STUDENT MONEY MANAGEMENT GUIDE
Managing money can be especially difficult for students on a tight budget, so the
Financial Aid Office has put together a few ideas to help make it easier. On these pages
you'll find a Quarterly Budget Worksheet and Tips for Stretching Your Dollars. If it seems
like you spend more time worrying about money than you do studying, take time out to
examine your budget and develop a plan that works for you.
Develop your own personal budget to avoid the stress and inconvenience brought on by
money problems. Use the Budget Worksheet included on this Web Page to plan your spending
ahead of time.
Your budget plan will succeed only if it reflects your personal needs and priorities.
Make sure the money you spend provides the things that are most important for your
education.
Housing, food, health care, books, and registration fees are the basic expenses that
you will need to continue your education. You should use your income to cover these
expenses before you consider luxury purchases such as compact discs or expensive clothing.
For some ideas about how to reduce your spending to meet your budget plan, read the
money-saving tips that follow.
- Say "NO" to credit cards. Not only do you pay a finance charge, but you may be
tempted to buy more than you can really afford. If you feel you must have a credit card,
don't purchase more than you can afford, and pay the balance each month. Better yet, save it for emergencies!
- Open a savings account and make regular deposits. When choosing a bank, compare monthly
service charges and ask about any additional costs, such as buying checks, costs for
overdrafts, and stop-payment orders.
- Avoid the Automated Teller Machine (ATM) fast-money trap. Try to limit the number of
visits to the ATM. Some banks charge a service fee for each transaction, which can add up
quickly. If you use the ATM, withdraw small amounts and don't forget to record the
transactions in your checkbook.
- Balance your checkbook each month, your bank statement provides step-by-step
instructions. If you need help, ask for customer assistance at your bank.
- Student Housing on campus generally
provides the least expensive housing for single students. Housing fees cover the cost of
rent, meals, utilities, computer labs, furniture, and programs and activities. Student
family housing is also very reasonably priced.
- If you plan to live off campus, Community
Housing Listing Service, ASUCD Student Services Office, 347 Memorial Union,
provides listings of housing in the community along with descriptions of apartments
and facilities.
- Make sure that you understand all the terms of your rental agreement. Rental
arrangements should be in writing and you should read them carefully before signing. Ask
your landlord for the Model Lease or the Month-to-Month Rental Agreement approved by the
ASUCD Fair Housing Committee.
- Find a roommate! Sharing your apartment with one or more roommates will substantially
reduce your monthly expenses. You may also want to consider a room in a private home,
these are available with or without kitchen privileges.
- Develop a weekly meal plan and shop with your plan to guide you.
- Pack your lunch and avoid fast food places. If you do eat out, use coupons and look for
the best food at the most reasonable cost.
- Invest in a cookbook (thrift stores carry used ones) and prepare meals at home.
- Compare prices at different stores and use coupons.
- Buy house brands and generic products, they are generally less expensive.
- Buy bulk amounts of dry goods such as rice and flour.
- Buy fresh fruits and vegetables that are in season. Check out the various Farmers Markets in
the surrounding communities.
- Consider joining a food co-op.
- Go food shopping with friends and roommates.
- Eat something before you go shopping, never shop for food on an empty stomach!
- Check into the variety of money-saving rate plans offered by telephone companies and PG
& E. Remember to figure installation costs into your budget.
- Find out how to connect to online services through UC Davis from the Student Computer Center.
- Keep track of your long distance calls, and compare your records with your monthly
bills. This is especially important if there are several roommates using the phone.
- If you purchase a cell phone, look for the best plan that works for you with the minutes you need. Beware of extra roaming charges, and early contract cancellation charges.
- Try writing letters and sending postcards through the U.S. mail, your family and friends will enjoy hearing from you!
Send pictures too!
- To reduce your PG& E bill and save energy, turn off your lamps, television, and
stereo when not in use. Set the thermostat at 78 in the summer and 68 in the winter to conserve energy.
- If you and your roommates are renting a house, ask if you will be required to pay the
utilities (Water and Garbage Collection) as part of the rental agreement. Water is metered
in Davis, so take shorter showers, don't run the water when you brush your teeth, and set
the sprinkler on a timer.
