By
eHow Personal Finance Editor
Difficulty: Moderately Challenging
Step1
Determine the amount of money you have coming in for the semester. If you're one of the lucky students whose parents send a monthly check then count that. Also add in what you make at your job, scholarships, grants and loans you have agreed to take.
Step2
Consider your fixed expenses. Your dorm and meal plan are fixed if you live on campus. Otherwise, rent is fixed, but groceries are negotiable. Other fixed expenses include school fees, health insurance and car insurance. Again calculate the total per semester that you'll need. If you're in school full time, then include your tuition as a fixed expense.
Step3
Plan for the flexible expenses. This is where personal financial planning can get tricky. You must come up with a reasonable budget for utilities, food and books. Ask your landlord or leasing company for an average figure on utilities and try to get an idea from your parents on a food budget.
Step4
Figure your future wealth. College students tend to live in the moment and do not think about budgeting and wealth accumulation until after graduation, but should. Build up an emergency fund account and contemplate what you would like to save each semester. It doesn't have to be much but making the decision to save now does impact your financial outlook for years to come.
Step5
Spend any extra funds. Use anything extra from the difference in what you bring in and what you send out to have fun. College largely is about the experience of gaining independence and getting to know yourself better so use the extra cash to go out with friends, take a road trip or see a movie.
