EIU Budgeting 101

Many Students May Not Realize That “Their Current Debt Can Negatively Affect Their Future And That Without Money Management Practices; Students Will Find It Difficult To Reach Financial Goals” (Bowen & Lago, 1997).

Why Should You Set Up A Budget?

1.     Helps you gain experience for future financial matters/planning! 

2.     Helps you identify what exactly you are spending your money on!

3.     Helps you realize that the little things, really add up!

          * See Sample Budget on this link

Tips For College Budgeting

1.     Use caution with credit cards!  The debt can really add up, and late or missed payments can be devastating on your finances and your credit.

2.     Use your student loan to finance your education, not your lifestyle.

3.     Set up a budget, it is an empowering tool that allows you to track your finances.

4.     Choose entertainment wisely!  Some entertainment will cost you more than you think?  Make a list of all the thinks you enjoy doing and then monitor your spending doing these activities.  You make find your favorite activity is costing you money!

5.     Look for free!!!  Locate free events occurring on or off campus!  For more information go to the EIU calendar or the Charleston Illinois website at http://www.charlestontourism.org/. 

Something to Think About

“A cup of coffee at the local coffee shop before classes each morning can total $46 a month, or nearly $200 a semester. Smoking is one of the most costly habits. At $3.50 a pack, a pack-a-day habit can total well over $400 a semester. It doesn't take much to reach thousands of dollars a semester on incidentals” (About.com).

To gain more information on budgeting, setting up a budget, or evaluating your spending schedule a One-on-one Financial Peer Education Assessment today, call 581-7786 or stop by the Health Education Resource Center located in the student services building at Eastern Illinois University.