Face it: College is expensive, and most students have limited financial resources. Not only is tuition a major cost, but day-to-day expenses can also add up quickly. No matter what your financial situation, a budget for college is a must. A budget is a spending plan that tracks all sources of income (student loan disbursements, money from parents, etc.) and expenses (rent, tuition, etc.) during a set period of time (weekly, monthly, etc.). Creating and following a budget will allow you to pay your bills on time, cut costs, put some money away for emergencies, and finish college with as little debt as possible. A budget can help you become realistic about your finances so that you have a basis for future life planning.