Early budgeting is a key factor in living within ones means. To avoid the mistake of spending 80% of a paycheck on rent, all anticipated expenses should be laid out. Never be afraid to over-budget. Over-budgeting is always preferable to under-budgeting. For certain expenses, ask the landlord the typical cost of the expense before committing to the housing unit. Sometimes the cost of gas, utilities, and/or cable and Internet will be included in the cost of the housing unit. Usually the total cost of everything is not included in the advertised rent a housing unit. After gathering all the information for creating a budget for housing situation, track the costs. Some adjustments may need to be made depending on the time of year. Gas and utility bills tend to increase during the winter months, anticipate adjustments to this portion of the budget. Some gas distributors provide leveling packages in which you pay nominally more in the summer to reduce otherwise elevated costs in the winter months, making monthly budgeting more predictable.
The University of Wyoming financial services office directs students to a “Cash Course,” for budgeting help. Cash Course provides online budgeting tool students can take advantage of. The financial services business office, located in Knight Hall 172, and the financial wellness committee offer more information regarding student finances and budgeting.