Every year, I receive a bill on my KSIS that feels larger than the last. Despite securing scholarships and working all summer, I often still need additional support to cover my education at Kansas State University. The burden of college expenses can be overwhelming, no matter how much you save or plan. The average student at K-State pays over $25,000 annually in tuition and housing, a figure that nearly doubles for out-of-state students. These numbers can leave many of us feeling financially stressed, scrambling to allocate our limited income to cover the mountain of costs associated with higher education.
If you’ve ever felt that financial pressure, trust me, I’ve been there and completely empathize. One of the first steps I took to regain control over my finances was creating a budget. A well-crafted budget can make all the difference in reducing stress and helping you stay on track. Here are three steps to apply a budget to your school year and take back control of your finances:
1. Identify Your Expenses
To get a handle on your financial situation, the first step is identifying exactly where your money is going. Use tools like the expense estimator on the Powercat Financial (PCF) website to get a close estimate if you’re a new student. For returning students, you can refer to your past expenses to make accurate predictions. Be thorough, and don’t shy away from listing even the smallest expenses—it all adds up! The goal is to see the full picture of your spending.
Tip: If you’re worried about staying organized, consider using a budgeting app. Tools like NerdWallet, GoodBudget, and Rocket Money are great for automating and tracking your expenses with ease.
2. Create Your Spending Plan
Once you know where your money is going, the next step is to develop a spending plan. Start by listing all your essential expenses—things like tuition, housing, and groceries. Then, factor in your income from sources like part-time jobs, financial aid, or parental support. After covering your essentials, you can allocate any leftover funds toward savings or discretionary spending. Remember, the key is balance—be realistic about your spending habits while making sure you’re putting some money aside for the future.
Pro Tip: Always aim to include some “buffer” in your budget for unexpected expenses that may arise, such as books or emergency costs.
3. Monitor and Adjust Regularly
Creating a budget is just the beginning. To truly take control of your finances, you’ll need to revisit your budget regularly. Expenses change throughout the year, especially as new opportunities or challenges arise. Whether you land a new job, win a scholarship, or face an unexpected expense, staying on top of these changes will ensure your budget remains useful. Set aside time each month to review and adjust your spending plan accordingly.
By creating and maintaining a budget, you can alleviate financial stress and stay in control of your expenses throughout the school year. With careful planning and regular adjustments, you’ll be better prepared to meet your financial goals and focus on what really matters—your education.
Holt Williams
Peer Financial Counselor I
Powercat Financial
