Determine Fixed and Variable Costs For some students, it’s
easier to keep a small notepad or journal to write down how they
spend their money. The student may write down their expenses
such as a cup of coffee, a meal, or a night out with his or her
friends. This notepad is a great to carry around with you with
your laptop or purse. However, before the next academic year
starts, sit down and develop a list of all of your fixed and
variable costs. A fixed cost may include your tuition, rent or
room and board, car payments, car insurance, parking fees, and
health insurance that may not change month to month. Variable
costs mean costs that vary every month. These may include
entertainment, gasoline, food, utilities, hygiene, clothes, car
maintenance, books, phone, and any dues. Remember to be honest
with yourself. If you buy a cup of coffee every day, or a pack
of gum every week, it’s important to list them. Determine
Sources of Income Income may include anything from a part-time
job to allowances from home, gran