The Smart Way to Spend Work Study Money

Today we’re talking about how to spend your work-study money.

If you filled out the FAFSA, your award letter from college may include an amount of money labeled work-study. That’s a job you can work while you’re in college that they will pay you for.

Now, these award letters can be misleading because sometimes they make it seem like that money’s coming off your total, but it’s not. It’s actually getting paid to you in a paycheck, like any other job, and it’s going to get taxes taken out. So you’re not going to get the full amount of money that award letter says.

A lot of people think you have to put the money toward your bill, and although you should put some of it toward the bill, like any paycheck, you can spend it however you want. My recommendation is: you put 50% in your pocket and put the other 50% toward the bill.

You have to have some in your pocket for living expenses, food, and supplies, but you also have to have some skin in the game. This job is coming to you so you can pay for college, and you should take responsibility for at least putting some of it toward that degree.

If you have more questions, don’t hesitate to reach out to us at 732-556-8220. We are here to help.