Dollars and Sense: College Budgeting with Stacey Zrihen
For college students, how to budget effectively has become a crucial survival skill—especially for those juggling tuition, housing, food, social life, and maybe even a late-night coffee habit.
How can a college student manage expenses without overspending? What are some realistic tips? Jewish Action turned to Stacey Zrihen, a certified financial planner and budgeting expert in the Orthodox community, for guidance.
Stacey Zrihen is the senior financial advisor for Achiezer’s Westwood Financial Management Program and senior director of coaching at the OU’s Living Smarter Jewish—a non-profit organization dedicated to helping individuals, couples and families achieve financial freedom by providing access to educational resources and guidance.
Eliana Marcus: What financial advice do you have for incoming college students?
Stacey Zrihen: College is often the first time students are managing their own money, especially if they’re living away from home. If they’re in a dorm, expenses are limited, but renting brings added costs like utilities and internet. It’s helpful to sit down beforehand and make a rough list of expected expenses by category—even if it’s just an estimate, it’s a strong starting point for building a budget.
EM: What does “building a budget” look like? What types of information should you be including?
SZ: Excellent question. I like to create budgets for all life stages using a simple Excel spreadsheet. I divide it into two sections: one for all expenses and one for all sources of income. Even small amounts count, including a part time job or allowance. If parents are giving you money to pay for something, include it as both an expense and income; but if they’re paying an expense directly, it wouldn’t be listed. The key is to try and account for all dollars in and out.
EM: That emphasizes the idea that every specific expense or source of income really matters. Do you suggest keeping track of receipts?
SZ: That could be helpful. When tracking, it’s important not to just estimate numbers or make assumptions. Ultimately, a successful budget requires accurate tracking to ensure that your estimated budget numbers are correct.
EM: How should students prioritize their financial goals?
SZ: I’m a big fan of Dave Ramsey’s “Baby Steps.” He recommends starting by setting aside a $1,000 emergency fund so that you never need to use debt when something unexpected comes up. The exact amount might vary depending on the person.
I love the idea of using college as a training ground for budgeting because you generally have fewer expenses than you will when you’re living and earning on your own. Starting in college prepares us and makes us familiar with the process.
Once there’s a little bit of money set aside, you want to make sure all your debts are paid off. If you are a student and you have student loan debt, I would recommend focusing on paying off your loans and other debts before focusing on investing. Once your emergency fund is ready and you are debt free, it’s time to focus on saving and potentially investing. But again, being debt free should be your first priority.
Even though you may be just beginning your education, it’s never too early to start saving for retirement. Once you have earned income, consider opening an Individual Retirement Account (IRA), specifically a Roth IRA. Invested money grows until it can be taken out without a penalty. Since contributions are made with after-tax dollars, the withdrawals will be tax free. The tax advantage is an amazing opportunity for anyone who’s able to take advantage of it.
EM: You mentioned earlier that you highly recommend using a basic Excel worksheet for budgeting, but are there any apps or other methods that you would suggest for helping track expenses?
SZ: Some of my clients do well tracking with an app. Some of the favorites are You Need a Budget (YNAB) and Rocket Money (which I personally like), and then for those who get a little more advanced, Monarch is a popular choice. A lot of banks also have ways to track directly through your account.
Even if you decide to track using an app, I still feel strongly that you should use it together with a spreadsheet which can give you a broader view of the coming months. Estimating what our spending looks like and what our income looks like for the next few months can tell us what we will have left over or what we will be short. The apps are great at keeping track on a month-to-month basis, but once you look further ahead, they don’t do the work quite as well.
EM: Once you’ve gotten used to planning day-to-day, when it comes to winter breaks or atypical schedules, how do you budget differently when you’re not in your general routine?
SZ: My two key words are “aware” and “deliberate.” If you can be aware of your spending and be deliberate in the choices you make, you’re likely to do really well. So, if you know that winter break’s going to roll around and you really want to have money to go away with friends, then that’s something to work and plan for. On a practical level, you would put aside money each month, whether in your general savings account or in its own earmarked account.
EM: College has a big social atmosphere where students often face peer pressure and have friends from different economic backgrounds. How do you recommend managing a budget in these social situations?
SZ: Budgets are not one-size-fits-all. It’s very important to realize that not every budget is created equal. So you can’t just look at your roommate and say, “well, she spends $200 a week to go out, so I’ll spend $200 a week.” It’s really important to focus on your own income and expenses and what you personally are able to spend.
In fact, that’s the hardest part. When it comes to finances, we need to make sure to look inward and know what our personal situation is so that we can make decisions that make sense for us.
This chapter of a person’s life is a good time to focus on yourself and grow from the reality that everyone’s personal circumstances are different.
EM: What makes college an ideal time to develop budgeting skills?
SZ: I love the idea of using college as a training ground for budgeting because you generally have fewer expenses than you will when you’re living and earning on your own. Starting in college prepares us and makes us familiar with the process. Ultimately, students can work on skills that will serve them once they enter the “real world.”
Money Talks: Parents and Kids in Conversation
For many students in college, budget planning often involves their parents. Stacey Zrihen, senior financial advisor for Achiezer’s Westwood Financial Management Program and senior director of coaching at the OU’s Living Smarter Jewish, discusses what kinds of conversations parents and students should have about money before college.
I’m a big fan of financial openness—but with limits. It’s important to talk about money and develop awareness, but that doesn’t mean sharing everything, like how much a parent earns. Parents should consider sitting with their children and creating a budget together before giving an allowance. I’m not in favor of handing over a credit card and questioning every charge later. Instead, discuss needs and limits with your child; give them a set amount each month and let them manage it—that’s how they learn. It builds responsibility and prepares them for financial independence later on. The meeting should have follow-ups once the child’s routine sets in and the student develops their daily schedule.
Students need time to get used to living on a fixed amount. Everyone—even millionaires—operates within limits. Learning how to manage within them is one of the most valuable tools a parent can give their soon-to-be-adult child.
I love when parents sit with their child before they leave home or start school and discuss their anticipated expenses. Let your child articulate what they think they’ll need money for and what they are able to cover with income from a part-time job or their savings. Remember to revisit the plan once the numbers become more concrete, like “here’s what it really costs to take the subway.”
Students need to be sensitive to the fact that parents may want to give them more but may not be able to. And parents should understand what their young adults really need so that they can say, “here’s how much I can give you; I’d love to help you figure out how to make up the balance.”
Eliana Marcus was Jewish Action’s editorial intern for summer 2025.