Budgeting

Determine Your Sources of Income

Before creating a budget, it's important to know how much money you have coming in.

Discuss financial arrangements with relevant parties

If your parents are helping you financially, it's crucial to have an open and honest conversation with them. Ask them how much money they can contribute and what expenses they can cover. It's also important to clarify if there are any conditions attached to the funds they are providing.

Similarly, if your finances are intertwined with another adult, it is vital to have a conversation with them about your college budget. This will help you avoid misunderstandings and ensure that you are on the same page about your financial situation.

Review scholarship and grant awards

Scholarships and grants can be a great way to pay for school and other expenses. However, it's important to read the details carefully to understand any restrictions on how the money can be used. Some scholarships and grants may only cover tuition costs, while others may allow you to use the funds for other living expenses. By reviewing these details, you can make informed decisions about how to allocate your funds and avoid any unexpected expenses.

Calculate income from jobs or other sources

If you are working or have other sources of income, make sure to include these earnings in your budget. This will give you a more accurate picture of your financial situation and help you plan for expenses. It's important to be realistic when calculating your income, so you don't overspend or run out of money before the term is over.

Be careful with credit cards and loans

When using credit cards or taking out loans, it's important to be cautious and consider the potential long-term impact on your finances. High interest rates and fees can quickly add up and result in significant debt, so it's important to use credit cards sparingly and make payments on time. Similarly, when taking out loans, it's important to carefully consider the terms and conditions and only borrow what you truly need. It's also important to have a plan for repaying loans after graduation.

Identify Your Expenses

Review past expenses

Looking at what you've spent in the past can give you an idea of how you're using your money and where you can make changes. It's essential to know how much you've been spending in each category so that you can make a realistic budget and avoid overspending.

Calculate your essential expenses

Some expenses are crucial, like tuition, rent, groceries, transportation, and utilities. These expenses are non-negotiable and need to be part of your budget. Knowing how much you're spending on these essential items will help you plan better and avoid unnecessary spending.

Consider irregular expenses

Textbooks, course materials, and exam fees can add up and be costly. It's important to plan for these expenses and factor them into your budget. Knowing how much you will spend on these items can help you make better financial decisions and avoid being caught off guard.

Account for entertainment and other non-essential expenses

College is not all about studying; you'll want to have some fun too. Make sure to allocate some of your budget to things like entertainment, dining out, and other non-essential expenses. It's important to be realistic about how much you will spend on these items and to include them in your budget. However, you may need to make some trade-offs to ensure that you're not overspending.

Plan for emergencies

Emergencies can happen unexpectedly, so it's important to have a contingency fund. It's a good idea to set aside a portion of your budget for emergencies, such as car repairs or medical bills. This way, you'll be prepared for any unexpected situations that may arise.

Build Your Budget

Now that you've determined your sources of income and identified your expenses, it's time to put together your budget. Here are some tips to help you create a budget that works for you:

1. Make a list of your income and expenses

Create a spreadsheet or use a budgeting app to track your income and expenses. Make sure to list all your income sources and expenses, including essential and non-essential expenses.

2. Prioritize your expenses

Start by allocating funds to your essential expenses, like tuition, rent, and groceries. Then, allocate funds to your irregular expenses, entertainment, and other non-essential expenses.

3. Cut back on unnecessary expenses

Next, look for ways to cut back on non-essential expenses. The following section offers many tips for saving money, such as utilizing free campus resources and student discounts, or cooking at home.

4. Set realistic goals

Set realistic financial goals that you can achieve within your budget. For example, you can set a goal to save a certain amount of money each month or pay off a certain amount of debt by the end of the term.

5. Review and adjust your budget

Review your budget regularly to ensure that you're staying on track. If you notice that you're overspending in a certain category, adjust your budget accordingly. Remember, your budget should be flexible and adapt to changes in your financial situation.

Budget Apps

YNAB

YNAB is an acronym for You Need A Budget. It is an app based on the zero-based budgeting system that allows you to plan for every dollar you earn. It is available via desktop or mobile app.

Goodbudget

Goodbudget is an app based on the envelope budgeting system that allows you to portion monthly income toward specific categories. It is available as a desktop app or mobile app.

Groove Money

Groove Mooney allows for personalized goal-setting budgeting. You can build and learn positive money habits through videos and articles on this website.

Splittr

Helps you to split group expenses on vacations, with your roommates or any other group activity.

Splitwise

Anyone in your Splitwise group can add bills and other common expenses, and Splitwise will track due dates and amounts owed.

Tips for Saving Money

Cook your own meals

Eating out can be expensive, so consider cooking your own meals instead. Buy groceries in bulk and plan your meals in advance to save time and money.

Utilize free food resources for students

There are several programs that provide free meal options for students. These include Hearth and Table, Leftover Textover, the Produce Drop, and the Student Food Pantry. Check out the Basic Needs Program page for a full list of available resources. The Basic Needs Program can also help students apply for SNAP benefits (commonly known as food stamps) if they are eligible. This can provide additional support for affording groceries and other food expenses.

Utilize student discounts

Many businesses offer discounts to students with a valid ID card, so take advantage of these savings whenever possible.

Buy used textbooks

Textbooks can be a significant expense for college students. Consider buying used books, renting them, or borrowing them from the library to save money. The Basic Needs Program also offers a textbook subsidy each term to offset the costs of textbooks.

Live with roommates

Sharing living expenses with roommates can significantly reduce your overall living costs. Consider living off-campus with roommates to save money on rent and utilities.

Use public transportation or bike

If you live close to campus, consider biking or using public transportation instead of driving. This can save you money on gas, parking, and maintenance costs. UO students can also ride public transportation for free with the UMO app.

Take advantage of campus resources

The University of Oregon provides a variety of resources that can help you save money. For example, free tutoring services can improve your academic performance without the need for expensive private tutors. You can also utilize free recreational resources like the Rec Center for gym equipment and group fitness classes, or the Outdoor Program for gear rentals and group outings.

Attend free campus events

The University of Oregon offers many free events and activities throughout the year, such as music concerts, art exhibits, and sporting events. Attending these events is a great way to socialize and explore the campus without spending a lot of money on entertainment. Click here to access the campus events calendar.

Get involved in student organizations

Joining student organizations, clubs, and volunteer programs provides opportunities to network, gain valuable experience, and enhance your resume without having to pay for costly internships or professional development programs. Additionally, getting involved in these organizations can provide access to free food, giveaways, and other perks that can help stretch your budget.

Utilize UO financial resources

Visit the UO Financial Wellness Center website for more in-depth information, workshops, and advising about budgeting, reducing loan debt, understanding credit, and making informed financial decisions. Their website has a section dedicated to budgeting.

Visit the UO Basic Needs Program website for even more tips and resources to save money on food, housing, course materials, healthcare, childcare, transportation, and other expenses.