Setting Up a Monthly Budget
Use the following guide to figure out a monthly budget. Begin by adding up all your sources of income. Then add up all your estimated expenses. Finally, subtract your expenses from your income. If it looks tight, you've probably chosen an apartment that is too expensive. The three largest expenses for most students are food, transportation, and rent. A general rule of thumb is that your rent should be NO MORE than 20-30 % of your income.
MONTHLY INCOME Savings Financial Aid Employment Parent Contribution Student Loans Other TOTAL MONTHLY EXPENSES Food Eating Out Household supplies Rent Gas Water Garbage Telephone (local and long distance) Laundry/dry cleaning Cable TV Internet Service Newspapers/Magazines Renter's Insurance Childcare/babysitter Medical costs Entertainment Fitness/health club Credit Card Payments Incidentals (haircare, movie tickets, entertainment, your coffee habit, CDs, etc.) Car Payment Car insurance Parking
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Repair Gas Bus Pass Books Tuition Supplies Short term loans TOTAL
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