How to Financially Plan for a Student

Whether you are going back to college or starting university right out of high school, financially planning your future life as a student makes complete sense. If you don't have a job, you will need to make sure you can handle your expenses without going overboard. If you are an adult who works full time, you need to ensure that the costs associated with being a student don't eat into your everyday budget more than necessary.

Instructions

Difficulty: Easy

Plan for a Student

1. Find out about your chances of getting a scholarship or full tuition based on grades, economic situation or other factors. The only drawback of this option is that you cannot plan on this money years in advance. If you need to know beforehand that your college education will be covered no matter what, this is not the best idea financially speaking.
2. Set up a savings account for college education. Tax-free investment plans designed especially for college are known as 529s and are available in many different formats. Most people start saving while their children are infants, but it's possible to create your savings account later on, depending on circumstances.
3. Use a financial planning tool such as the one offered by College Savings to choose a savings program based on factors such as place of residency, income and total goals (see Resources below). Just enter some basic information about yourself and get a list of all of the options available to you.
4. Set up a budget that includes a detailed plan of your expenses, both directly related to your studies (tuition, books and lab fees) and indirectly (housing and transportation). Look for ways to stretch your money, such as getting a discount card for bus tickets or buying used books from graduate students.
5. Talk to your faculty adviser if you are experiencing financial difficulties after you start college. An expert can help you set up a proper budget or find alternative ways to cover your expenses if you run into problems.

Tips & Warnings

• Look into partial grants or gifts to financially back some of the costs associated with your studies, such as books, transportation or other extras beyond tuition itself.
• Ask your employer (or your parents' employer) if it offers some type of financial plan to help students cover expenses.