Budgeting in College: How to Make Your Money Last (and still have a life)

Why should I budget in college?

You might feel like budgeting is only for adults with salaries and mortgages but honestly, it’s even more important when you’re in college.

Here’s why:

• Your income is probably limited

• Unexpected expenses (textbooks, car trouble, late-night food runs) pop up constantly

• No one is managing your money for you anymore

A budget helps you make sure your money lasts until the next paycheck, refund, or support check from home.

Think of it like this:

A budget tells your money what to do before it disappears.

No more “I thought I had more in my account” moments. You’ll know exactly where it went and more importantly, where it’s supposed to go.

Step-by-step: How to build your first college budget

You don’t need a finance degree. You just need to know:

• What’s coming in

• What’s going out

• And what’s most important to you

Step 1: Know your total monthly income

This might include:

• Paychecks from a part-time job

• Financial aid refunds

• Money from parents or guardians

• Scholarships or grants with leftover funds

Example:

• Campus job: $480/month

• Parents help with $200/month

• Financial aid refund: $1,200/semester → $300/month

Total monthly income = $980

Step 2: List your monthly fixed expenses

These are things you have to pay regularly.

• Rent or dorm costs: $450

• Utilities (if off campus): $75

• WiFi/phone: $60

• Subscriptions (Spotify, Netflix): $20

• Transportation (bus, gas): $40

Total fixed expenses: $645

Step 3: Estimate your flexible expenses

These change month to month, but you still need to plan for them.

• Groceries/snacks: $120

• Eating out: $80

• Fun money: $60

• School supplies: $30

• Personal care: $25

Total variable expenses: $315

Step 4: Decide what’s left and where it should go

Now compare your income and expenses:

• Total income: $980

• Total expenses: $960

• Leftover: $20

If you’re spending more than you’re bringing in, don’t panic. That just means you need to adjust a few categories. Most students overspend on food, shopping, or fun without realizing it. A budget helps you notice and fix that.

Use Equity Bank’s Online Banking to track it all automatically

Inside our online banking platform, we have a budgeting tool designed to take the guesswork out of this. You can:

• Link your outside accounts (credit cards, other banks, etc.)

• Track your spending by category

• Set limits for groceries, eating out, fun, etc.

But you have to tell it what those limits should be.

Not sure where to start? I’ve got you. We can walk through your numbers and set up realistic parameters together.

What if your income changes?

If your hours get cut, you get a refund, or a parent sends extra help one month — update your budget. You’re not failing — you’re adjusting. That’s budgeting.

Final tip: Make it fit your lifestyle

You don’t have to be super frugal. You just need to be aware of where your money goes so you don’t get stuck stressing out every month.