- Bicycling and walking are the cheapest means of transportation in Davis. Unitrans buses also offer
transportation to and from campus; undergraduates with a valid Registration Card can ride
free. For trips outside of Davis, the Greyhound Lines and Yolo Bus both serve the area.
Bus schedules are available at the Memorial Union Information Desk. Try something
different, take the train! Amtrak offers service to San Francisco or Tahoe for a
reasonable cost.
- Avoid the expensive habit of driving a car. The combination of high gasoline and oil
costs, insurance, maintenance, and parking fees (and parking fines!) can make a car a
major financial burden.
- Ride Share. If you are planning a trip, check the Ride Share Bulletin Board at the
Memorial Union for listings of rides and riders wanted. Transportation and Parking Services (TAPS)
provides information about a wide variety of alternative transportation methods.
- Go to a movie on campus, it's less expensive. The Campus Cinema shows all the
latest films at a reasonable cost.
- A variety of music and drama events is offered throughout the year by the Department of Music and Drama, many of them free to
students.
- Look for dance, music, and theater productions at special student rates. Schedules of events and tickets are available at the UC Davis Campus Box Office.
- Participate in your favorite sport. UC
Davis offers more intramural sports than any other UC campus, you're sure to find a sport
you enjoy.
- Shopping in thrift or consignment stores can be fun and you may find some real
treasures! Avoid "dry-clean-only" clothing purchases.
- Factory discount outlets offer name brand, quality products at less than cost. If you
are planning to drive to go shopping, take a few friends and share the cost of gas.
- Many bookstores and music stores offer less expensive used books and compact discs.
- Avoid late fees/fines by returning books on time and emptying your locker before the end
of the quarter.
- To do your best in school, it's important to take good care of yourself. For those times
when you're not feeling well, health care is available through the Cowell Student Health Center for all
registered students. Students who are not covered by their parents' health insurance
policy may purchase health insurance through the University.
- Feeling a little overwhelmed and just need someone to talk to, check out peer counseling services through the Counseling Center .
- If you have a dog or a cat or any other type of pet, or if you are considering adopting
one, don't forget about this expense in your budget. Food and health care expenses for
your pet can be considerable. Consider carefully whether you have sufficient time and
money to spend on a pet before you take on this responsibility.
- Use the Quarterly Budget Worksheet to plan a budget. When budgeting for a quarter, be
sure to allow for costs that occur monthly.
- After you've balanced your budget, begin keeping a detailed record of what you spend.
Expenses for one quarter should show whether or not you are following your plan.
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List your expected expenses. Consult your checkbook record for amounts you
spend for fixed expenses (registration fees, rent, utilities) and flexible expenses
(books/supplies, food, personal). |
FIXED EXPENSES |
FALL |
WINTER |
SPRING |
SUMMER |
Fees |
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Rent |
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Utilities (Gas, Electric, Telephone) |
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Other |
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Sub-Total FIXED EXPENSES |
$ |
$ |
$ |
$ |
FLEXIBLE EXPENSES |
FALL |
WINTER |
SPRING |
SUMMER |
Food |
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Books/Supplies |
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Clothing |
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Laundry |
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Medical |
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Transportation |
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Recreation |
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Personal |
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Other |
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Sub-Total FLEXIBLE EXPENSES |
$ |
$ |
$ |
$ |
TOTAL ALL EXPENSES (Fixed + Flexible) |
$ |
$ |
$ |
$ |
List your expected
income (include financial aid, earnings, savings, VA benefits, and gifts). |
INCOME |
FALL |
WINTER |
SPRING |
SUMMER |
Earnings |
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Financial Aid |
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Savings (for education) |
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Parents/family |
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Other (Social Security, VA, etc.) |
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TOTAL INCOME |
$ |
$ |
$ |
$ |
(Minus) TOTAL EXPENSES |
$ |
$ |
$ |
$ |
BALANCE |
$ |
$ |
$ |
$ |
Subtract your total
expenses from your total income. If your income exceeds your expenses, you have a budget
plan to follow. If not, you may need to reduce your expenses. |