Let's be real — most people don't learn how to budget. Not in school, not at home, and definitely not on a basketball court. But if you're going to handle NIL money, a scholarship stipend, or even a part-time job, you need a system. It doesn't need to be complicated. It just needs to work.
The 60/20/20 Rule
We teach a simple split so you always know where your money goes. Here's how it works:
- 60% — Living Expenses: Rent, food, getting around, and the stuff you actually need every day.
- 20% — Emergency Savings: Before you buy anything fun, build a safety net. Aim for $10,000 in a savings account so you're never one bad month away from trouble.
- 20% — Investing for the Future: This is the money that grows while you sleep. Put it in, leave it alone, and let compound interest do its thing for the next 40 years.
What Happens When Your Income Isn't Steady
NIL money doesn't come every two weeks like a paycheck. You might get a big check one month and nothing for the next three. That's why we teach players to spread it out. If you get a $20,000 deal, don't treat it like you're suddenly making $20K a month. Divide it across several months and keep your spending the same. That one habit separates the people who keep their money from the ones who don't.
Never Spend Your Tax Money
Every dollar you earn has a piece that belongs to the IRS. Most people forget this and then panic in April. We give our players a simple tracker to estimate their tax bill on every deal, so they're never caught off guard.
Before You Buy Something Expensive, Ask Yourself:
- Does this actually help my career or my daily life?
- Is this something I need, or something I just want right now?
- If I don't buy this, what would that money be worth in 40 years?
Learning this now — while the stakes are still relatively low — is what sets you up to handle real money later. It's not about being cheap. It's about being smart.
Want the Budgeting Template?
We've built a simple spreadsheet that tracks your spending, savings, and estimated taxes. Reach out and we'll send it to you — no strings attached.