Balancing academics and athletics is already a full-time job for student-athletes. Add financial management to the mix, and it’s easy to feel overwhelmed. However, learning how to budget early on can set you up for success both on and off the field. Whether you’re receiving a stipend, a scholarship, or income from a part-time job, the key is to make your money work for you. Here’s a simple guide to help you manage your finances as a student-athlete.

1. Understand Your Income and Expenses

The first step to budgeting is knowing how much money you have coming in and where it’s going. As a student-athlete, your income might include:

• Scholarship funds (for tuition, housing, or meals)

• Stipends (from your athletic program)

• Part-time job earnings (if you’re allowed to work)

• Grants or financial aid

Next, track your expenses. Common categories for student-athletes include:

• Housing and utilities (if not covered by your scholarship)

• Groceries and meal plans

• Travel (for games, personal trips, or holidays)

• Training equipment and gear

• Entertainment and social activities

• Savings goals

Using apps like The Money Feed, Mint or You Need a Budget (YNAB) can make tracking easier and provide a clear picture of your financial situation.

2. Prioritize Your Needs Over Wants

As a student-athlete, it’s tempting to spend on the latest sneakers or splurge on takeout after a tough practice. While treating yourself occasionally is fine, your primary focus should be on meeting your essential needs first. Ask yourself:

• Is this expense necessary?

• Does it align with my long-term financial goals?

Create a budget that allocates your income to necessities like housing, food, and transportation before spending on non-essentials like gaming subscriptions or concert tickets.

 3. Set a Savings Goal

Saving money might not seem like a priority right now, but starting small can make a big difference. Whether you’re saving for emergencies, future travel, or post-college plans, aim to set aside a portion of your income each month. A good rule of thumb is the 50/30/20 rule:

• 50% for needs (rent, food, utilities)

• 30% for wants (entertainment, dining out)

• 20% for savings or debt repayment

If 20% feels too high, start with 5-10%. The habit of saving is more important than the amount.

4. Take Advantage of Campus Resources

Many colleges offer free resources to help students manage their finances. Look into:

• Financial aid offices for advice on using scholarships or grants effectively.

• Career services for part-time job opportunities that fit your schedule.

• Workshops or seminars on personal finance topics, often hosted by student organizations.

Your athletic department may also provide resources to help you plan for your financial future.

5. Plan for the Off-Season

Income streams like stipends might stop during the off-season, so it’s important to plan ahead. Build a cushion during the academic year by setting aside extra savings. If you’re allowed to work, consider picking up a summer job or internship to supplement your income.

6. Avoid Common Financial Pitfalls

Student-athletes face unique challenges when it comes to finances. Here are a few pitfalls to watch out for:

• Overspending on convenience: Meal delivery apps and coffee runs can add up quickly.

• Not reading the fine print: Understand how your scholarships or stipends can be used to avoid overspending in areas they don’t cover.

• Relying on credit cards: Only use credit if you’re sure you can pay off the balance each month to avoid debt.

7. Think Long-Term

Your athletic career might provide income now, but it’s important to think beyond the present. Consider:

• Building an emergency fund to cover unexpected expenses.

• Learning about investing to grow your wealth over time.

• Planning for life after sports, including potential career expenses like certifications or relocation.

 Final Thoughts

Budgeting as a student-athlete is about making the most of the resources you have while preparing for the future. By tracking your income, prioritizing your needs, and setting savings goals, you’ll not only ease financial stress but also build habits that will benefit you for years to come. Start small, stay consistent, and remember: your financial future is just as important as your performance on the field.