CREATING A COLLEGE BUDGET

College may be the first time your Greyhound will be making financial choices that will impact their future. Discussing priorities, interests, and goals will allow you to better understand their wants and needs so you can partner with them on the road to financial independence. This partnership doesn't mean you will always agree with their choices, but Greyhounds need to learn how to manage their financial stress so they do not become overwhelmed and let it impact their academics.

Oftentimes, Greyhounds do not see the value in creating a spending plan because they think they do not have money to spend. The truth is, the financial habits they develop now may affect the way they spend following graduation and beyond. Learning where their money goes is the first step to understanding the process so they can develop habits they can live with today and in the future.

Our Office of Financial Aid will be presenting ENMU's financial literacy initiative, Peanuts to Prosperity, in your Greyhound's First-year Seminar, as well as offering other financial fitness topics throughout the year. We will be encouraging your Greyhound to create and learn to live by a budget. Whether they're paying their own way or you are partially/fully funding their expenses, college is the ideal time for your Greyhound to learn or refine their money management skills.

Strategies to help your Greyhound save money:

• Encourage them to plan and stick to a budget

• Rent or buy used textbooks

• Remind them to use their meal plan

• Use their vehicle only when needed (park and walk/bike)

• Attend free or inexpensive student activities on campus

A spending plan helps your Greyhound understand how much money they need for monthly expenses.

Sample Semester Budget

Income

Work

Parent contribution

Financial aid/scholarships after tuition (refund)

Total Income

Fixed Expenses

Rent

Car payment/insurance

Cell phone

Total Fixed Expenses

Emergency/rainy day funds

Savings

Flexible Expenses

Utilities

Groceries (in excess of meal plan)

Eating out Gas

Entertainment

Clothing, miscellaneous

Total Flexible Expenses

Monthly Total

Total Income

Total Expenses

Income over/under: