Budgeting Basics for UCSC Students
When you want to feel more confident about your money situation, crafting a budget is a great way to start!
A budget, or spending plan, is a tool that can help you make decisions about spending and saving money. Use your budget to track income and expenses, pay bills on time, avoid credit card debt, plan for life after graduation, and reduce financial stress.
Why Budgeting Matters
Some college students don’t have a lot of experience managing their own money, or may financial challenges that make it difficult to pay for what they need. Creating a budget can make it easier to:
- Plan for how much money you can spend and save
- Track and make adjustments to spending
- Borrow less on student loans
- Know where your money is going (and not wonder where it went)
- Feel better about your finances
Free Budgeting Tools Tools & Templates
Theses resources can help you estimate your financial aid and expenses, create a budget plan, and learn budgeting strategies that are right for you.
- Free Expense Tracking Tools from your Bank or Credit Union: Check your mobile banking app for free, secure tools that track what’s happening in your checking account.
- SlugCents Monthly Budget Planner: Plan and track income and expenses in this simple tool built by SlugCents student employees!
- Federal Student Aid Estimator: Use this tool to find out how much federal student aid you may be eligible for.
- UC Santa Cruz Financial Aid Net Price Calculator: Get a preliminary financial aid estimate for full-time undergraduate students who plan to enter UC Santa Cruz in the Fall of 2025.
- Federal Student Aid Budgeting Page – Learn to track income and expenses effectively
- UCSC Cost of Attendance – Estimates for tuition, housing, food, and more
How to Build a Budget
- Choose a budget tool: try the SlugCents Budget Template, the expense tracking tool in your banking app, a Google sheet, or even a notebook
- List your monthly income from jobs, financial aid, savings, family support, etc.
- Estimate your expenses: fixed expenses that are generally the same amount each month (think rent, phone, subscriptions, etc.) and variable expenses that can change from month to month (e.g. groceries, eating out, transportation,etc.).
- Organize expenses into categories like rent, utilities, groceries, personal expenses, saving for goals and emergencies, etc.
- Set spending goals for each category so that the total you plan to spend each month is less than or equal to your monthly income.
- Monitor spending and saving throughout the month to make sure you are sticking to your plan.
- Review your budget monthly and make adjustments to planned saving and spending when you need to.
- Having trouble doing all this? Meet with a SlugCents financial mentor or attend an upcoming budgeting workshop!
Expenses UCSC Students Might Have
Monthly Expenses
- Groceries, eating out, and food delivery
- Housing: rent, utilities, and renter’s insurance
- Transportation costs like gas and car insurance (if you’re driving)
- Phone and wifi service
- Personal expenses for laundry, hair and skin care, medications, clothing, gifts, etc.
- Entertainment: streaming services, subscriptions, concerts, and social events
Periodic/Non-Monthly Expenses
- Quarterly UCSC bills for tuition, fees, on-campus housing, and meal plan
- Annual subscriptions
- Federal and state income taxes
Tips for Sticking to Your Budget
- Save money with campus resources and our Free Stuff page
- Find a free or low-cost budgeting tool that feels right to you
- Keep cash in your wallet for unplanned spending instead of using a credit or debit card
- Treat savings as an expense that you pay to a savings account every month (even a few dollars every month adds up)
- Buy used books
- Thrift home goods and clothing
- Cook at home (there’s some great cooking tutorials on YouTube)
- Share subscriptions with family or friends
- Review your budget monthly and reset goals as your needs change
Emergency Funds & Savings Tips
A small emergency fund ($250–$500) can help you cover sudden expenses like car repairs or medical costs. Build it slowly:
- Set a savings goal—even $5/week helps
- If you get extra money from a refund or gift, pretend you didn’t and put it in a savings account
- Use a separate savings account for your emergency money so it’s not easy to withdraw
Helpful Resources & Links
- UCSC Basic Needs – resources for free food, housing assistance, and more!
- ucsc.iGrad.com: Build your financial knowledge with this free resource from UCSC – no ads, no spam, reliable financial tips, calculators, and more!
- SlugCents Monthly Budget Planner: Plan and track income and expenses in this simple tool built by SlugCents student employees!
- Free Stuff: A page full of great resources available to UCSC students