![]() ![]() Total income includes any money they have from their families or received from financial aid such as grants and loans and monthly income pertains to recurring funds that they earn each month from their jobs or obtain from other funding sources. Usually, college students have different types of income and expenses such as total income, monthly income, fixed expenses, variable expenses, and emergency funds. Preparing college budget plans is beneficial for students to become financially literate and to help them accomplish their goals and priorities. It is a fundamental money management tool to help students who are planning to attend college or the ones who are already enrolled to look ahead and assess their expenses carefully to avoid overspending, going into debt, or taking out additional loans.
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