Student Budget Calculator
Oct 31, 2024
Calculate your student budget and more
Bankrate’s student budget calculator was designed to help you come up with a realistic financial blueprint for the school year, based on your estimated expenses relative to your income.
To use this calculator, enter the estimated amounts per each expense category, and the frequency of these (start of the school year, monthly or semesterly). Then, click “calculate” to get your personalized results. You’ll also have the option to view and print a complete breakdown of your budget for the year, so you can keep it for your records.
How to budget in college
Budgeting in college may take some creativity and dedication, but it doesn't have to be restrictive. Crafting a well-rounded, realistic budget not only helps you manage your current finances, but also sets you up for future financial success.
Here's how to create a budget while earning your degree:
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Itemize your monthly spending: Go over your credit, debit and bank statements to identify your necessary monthly expenses like rent and utilities (if not living on campus), transportation costs, groceries and insurance costs.
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Analyze discretionary expenses: After you've recorded how much is spent on everyday expenses, check all of your monthly statements to see how much you spend on non-essentials, including eating out, clothing shopping and subscription services.
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Compare spending to income: Compare your monthly income to the amount going out each month. If you're struggling to make ends meet or come out to a deficit, cut out some of those expenses and set a monthly discretionary spending limit. For example, instead of eating out two to three times a week, save eating out for special occasions or once a week or start shopping at discount grocery stores and farmers markets instead of boutique stores.