BUDGETING FOR
LAW SCHOOL
Plan ahead for
a successful budget. Be aware of your available resources. The decision to
take on debt will affect your lifestyle during law school as well as the years
that follow. Many students are limited to the funds they receive with financial
aid and have no savings or personal resources on which to fall back. This will
make your financial situation very difficult.
To reduce the
stress and aggravation often associated with being a student on financial aid,
plan your own personal budget by charting your expenses. Keep a journal. Spend a week writing down everything
you spend and where you spend it. At the end of the week evaluate your spending
patterns and make adjustments accordingly.
If your expenses
seem to leave you with minimal discretionary income, you may want to consider
some of these cost saving measures:
- share expenses
with a roommate
- take advantage
of student discounts and coupons
- use public
transportation
- bring your
lunch &/or snacks
- make long distance
calls sparingly
- shop wisely/avoid
impulse buying
- use cash or
checks - if you do not have cash, don't buy it
- consider paying
yourself a salary. Each month deposit into your checking account enough money
to cover your fixed expenses and keep the remainder of your savings or financial
aid in a separate account.
(Remember that up to 4% of your Stafford loan can be
withheld by lenders/guarantors for origination fees.)
University of Houston Law Center
Financial Aid Office
100 Law Center
Houston, Texas 77204-6060
(713) 743-2269
lawfinaid@uh.edu |
