Whatever you may need money for, it’s important that you stick to your budget day in and day out. You don't want to get a negative balance of your credit card, don't you? Moreover, keeping track of your finances can play an important role in the pace you improve your savings account balance and save money for your dream vacation, house or car.
In the world of consumerism, it’s easy to spend a few bucks here and there to suddenly find out that you exceeded your daily, weekly or monthly budget. The ability to manage your cash flow and track your income and expense is vital.
Because it's not only business people who care about profits and expenses. It's no wonder why one of the many tips on personal finance management is to make budget.Īnd you don't have to be a financial specialist to do that. You can also contact Christopher Dimond, SUU’s Online & Graduate Financial Aid Coordinator, who created the Shoestring Budget template.What can be more important than time management? Correct. Some available services include one-on-one financial counseling sessions, budgeting and financial goal setting, counseling on dealing with debt, support coaching on private scholarship search and applications, etc. Need Help?Ĭontact SUU’s Financial Wellness Center where you can schedule an appointment with financial counselors. Use this Budget Template to create your own budget using the shoestring method.īe sure to “Make a Copy” of this spreadsheet so you can edit it with your own information. (For example, full-time employees at SUU receive tuition waivers for themselves and their spouses.) Amazon, Best Buy, Apple, FedEx, UPS, GEICO, Home Depot, Starbucks.Restaurants are touting education benefits in attempts to attract workers, and may even include meal benefits (McDonald’s, Jack in the Box, Chipotle, etc.).Grocery stores (Natural Grocers, Walmart).Find a job (if you are open to work) at an organization that offers tuition reimbursement/benefits.Then, you will outline various methods to potentially increase your income, focusing on options that won’t interfere with your academic commitments. Grocery stores and other food places may discard unsold food (like baked goods) at the end of the day.Food pantries at community churches & charitable organizations.SUU’s Hope Pantry - take what you need, and donate when you can.Groceries: Eliminate your food waste, collect coupons and utilize charitable food options.Even an occasional Uber or taxi will be less expensive than owning a vehicle. Drop auto payments if possible (no payment, gas, insurance, maintenance).Transportation: walk, bike, carpool, public transportation.Drop subscriptions (except for ones that are needed for school).You can get wifi on campus and study at the library, or visit businesses that offer free wifi. This means getting rid of the “fluffy stuff” that makes life fun, yet is not necessary to live. You will first want to lay out the ways you can economize your life. It is unrealistic to cut out all fun spending. Allocate 20% for quality of life (going out to dinner, entertainment, gifts, etc.).Put 70-80% in your savings account for surprises and emergencies (like auto repairs).With whatever is left over after allocating for all your needs and expenses,.Your award MUST exceed the amount to cover your needs for the semester. Compare your needs amount to your FAFSA amount.Calculate your needs for an entire semester/year.EDUCATION NEEDS: for school priorities/success (internet, textbooks, etc.).PHYSICAL NEEDS: for physical survival (rent, groceries, transportation).
Do not borrow more money than you need.The rules for living on a shoestring budget are simple: What is a shoestring budget?Ī shoestring budget is used when money is tight and will limit your spending to the lowest possible amount each month. This prompted him to seek advice in hopes of finding the most suitable budget for his plan.Ĭhristopher Dimond, SUU’s Online & Graduate Financial Aid Coordinator, taught him about a “shoestring budget.” A shoestring budget aligned perfectly with his criteria since it emphasizes the importance of not borrowing more money than you need. However, he was reluctant to acquire additional loans particularly because he knew that unsubsidized loans start accruing interest immediately. He intended to live off of financial aid (Pell Grants) and federal student loans. Recently, a student at SUU wanted to find out if it was financially possible to pursue school full-time and not work.