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What a Budget Looks Like
Home » College Life » College Budgeting » What a Budget Looks LikeSet up a budget worksheet for yourself or use an already prepared worksheet that can be found on bank websites or on software you can purchase. The worksheet should include these categories: Income, living expenses, and surplus/deficit. For the first 30 days, carry a small notebook and track everything you spend money on. This allows you to see where your money is going to in an average month and will help you more accurately establish a budget. With this information fill in your budget worksheet:
• Income: Income is money you receive in a period of time due to work or an investment. Income received during college may come from various sources such as a part-time job, grants, scholarships, student loans, interest earned on accounts, etc.
• Living Expenses: Living expenses are the things that you spend money on throughout the year. This list of expenses includes tuition, books, housing, utilities, phone, automotive, insurance, meals, entertainment, and more.
• Variable Expenses: Variable expenses are those that are not held consistent on a monthly basis. Automotive repairs, medical costs, and even utilities either vary each month or do not arise each month. Therefore, to include them in your monthly budget it will be necessary to estimate the yearly cost for these expenses and divide that number by 12.
• Surplus or Deficit: Surplus or deficit is the difference between your income and expenses. If you have a deficit, then you are spending more money then you are living beyond your means and it will be necessary to look again at your expenses and determine what you can modify in order to have a surplus.
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