Worrying about whether you have enough money to pay the rent or mortgage can be stressful. While it may seem unnecessary or tedious at first, establishing a budget is a simple task.

Set a Monthly Budget

To figure out how much rent or mortgage you can afford to pay, set a monthly budget.

Begin by listing and adding up all sources of income. Then, list and add up all estimated expenses. Finally, subtract the expenses from income. If it looks tight, you’ve probably chosen a residence that is too expensive. The three largest expenses for most students (aside from tuition and books) are rent, food, and transportation.  Your monthly housing expense should be NO MORE than 20-30% of your monthly income.

Budget Worksheet

A Budget Worksheet is provided to assist with calculating income and expenses and establishing spending limits to fit your needs.

For additional information and strategies regarding budgeting, visit  LSU Student Financial Management Center.