Organize, Budget, Plan! Three simple steps to making sure your finances stay under control. Whether you’re new to college, preparing for grad school or balancing a career and studies, managing your money while in college doesn’t have to be a juggling act.

With a little time and by focusing on these three steps, you can free yourself from the stress of money worries, meet your responsibilities and maybe even save a little extra for yourself.

Organize
Your money management starts by gathering all your financial documents and keeping them in a convenient spot. You’ll need things like:

• Monthly bills
• Student loan records
• Checking and savings account records
• Pay stubs from work
• Anything else related to your income and expenses

Budget Understand where and how you’re spending. The monthly budget is a time-tested tool that works. You can use this example or make your own by using a simple form to track: Your income from all sources (work, financial aid, family, etc.) Your expenses – everything that you spend money on each month Expenses: What to list List on your worksheet everything that costs you money, including:

• Fixed expenses: such as rent, utilities, cell phone and internet bills, car insurance, gas, food
• School-related expenses: Include tuition and fees, as well as books and other supplies
• Variable expenses: Everything else you spend, which may change from month to month, such as eating out or buying clothes Use your best estimating skills to average what you’re likely to spend in a month.

Click here to access online budgeting tools.

Evaluate your financial scenario
Compare your monthly income to expenses. If you spend more than you bring in, you’re juggling – and that’s a stressful and risky scenario. Take some time to figure out how you can cut back on your spending, and then plan a way to make ends meet.

Plan

Re-visit your budget every couple of months. Did you estimate correctly? Are you spending more on text messaging than you originally thought, or is your rent lower now because you have an extra roommate? Be sure to re-calculate based on any changes. Keep receipts. This is the best way to know how much you’re spending on those extras. When it gets to be too much, just look at the receipts to figure out how you can cut back. Cut back on necessities: Bring your lunch instead of eating out, rent a movie instead of going to the theatre, buy clothes only when you need them. Go easy with credit cards: Debt builds quickly, and with it comes a lot of extra expense in the form of interest and sometimes hidden costs. If you can’t afford to pay cash for something, then pass on it until you can. Save a little each month: When your budget is tight, it’s not easy to stash money away. But a savings account is the smartest thing you can do. It earns interest and grows over time. Even a small amount every month can give you confidence and a sense of security.