When it comes to college, budgeting is an essential component of success. For many students, it can be intimidating to plan out their finances for the upcoming school year. However, it’s important to understand that budgeting for college can be done and can help you save money and manage your finances.
Meet Emily, a college student entering her senior year at Kansas State University. As a student, Emily is constantly faced with expenses, from tuition and textbooks to living expenses and more. She knew that she needed to create a budget to make the most of her limited resources.
The first step Emily took was coming to Powercat Financial to receive help. In this case, Emily and a Peer Financial Counselor created a spending plan in Excel for the upcoming school year. They wrote down all of her expected expenses and income, including any financial aid or scholarships she was receiving. This helped her to identify what her total budget was for the year and what her goals should be.
Next, they helped Emily identify her spending priorities. They knew that tuition and textbooks were her highest priority – followed with rent, groceries, and other living expenses. However, they also understand that Emily has other expenses such as wanting to enjoy time with friends, enjoying game days, and exploring Manhattan during her final year.
Ultimately, after plugging in all the data, they made sure Emily understood her financial situation and how to track her spending effectively moving forward. They shared the Excel spending plan with her so she could adjust the spending plan on her own to accurately acknowledge her spending/budgeting goals for future months.
By the end of the school year, Emily could have saved money and use those extra funds to help pursue her next steps in life after graduation. Emily could use that extra money when moving to another city and having a down deposit for a new apartment or continuing to save up for future expenses.
For those of you entering college or currently in college, remember Emily. Budgeting for college can be done, and it can help you succeed. With some planning and dedication, you can make the most of your college experience and have a bright future ahead!
Upcoming Powercat Financial Events:
Financial Well-Being Ambassador Training: Cost of Attendance
Monday, September 18, 2023 – Time: 4 PM – 5 PM – Location: Union Room 206
Live Your Best Life
Monday, October 16, 2023 – Time: 11 AM – 1 PM – Location: Union Courtyard
If you can relate with Emily and her situation being in college and wanting help with your finances, please come see us at Powercat Financial! Here’s the link to easily schedule an appointment with us! Services | Powercat Financial Counseling | Kansas State University (k-state.edu)
Giselle Benitez
Peer Counselor I
Powercat Financial
