Spending 101

The best part of making money is being able to spend it! In this section, we will talk about spending money, and share some resources to help you make good spending decisions.

It is important to find a balance between the money you spend on necessities, the money you save, and the money you can spend on whatever you want. The easiest way to differentiate is by making a budget. A budget is a way for you to determine how much money you need to spend per month on necessities such as rent and food, decide how much you wish to save, and then understand how much money you have left over to spend.

When choosing what to spend your money on, you must first set aside money for your necessities…

When choosing what to spend your money on, you must first set aside money for your necessities(rent, food, utilities, toiletries, etc.). Put aside slightly more than you think you will need — better to end up with extra money at the end of the month than not enough. 

Once you have put aside money for your monthly necessities, you may wish to allocate about 15 to 20 percent of your income to savings. These savings can be used in case of emergencies, and can also be invested in order for your money to grow.

After that, you are left with the money you can spend on whatever you want. Make responsible decisions — you might not want to spend all of your money on one thing — but as long as you have a budget and have set aside the necessary amounts for expenses and savings, go ahead and treat yourself… responsibly!

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Spending Resources

Topics: Budgeting; Earning; Loans; Saving; Spending; Taxes | Featured Resource

LIT is a financial education program that teaches students how to manage their money while in school and prepare for financial life after graduation. Over the course of ~80 videos, LIT guides students through seven major personal finance topics: Money Mindset, Cash Flow & Net Worth, Credit & Loans, Taxes, Insurance, Investing, and Retirement.

Topics: Emergencies; Spending | Featured Resource

This system is designed for currently enrolled students who experience emergency and unexpected financial hardship directly related to their education at Yale.

Topics: Spending | Featured Resource

Is charity important to you? Are you looking for a good cause to donate to? Follow these steps to informed giving, so you can donate to a good cause.

Topics: Budgeting; Saving; Spending | Featured Resource

Mint brings together everything from balances and bills to your credit score and more. It’s your financial life, in one place that’s easy to understand. It’s free and easy to get started, and we connect to almost every US financial institution connected to the internet. In just minutes, you’ll see where your money is going and get ideas on how to stretch it farther.

Topics: Spending | Featured Resource

Are you looking to give back to the Yale community that has given so much to you? There are many ways to give to Yale. You can learn more about it and give now!

Topics: Budgeting; Financial Aid; Grants, Fellowships, and Awards; Saving; Spending | Featured Resource

The Start-Up Grant, also known as Supplemental Allowance, is an additional scholarship in an amount of $2,000 that may be used to help cover costs for associated with starting at Yale College. Examples of such costs are winter clothing, dorm necessities and course supplies. All enrolled Yale College students with ‘zero parent share’ contribution are eligible.

Topics: Budgeting; Spending | Featured Resource

As you prepare for grad school, you may need to take standardized admission exams. If you are eligible, you may apply for a graduate exam fee waiver for the Test of English as a Foreign Language (TOEFL).

Topics: Budgeting; Spending | Featured Resource

As you prepare for grad school, you may need to take standardized admission exams. If you are eligible, you may apply for a graduate exam fee waiver for the LSAT.

Topics: Budgeting; Spending | Featured Resource

As you prepare for grad school, you may need to take standardized admission exams. If you are eligible, you may apply for a graduate exam fee waiver for the MCAT.

Topics: Budgeting; Financial Aid; Saving; Spending | Featured Resource

Managing finances to optimize your college experience is a challenge in itself, but the costs can often place a larger burden on low-income students. In order to support students through these challenges, we have centralized information in our Financial Guidance page as a first-go-to resource for any questions regarding finances for low-income students.

Topics: Financial Aid; Spending; Taxes

Questions about financial aid documents? Want to know what Yale's financial aid means for your family? Want to figure out what you are paying and why? Want to make an appointment? The Financial Aid website is your first stop!

Topics: Budgeting; Saving; Spending

Are you looking for a quick way to keep track of your monthly spending? Budgeting is important, and this calculator makes it easier to keep track of your expenses and allows you to set monthly saving goals.