BUDGETING AND SAVING
Managing your money is a skill that grows with you, not something you master overnight. Whether you’re preparing for your first semester, balancing a part-time job, or getting ready launch your career, understanding how to budget and save can make a meaningful difference in your day-to-day life.
Budgeting Basics
A successful budget starts with understanding how your money moves. Tracking what you earn and what you spend gives you a clear picture of your financial habits. When you know your personal cash flow, you can make confident decisions about saving, spending, and planning ahead.
Saving isn’t only for big purchases— it’s also preparation for the unexpected. Setting aside even a little each month builds resilience and peace of mind. The amount matters less than the habit.
Future Vols & Families
For Future Vols: If you don’t plan to work during your first year, build a savings cushion before you arrive on campus. Freshman year comes with new experiences (and new expenses). Preparing now can help you stay focused and reduce financial stress later.
For Families: If your student will be living away from home, take time to revisit your household budget and discuss expectations together. This means you should discuss how and when you will support your student financially, what to do in case of financial emergencies, and how financial responsibilities may shift for other family members. Creating a financial game plan before your student travels to Rocky Top will help them transition smoothly and lay the foundation for success.
How to Budget for College Expenses
Building a realistic budget for college starts with understanding what your education will truly cost and how your financial aid supports those expenses. Tools like the Net Price Calculator, Student Loan Calculator, Cost of Attendance breakdown, and our Interactive Spending Plan can help you see the full picture and plan with confidence.
- Use the Net Price Calculator to estimate your future aid and out-of-pocket costs based on your family’s financial situation.
- Review the estimated Cost of Attendance to understand what UT expects you to spend on tuition, housing, food, transportation, and personal needs.
- Use the Student Loan Calculator to estimate future loan payments and make informed decisions about borrowing.
- Download the Interactive Spending Plan to map out your income and expenses and determine how to balance your financial obligations throughout the year.
These tools work together to help you anticipate costs, prepare for the year ahead, and avoid surprises as you navigate college expenses.
Current Undergraduates and Graduate Students
If you’re working— even part-time— consider starting an emergency fund. Setting aside a small amount each pay period builds a helpful habit and creates a safety net for unexpected expenses. The dollar amount matters less than your consistency. Over time, those small contributions add up and can prevent larger financial setbacks.
How to Budget as a Student
Budgeting in college means learning to manage your resources, maximize your aid, and build strong financial habits that support both your academic and personal goals. Tools like CashCourse, GradReady, and the Student Loan Calculator can help you make informed choices throughout your time at UT.
- Use CashCourse for interactive tools, guides, and calculators that walk you through everyday money management, credit basics, and student loan literacy.
- Explore GradReady to learn budgeting strategies, complete financial modules, and get personalized guidance as you build a spending plan that works for you.
- Review your financial aid and scholarships so you know what’s covered, when funds disburse, and what you are responsible for paying.
- Use the Student Loan Calculator to better understand your borrowing decisions and the long-term impact of student loans.
A thoughtful budget helps you stretch your resources, stay organized, and focus on your academic success.
Graduating Students & Recent Alumni
Your first full-time job is an opportunity to establish healthy financial habits and create a spending plan that supports your goals. A realistic, adaptable budget can help you stay on track as life changes.
Enroll in Workplace Benefits: Understand your health insurance, retirement plan, and employer match options.
Start Saving for Retirement Early: Even small contributions to a 401(k), 403(b), or Roth IRA can grow significantly over your career.
Create or Update Your Budget: Account for new expenses such as rent, transportation, groceries, and loan payments.
Build Your Emergency Fund: Aim to save for 3-6 months of essential expenses.
Adjust Your Plan Regularly: Revisit your budget as your income, priorities, and expenses shift.
How to Budget for Your Financial Future
As you prepare for life after graduation, your budget becomes a tool for long-term stability– helping you manage new expenses, plan for loan repayment, and build the foundation for future goals.
- Use GradReady to explore personalized financial guidance on loan repayment, housing, transportation, benefits, and other major life decisions.
- Use the Student Loan Calculator to compare repayment plans, estimate monthly payments, and better understand how loans fit into your post-graduation budget.
