Whether it’s flying the nest to college or sending your little chicks off to school for the first time, it’s a good idea to set a school budget. Knowing what expenses to expect and what money you have to pay for them will allow you to make wise choices.

Here’s a quick and simple budget process:

1. List the expenses you must pay relating to school (supplies, tuition, books)
2. List any living expenses (rent, utilities, clothing, transportation, grooming)
3. List any discretionary expenses (recreation, entertainment)
4. Compare the total to the money you have allocated and if there’s not enough, figure out how you will cover the difference

Starting with the things you must pay for and finishing with the things that you can choose what you spend is a good way to determine how much you want to spend on ‘extras’ or wants compared to needs.

It all adds up quickly but this is a great way to start the school year with a starting ‘A’ in budgeting !