Mo' Money, Mo' Problems?

5 Tips for Budgeting as a Student-Athlete

By Catherine Light|Updated on June 27, 2023 (originally published on May 18, 2022)

College tuition is one thing you can be sure will continue to rise in price. Unfortunately, this makes attending much harder for everyone. Other than scholarships or loans, there's nothing much that can help you pay for tuition (except for maybe some NIL money!). Here are some tips to budget as a student-athlete and prevent you from graduating from even more debt that your student loans will put you in

Stay organized

It comes to no surprise that the first rule to being successful is organization. The only way to know if you can afford something is to keep track of your financial standing. If you work, keep track of all your paychecks and tips. See what bills you have and the date you pay them off. What do your loans look like and where are they going? These are the basic aspects you should focus on when organizing your money.

Another thing you should be actively checking is your savings account. There is a great rule of thumb, the 50/30/20 rule that helps you divide up your income into savings, necessities, and spending. It is so important to set a budget as a guideline to make sure you stay having cash in your wallet.

Understand your situation

Now that the organization is done, we can analyze our options. The more harsh you are in this process, the more helpful it could be later-on. The first question you should ask is, do you need a job? As a student and an athlete, your time management needs to be on point for you to juggle another responsibility without slipping in others. Some people don't have the luxury of not working. If you need to work, make sure you are prepared and put the time in to finding a well-paid job that puts the least amount of strain on you. On-campus jobs can be really convenient if time is of the essence!

As you're getting more in tune with your finances, it can get confusing real fast. You're not going to know or understand everything and no one is expecting you to. For many students, there is a fantastic resource right on campus: your financial services. Although they focus on the school's programs, they should be more than happy to help you in understanding your finances for free. If you don't feel comfortable going in-person, send them an email. Most offices would rather you ask questions and have your stuff organized and on time than missing a deadline and asking for help at a busy time. If they won't help, looking things up yourself is always an option.

Set budgets

Earlier we discussed the importance of budgeting, but what should you focus on when splitting up your paycheck? Let's talk about the necessities like rent, food, transportation, tuition, loans, and other bills. These focus on paying for where you live, eat, get around, and pay for school. Basically the most important things you need to make sure you have the budget for. Don't be discouraged if you think these are eating away from your paycheck! These are going to be the most expensive items on your list, but they are needed in order for you to be successful in your athletics and your academics. Consider them investments rather than expenses.

With the essentials taken care of, you move onto the fun things. Your spending money, a portion you should set aside for any purchases you want to make, but don't need. Social outings, presents, clothes, or maybe new workout gear. The goal is to understand you want to make these purchases and write them into your budgeting plan so they don't start dipping into your essential spending. The sooner you get responsible with your money, the better off you will be in the long run.

The bottom line goal should be to avoid any debt you can. Loans are going to happen naturally as college tuition rises every year, but if you are in the red when you graduate and are expected to start paying them off, you'll wish you read through this article with a little more detail.

Related: Student Loans Survival Guide

Don't forget to treat yourself at times

This part of spending money is definitely not the most fun, but that doesn't mean you need to be strict about it all the time. Money is meant to be spent and if you're working like crazy and spending every penny without any rewards or treating yourself, you will burn out. You'll start to question if working that hard is worth your time. Budgeting smartly can help you build your wealth while enjoying the things money can bring.

Balance is key

Our biggest tip of advice we could leave you with is to remember: balance is key. Too many nights eating out, or buying new clothes or even taking out too many student loans can really add up and put you under before you get a chance to catch up. On the other hand, you need to live a little, so spend your time and money on things like this wisely. Using these tips to stay organized and focused can help you reach your financial goals.

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