With the right tools and a realistic spending plan, you can enter your next chapter prepared, organized, and equipped to make financial choices that support your future.
How We Can Help
The Center for Financial Wellness helps Vols create realistic spending plans that reduce financial stress and build long-term confidence.
Center for Financial Wellness (CFW)
One-on-one coaching appointments and workshop access are available to currently enrolled students and up to one academic term after graduation, so we encourage students to take advantage of these services while on Rocky Top.
Learn More
- One-on-one Financial Coaching: Personalized appointments to help you build a budget, plan for loan repayment, manage credit, or map out next steps based on your financial goals.
- Workshops & Events: Topics include credit building, retirement basics, workplace benefits, budgeting after college, and understanding major financial decisions.
Digital Resources
Access a range of online tools and resources to help you manage your money, plan for the future, and navigate key financial decisions.
CashCourse
Why CashCourse Matters
- Build confidence managing everyday finances
- Understand student loans and repayment options
- Learn how to build and monitor credit
- Recognize and avoid fraud and identity theft
CashCourse Highlights
- Budgeting & Spending: Track expenses and plan ahead with practical tools.
- Student Loans: Explore repayment options and model forgiveness scenarios.
- Credit Basics: Learn how to build and maintain strong credit.
- Fraud & Identity Protection: Identify scams and safeguard your financial information.
How to Register
- Visit CashCourse.org
- Select Register Now!
- Enter UT’s access code: 9595
- Verify your account and create a username
- Select Let’s Get Started
GradReady
What GradReady Helps You Do
- What GradReady Helps You Do
- Consolidate federal and private loans in one place
- Build a personalized budget
- Access tools such as budget planners and investment calculators
New Users
- Visit GradReady and select Get Started
- Register using your @vols.utk.edu email address and UT enrollment information
- Complete your setup until you land on the Success! Page
Returning Users
- Visit GradReady
- Log in with your @vols.utk.edu credentials
NetPrice Calculator
Estimate your total cost to attend UT—including potential financial aid and expected out-of-pocket expenses—based on the information you provide.
Loan Calculator
Loans can be part of a responsible college financing plan. These tools help you understand your federal loan information and estimate future payments.
Interactive Spending Plan
A spending plan helps you identify income, track expenses, and distinguish needs from wants. Understanding your habits allows you to manage money intentionally and work toward your goals.
Download the interactive spending plan to:
- Visualize monthly or weekly spending
- Save for emergencies
- Track progress toward financial goals
Affordable Fun on Rocky Top
On-Campus Affordable Fun
- UT Sporting Events: Student football tickets cost just $20, and admission to most other sporting events is free with your UT ID.
- Tennessee Recreation Center for Students (TRECS): Access intramurals, group fitness classes, outdoor adventure trips, and more at no cost with a validated UT ID or RecSports membership.
- UT Gardens: Enjoy one of Tennessee’s official botanical gardens for free. Optional $15 student memberships include additional perks.
- Clarence Brown Theatre: Attend free preview performances or enjoy $5 student tickets for standard shows.
- Natalie L. Haslam College of Music: Experience more than 200 free concerts and events each year.
- McClung Museum of Natural History & Culture: Explore exhibitions highlighting Tennessee’s history and global cultures—free admission for all.
- Ewing Gallery of Art & Architecture: Visit curated exhibitions from students, faculty, and visiting artists at no cost.
- UT Libraries: Access extensive collections, technology resources, and the Medbery Makerspace for textile, fabrication, and crafting tools.
Off-Campus Affordable Fun
- Market Square Farmers Market: Browse locally grown produce and artisan goods every Wednesday and Saturday from May through mid-November.
- Neyland Greenway: Walk, run, or bike along a 3-mile stretch of Knoxville’s 18-mile greenway system.
- Knoxville Museum of Art: Enjoy free admission and explore East Tennessee’s vibrant artistic heritage.
- World’s Fair Park: Visit the Sunsphere, relax on the lawn, or enjoy concerts and festivals just steps from campus.
Visit
Hodges Library, Ground Floor
1015 Volunteer Boulevard
Knoxville, TN 37996
Hours:
Monday–Friday, 8:00 a.m. to 5:00 p.m.