calculate your income and expenses and to decide your ideal price range as you search for your off-campus apartment. Review the following tips and worksheet below.

  • Track your spending. What do you spend money on? Are these things wants or needs?
  • Utilize the 50/20/30 rule. Calculate how much you make per month. The rule states that 50% should go towards essentials (rent, groceries, bills), 20% should go towards savings, while the remaining 30% should go towards personal spending (movies, dining out, etc.)
  • Break down your budget. Take your 50% towards essentials and break it down. How much is rent? How much do you spend on groceries/gas/cell phone/car insurance/etc? Use the worksheet below to calculate your expenses.
  • Keep track of your expenses. Apps such as Wally, Mint, and Goodbudget help keep track of expenses
  • Stick to your budget. Don't spend more on your credit card than you can afford to pay in full on a monthly basis.

(Click to enlarge/download)

Student Budget Worksheet