Budget Totals

• Monthly Income: $1,150
• Fixed Monthly Expenses: $365
• Flexible Monthly Expenses: $650
• Monthly Savings: $50
• Cushion (Money Left Over): $85

Breakdown

Monthly Income

• Part-Time Job: $800
• Scholarships (Non-Tuition): $200
• Family Allowance: $150
• Total Income: $1,150

Monthly Expenses: Fixed/Recurring

• Cell Phone Bill: $65
• Fraternity Dues: $250
• Student Bus Pass: $50
• Total Fixed Expenses: $365

Monthly Expenses: Flexible

• Groceries: $200
• Restaurants/Going Out: $150
• Textbooks: $200
• Clothes/Other: $50
• Entertainment: $50
• Total Flexible Expenses: $650

Monthly Savings

• Emergency Fund: $25
• Miscellaneous Savings: $25
• Total Savings: $50

Observations & Suggestions

• Healthy Cushion

• You have $85 left over each month, which provides a small buffer for unexpected costs or additional savings.

• Fixed Expenses

• Fraternity dues are a significant fixed cost at $250/month. If this feels burdensome, consider whether this expense aligns with your priorities and budget goals.

• Flexible Spending

• Groceries and textbooks form the bulk of your flexible expenses. Look for discounts, second-hand options for books, or meal planning strategies to reduce costs.

• Savings Goals

• Increasing savings from $50 to a higher amount could enhance financial security. If the $85 cushion isn’t needed for other expenses, consider allocating part of it to savings.

• Entertainment & Going Out

• At $150 for dining out and $50 for entertainment, these categories might offer opportunities to cut back, especially if you need to free up funds for other priorities.

Tips for Optimization

• Explore Discounts: Use student discounts for entertainment, textbooks, and transportation.
• Cook More at Home: Reducing restaurant visits could save up to $50/month.
• Emergency Fund: Gradually increase contributions to strengthen financial safety.
• Cushion Utilization: If the $85 isn’t spent, consider adding it to your emergency fund or savings.

By tracking expenses closely and fine-tuning spending, this budget sets a strong foundation for managing college finances effectively!

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