Budgeting in College and Beyond

College isn’t just about coursework and exams. It’s also about learning how to live on your own, manage your time, and yes, figuring out how to make a dollar stretch longer than a three-hour lecture.

I’ve spent years guiding clients through the financial transitions that come with significant life changes — marriage, parenthood, career moves. The college years are another meaningful time of changes and transition.  It’s here that young adults can start building habits that will support their future financial well-being.

In August 2025, I had the opportunity to share this perspective on Fox 5 in Washington, D.C., where I joined to talk about the importance of building strong money habits early.

Your budget, your Life

No two students arrive at college with the same financial background. Some are juggling part-time jobs and tuition payments, while others are navigating generous scholarships or tapping into a 529 plan. Comparing your budget to someone else’s is like comparing majors — what works for one person may not work for you.

Instead, focus on your own goals and build your foundation. At Brighton Jones, we use this framework of IN-OUT-GROW-GIVE. Once you identify what is coming in and what is going out, you can make decisions around how to ensure you have “enough” for the life you want to live. Start by outlining:

• What’s coming in (e.g., family income, financial aid, family contributions)
• What’s going out (tuition, rent, food, textbooks, fun)
• And most importantly, what you care about, including your savings and giving goals

Budgeting is more than just numbers on a spreadsheet. It’s a way to align your resources with what matters to you. Want to study abroad next summer? Make room for it. Love seeing live music? Use those student discounts and build it into your spending plan.

Tools like Mint, YNAB, or your school’s financial wellness app can help, but the most important step is building the habit.

Credit cards as a tool, not a trap

One of the biggest challenges I see with college students is their relationship with credit cards. Many students open their first credit card, intending to build credit. A laudable goal, but an equally dangerous one if not dealt with intention.

Here’s what I tell students (and their parents): credit is a tool, not a treat. Use it wisely, pay it off in full every month, and keep your balances low. Just remember that missed payments or high balances can also hurt your financial future. One day you’ll want to buy a car, rent an apartment, or apply for a mortgage, and the habits you build now will shape your financial future.

Start saving

Got a part-time job or internship? Start by “paying yourself first.” Even small automatic transfers into a savings account can build confidence and momentum.

And for students who want to think long-term? A Roth IRA can be a game-changer. Here’s the deal: the money you put in can grow tax-free, and you can take it out in retirement without owing a dime in taxes. When you’re 19, that’s hard to imagine, but 40-year-old you will be thrilled you started. (Roth IRA benefits depend on individual eligibility, contribution limits, and future tax law changes, and results are not guaranteed.)

Don’t forget, financial aid isn’t a one-and-done

Too many families treat financial aid like a box to check freshman year. But every year brings new opportunities for aid, scholarships, or grants. I recommend families revisit their FAFSA annually, talk with the school’s financial aid office, and explore niche scholarships. The less debt your student takes on, the more flexibility they’ll have after graduation.

A note to parents: Support without becoming the bank

If you’re a parent reading this, you’ve probably asked yourself: How much should I be involved? It’s a tricky balance — wanting to support your child while also encouraging independence.

At Brighton Jones, we work with families to help strike that balance.

We remind parents to:

• Model good financial behavior — kids are watching, even in college, talk about money early and often
• Use your 529 plan intentionally — know what expenses qualify and how to time distributions
• Resist the urge to swoop in every time your student runs out of money. Sometimes the best support is a conversation, not a Venmo.

One client recently told me she used her son’s first “I ran out of money” call as a budgeting lesson. They walked through his expenses together, talked about what mattered most to him, and built a new plan. He didn’t love it in the moment, but by sophomore year, he was budgeting on his own and even started saving for a spring break trip.

How we help: Building financial confidence early

At Brighton Jones, we don’t just manage money — we want you to live a richer life. And that includes the next generation.

Whether it’s hosting financial literacy sessions for clients’ children or helping a college student open their first savings account, we believe in meeting young adults where they are. We listen, we coach, and we empower them to build a relationship with money that’s grounded in intention, not anxiety.

Because it’s not just about surviving college — it’s about graduating with the skills and confidence to thrive. Here’s to your next semester and to building the foundation for a richer life, starting now.

This content is for informational and educational purposes only and should not be construed as individualized advice or a recommendation for any specific product, strategy, or course of action. Brighton Jones, its affiliates, and employees do not provide personalized investment, financial, tax, or legal advice through this communication. This material is not intended to, and does not, create a fiduciary relationship under ERISA or any other applicable law. For individualized advice tailored to your specific circumstances, please consult with your adviser.