COVID-19 (Coronavirus) Announcements and CARES Act Resources See Updates

Questions on enrolling? We're here 9am-9pm EST Mon-Fri

Ashworth College Blog

Making a college budget checklist

Written by Ashworth College on Thursday, 19 November 2015. Posted in Life Hacks, Why Ashworth

Graduating from college without student loan debt almost sounds stranger than fiction these days. But a lot of people can, and do, make it to the finish line for their online college degrees without a pile of loans waiting for them. See infographic below for a budget checklist for going to school.

How to make a budget in College

A budget checklist for going to school
Graduating from college without student debt almost sounds stranger than fiction these days. But a lot of people can, and do, make it to the finish line without a pile of loans waiting for them.

How can you avoid college debt?

Hint: It Rhymes with “Smudget”
Here’s what you need to know to make a budget plan before you head to school.

Don’t have an annual budget plan?

You’re not alone.
Only 1 in 3 people prepare a detailed household budget.

Save money by avoiding these common budget breakers

How we spend money

  • 79% Thats the percent of income the average american spends (Before Taxes)

Making Minimum Payments

Making minimum credit card payments on a $500 purchase with a 15% interest rate (the average the US) can cost nearly $800.

  • Original Cost: $500
  • Months to Pay Off: 79 (6.6 Years)
  • Total Interest Paid: $289.56
  • True Cost: $789.56

Impulse Purchases

  • 3 out of 4
    People say they have made impulse purchases
    They are most often magazines or candy bars

Eating Out

  • The average american eats lunch out 2x per week which averages $18 per week on average. This costs $936 per year on average.
  • Coffee is just as costly. $3 each day to buy a cup of coffee costs over $1000 annually.

Budget Checklist

Follow these quick tips to set a budget for you and your family before you enroll in college:

  • Track your money for a month to see how you’re spending it and whee you can cut back
  • Make a list of your income as well as recurring monthly and annual expense - don’t forget the cost of tuition!
  • Leave room for unexpected expenses (about 10% of your budget)
  • Include all your debts.
  • Don’t be too hard on yourself - set realistic goals. Get the family involved and make everyone accountable so you stick to the budget.
  • Balance your budget every month.
  • Nothing is set in stone - make adjustments regularly.
How To Make A Budget In College

Let's talk about your educational goals. Call 1-800-957-5412