Budgeting and Saving

12 Budgeting and Saving Tips!

1. Plan your budget before the start of each academic year.
2. Keep track of your spending, to understand your spending habits and trends.
3. Review your budget regularly and adjust for changes in your circumstances.
4. Use financial assistance convenience and technology wisely! Consider a banking app to stay up to date with your accounts and transactions. If you prefer, use a spreadsheet to track your spending.
5. Mobile payment notifications can be helpful to show what you are spending immediately instead of at the end of the month.
6. Use ATM machines at your branch to avoid charges. If you take out money at a different bank or branch, you may be charged by both institutions, which can add up.
7. Pre-authorized bill payments will mean you never miss a payment; you won’t incur late penalties and you will maintain a good credit report.
8. Understand and evaluate your needs vs wants (see above), and then spend less on non-essentials.
9. Reduce ‘non-sufficient fund’ (NSF) charges by making sure you know how much money is always in your account.
10. Take advantage of student discounts and initiatives, such as free events on campus, the University Work Study Program, and student rate bank accounts (they should offer lower rates when you are a student).
11. Use Award Explorer. Also, communicate with your graduate unit about upcoming scholarships. For major awards and scholarships, students are often required to apply one year in advance.
12. Consider your purchase practices—for example, plan your meals ahead of time and make your own coffee. Invest in a thermos, make meals at home, and if you do enjoy takeout—limit to once a month and try to avoid delivery charges.