Budgeting Tips for Undergrad Students

Graduate students have different budgetary concerns than undergrads. On the one hand, they're older and wiser and are probably better money managers than when they were teenagers. On the other hand, there may be more expenses. Graduate students may have their own apartment, need to cook their own meals, and have to foot more of the bill for tuition. All these will mean that budgeting is enormously important.

If you've been on a budget since you were an undergrad, the same rules still apply. Set a budget daily, weekly, monthly, and yearly, and stick to it. If you do make an impulse buy early on, make sure you itemize the purchase so you know how this will affect your budget in the long term. You need to make an accurate list of all your expenses: food, rent, transportation, tuition, supplies, and any extra-curricular activities.

Graduate students generally live a pretty monk-like existence. There’s not a lot of money, or even time, to be going to lavish social engagements. This, of course, depends on the nature of the program, but by and large graduate students should be prepared for a pretty ascetic existence. Remember that the more money you save every month due to careful budgeting, the more you can also afford to spend on creature comforts.

Graduate students do have it easier in one respect: employment. Even though many undergraduates will also work during the school year, graduate students can potentially make more money at their off-campus employment. It may even be the case that graduate students will be working a full-time job in addition to graduate study. The workload may be heavier in this case, but it lessens the financial load to bring in a significant income.

This is not the case for many graduate students. A number of graduate students are getting a graduate degree to help secure that elusive first job. If this is the case than you will need to budget your money no differently than if you were an undergrad. A part-time job will likely be necessary. This may be part of a work-study program or supplemental. Either way, it’s a good resume-builder, regardless of financial necessity.

Budgeting the Year

It's important to balance your account over the entire school year. The brunt of major expenses will occur at the beginning of the year: tuition, textbooks, and other major college expenses. Once these are factored in, you need to determine what you will be spending every month. It's a good idea to break as far ahead of "even" as you can. The more slack you have, the more freedom you'll have in your life. This can ultimately help with your studies, as a financial burden can be very stressful. In a sense, setting a budget is a way to allow you the freedom to explore your education.

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