Budgeting for College

              The US Department of Education’s Federal Student Aid website is a helpful tool for planning a budget to prepare for college. While you’re in college or career school, you’ll need to learn how to manage your finances, plan for changes, and prepare for the unexpected. Budgeting will help you build decision-making skills and reach your financial and academic goals.

There are some great budgeting tips for students on the Student Aid website, including the following:

1.       Record your actual expenses. To get a handle on where you cash is going, carry a small notebook or use a phone app to record even the smallest expenditures such as coffee, movie tickets, snacks, and parking. Some expenses that are often ignored include music downloads, charges for extra cell phone usage, and entertainment expenses. Search for an online tool to assist you—many are free! A list of recommended online tools is available at https://www.goodfinancialcents.com/best-free-online-budgeting-tools/

2.       Organize your records. Decide what system you’re going to use to track and organize your financial information. There are mobile apps and computer-based programs that work well, but you can also track your spending using a pencil and paper. Be sure to be consistent and organized, and designate a space to store all your financial information. Good record-keeping saves money and time!

3.       Create a routine. Manage your money on a regular basis, and record your expenses and income regularly. If you find that you can’t record your expenses every day, then record them weekly. If you wait longer than two weeks to record information, you may forget some transactions and be overwhelmed by the amount of information you need to enter.

4.       Don't spend more on your credit card than you can afford to pay in full on a monthly basis. Responsible use of credit cards can be a shopping convenience and help you establish a solid credit rating and avoid financial problems. Consider signing up for electronic payment reminders, balance notices, and billing statement notifications from your credit card provider.

Find more helpful tips and resources at https://studentaid.ed.gov/sa/prepare-for-college/budgeting

A free online course in budgeting is available as well at http://www.mycollegemoneyplan.org/

Of course, there can be no discussion of paying for college in Georgia without mention of Georgia’s HOPE and Zell Miller scholarships. HOPE programs have helped finance more than 1.7 million students’ educations in Georgia in various capacities. Students at public and private universities and public technical schools benefit from this state-wide merit-based program. With adequate planning and hard work, any Georgian student attending an eligible in-state postsecondary institution can receive this assistance.

The Georgia Student Finance Commission is a great resource for more information about HOPE programs, which are listed in full here: https://gsfc.georgia.gov/hope

For more guidance about eligibility and award amounts, there is also a factsheet answering frequently asked questions available at https://www.gafutures.org/media/187368/faqs-hope-zm-scholarship-061317.pdf