Stick to your budget
April is National Financial Literacy Month — a month devoted to helping all Americans learn more about healthy financial habits. At University of Phoenix, we’re committed to responsible student loan borrowing, and that’s why our focus this month is on student loans and developing good student loan practices.
You’re a college student, and your pockets may be feeling a little empty. You might think it’s almost impossible to pay for college without taking out loans. But there are things you can do to minimize borrowing.
First, recognize that student loans mean future student loan payments. If you must take out student loans, create a budget that pays your current bills and needs. Then review that budget to see where you can cut back or reduce. Any savings you create can then be put toward college costs.
To start a budget, you’ll want to write down all of your expenses and compare that total to all sources of income. Download this budgeting worksheet to help you budget more effectively. You will need to be logged in to eCampus to access the worksheet.
Extra credit if you take it a step further by tracking your spending for a few weeks to see how you actually spend it. You may find this helps you stick to a budget since you’re more aware of where your money goes.