Managing Stress: A Guide for College Students

Money Management

FOLLOWING A BUDGET IS KEY TO REDUCING FINANCIAL STRESS

Track your spending for two to four weeks to find out where your money is going. Use this information to complete your budget worksheet.
Map out a budget by listing your sources of income as well as expenses. Use the chart below.
Examine your budget. Review your budget and consider.

How can you add to your resources? This may mean getting a part-time job, asking family for help, etc.

What expenses can be eliminated? Unfortunately, you may not be able to do everything you want. Are there some things you consider necessities that may really be luxuries? What things can you do less frequently? Are there little things you buy each day (e.g., a latte) that add up? Can you cut back on these?

CREDIT CARDS
Being smart about credit means acknowledging that credit cards are not free money. They are high interest loans.

If credit cards are a problem for you, you can...

Consider a debit card instead, so you only spend money that you really have.
Use credit cards sparingly, not for small purchases. Otherwise you may be paying interest on minor items - soft drinks, magazines, etc.
Ask for your credit limit (potential debt) to be lowered. Companies will try boost up your credit lines so you spend more. Tell them "no" each time.
Avoid applying for a card just to get a free gift.
Research before choosing a card.
Pay your bills on time. Try to avoid carrying a balance.

INCOME - How much money do you make?
INCOME	WEEKLY	MONTHLY	SEMESTERLY
Income
Allowances
Earnings from a job
Cash gifts and rewards
Grants, loans and scholarships
Other
TOTAL INCOME

EXPENSES - How much money do you spend?
EXPENSE	WEEKLY	MONTHLY	SEMESTERLY
Housing
Utilities
Food
Tuition, fees
Text Books
Transportation
Clothing, personal care
Medical and health
Recreation/entertainment
Church contributions
Savings
Gifts
Credit card debt
*Other
TOTAL EXPENSES

TOTAL INCOME - TOTAL EXPENSES = BALANCE