5 Steps To Budget Your Refund Check

It’s that exciting time of the semester when Georgia State gives us back any additional coins not used for tuition and fees, in other words: refund check season! While we are overjoyed to receive this money, the #1 mistake we make is splurging with our checks.

Creating a budget is the best way to manage your refund check, and all you need to do  is follow these steps:

 

STEP 1: Set Up A BankMobile Account

  1. Log in to PAWS.
  2. Under the My Bill Section, click the Refund Options link.
  3. Click on the BankMobile button to make your refund preference.

 

STEP 2: Write Down Your Goals

Write down your savings goals.

EXAMPLE(S):

Student exercising at the gym at the Clarkston Campus.

 

STEP 3: Pay Yourself

Subtract your savings goals from your refund amount.

EXAMPLE(S):

  1. $61 + $35 = $96 spent
  2. Refund amount – $96 = Remaining amount

 

STEP 4: Meet Your Needs & Satisfy Your Wants

This step of your budget will require you to be careful about distinguishing what you need from what you want.

EXAMPLE(S):

  • Rack up on books and school supplies at the GSU Bookstore
  • Taking the Shopping Shuttle from a Residence Hall

 

STEP 5: Save Up

The last step to your plan is to put the rest of your money in your savings account, and only touch it if an emergency occurs.

 

You do not have to live the #strugglelife as a college student when you are careful with spending and saving your coins. For more tips and guidance, stop by the SunTrust Financial Management Center and ask to speak with a counselor about budget resources or watch video tutorials presented by Financial Aid TV about financial aid and student services.

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