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Savvy Student


									Savvy Student Monthly Budget Worksheet
Paycheck                   $
                                 SEVEN STEPS TO BUDGETING
Tips                       $      Step One: Discussing Values
                                 Discuss with those people (spouse, parents, roommates,
Loans & Scholarships       $     ect) involved in your spending plan what is the most
Parent's Support           $     important to you and them. People typically spend
Trust                      $     money based on their values. By understanding what
Interest                   $     your values are, you can make decisions that will
                                 provide you with the most satisfaction.
TOTAL INCOME               $     Step Two: Setting Goals
                                 Goals are wants, aims and desired achievements. They
                                 give direction to life and help prople acquire those things
                                 they would not otherwise have. Begin setting goals by
EXPENSES                         determining for your self or by discussing with family
Living Expenses            $     members what you want to do with your money. Some
Books/Magazines            $     examples of goals might be to start a savings account,
Cable                      $     save for your education or a spring break vacation. List
                                 what is wanted within the next three months, by the end
Credit Cards               $     of the year and the next three years. Identify what goals
Cell Phone                 $     are most important and work toward those first. Put
Charity/Donations          $     money aside in your spending plan for your priority goal.
                                 If, for example, your goal is to have $600 in a year, then
Checking Fees              $
                                 you need to put $50 per month in savings. Remember to
Cleaning Supplies          $     be able to achieve your special goal you need to treat the
Clothing/Shoes             $     money as a bill to be paid only to you!
Computer Maintenance       $     Step Three: Determining Income
Computer Supplies          $     How much money do you have to work with in your
Eating Out                 $     budget? Figure your available income based on your net
                                 pay or those dollars you actually receive after deduction.
Electric                   $     The money that makes up your income can come from
Entertainment              $     many sources, such as: a part-time job, money from a
Food/Groceries             $     summer time job, spendable scholarship or grant money,
                                 student loans, or money from your parents.
Furnishings                $
Gas/Heat                   $     Step Four: Determining Expenses
                                 What are the expenses in your budget? When you know
Gifts                      $     where your money is going you can decide if it is being
Hair Cuts                  $     spent wisely. Review records of canceled checks, charge
Health Club                $     statements, grocery store receipts and bank books which
Internet Access            $     show where money has gone. Consider fixed expenses
                                 and flexible expenses while writing down expenses.
Medical Miscellaneous      $     Fixed expenses are those payments which consistently
Music/CD's                 $     stay the same. They include: rent or mortgage payment,
Newspapers                 $     utilities if on a budget plan, insurance, tuition,
Pager                      $     automobile payments, furniture and appliance payments,
                                 payments on personal loans and charge cards, savings
Paper Products             $     for goals and savings for rainy days. Flexible expenses
Personal Care/Toiletries   $     are the amounts that vary from month to month and
Postage                    $     include: food, clothing, household equipment and
                                 supplies, transportation, personal care, entertainment and
Public Transportation      $
                                 hobbies, medical charges and other miscellaneous
Rent                       $     purchases.
Telephone                  $
Travel/Vacations           $
Video/DVD Rentals          $
Other                      $
                                                                    Step Five: Create a Plan
Gas                                $                                Now that you know your income and expenses and you
Insurance                          $                                have set goals, create a spending plan. Design the plan so
License & Registration                                              your income will allow you to have what you want, as
                                                                    well as need. Write down both fixed and flexible
Loan Payments                      $                                expenses. When you total your expenses, they should
Maintenance                        $                                equal your income. When you first create your plan you
Parking Passes                     $                                may find that your income is not enough to cover your
Toll & Bridge Charges                                               expenses. Reevaluate your plan and decide what
                                                                    categories can be changed. Because fixed expenses are
                                                                    based on previous spending commitments, they usually
Insurance/Medical                                                   cannot be adjusted. Flexible expenses vary from month
Co-Pay's                           $                                to month so they may possibly be reduced or postponed
Deductibles                        $                                until a later date. A spending plan is a guide just like a
                                                                    road map is a guide to the highways. Allow for flexibility
Dental                             $                                while keeping in mind what is most important to you.
Health                             $
                                                                    Step Six: Keep Track of Expenses
Life                               $                                Keep a record of your expenses to tell you where your
Medical Miscellaneous              $                                money is being spent. By comparing your estimated
Vision                             $                                expenses with what you are actually spending, you can
                                                                    evaluate if your plan is working. You cannot keep track
                                                                    of every penny, but you need to know if you are within
                                                                    your spending guide. There are ways to show what you
School Books                       $                                are spending: save receipts from all purchases and
School Supplies                    $                                compare with estimated expenses; use a checking
School Tuition                     $                                account which shows where purchases are made, the
                                                                    amount spent and what the expense is such as food,
Organization Fees                  $                                clothing etc.; write down on a calendar the dates money
                                                                    is received, being spent and due dates of bills.
                                                                    Step Seven: Evaluate Your Plan
Student Loans                      $                                Periodically evaluate your spending plan. Is the plan still
Personal Loan                      $                                helping you to meet your needs and achieve your goals?
Loan From Parents                  $                                Look at the various categories and determine if you are
                                                                    gaining satisfaction from how you are spending your
                                                                    money. Adjust categories of expenses which are not
For the Future                                                      providing satisfaction for you. As changes occur there
Investments                        $                                are financial adjustments which need to be made. At
Retirement                         $                                these times it is important to evaluate and perhaps create
Savings                                                             a new plan.

Miscellaneous/Other                $

TOTAL EXPENSES                     $

TOTAL INCOME                       $
TOTAL EXPENSES                     $

Difference (+ or -)                $

Budget Worksheet adapted from:
Article adapted from:
Article adapted from:
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Savvy Student Monthly Budget Worksheet - SAMPLE
Paycheck                   $400.00     (make sure you figure your budget based on a MONTH)
Tips                       $
Loans & Scholarships       $1,250.00   (break down lump sum into a monthly figure)
Parent's Support           $200.00
Trust                      $
Interest                   $

TOTAL INCOME               $1,850.00

Living Expenses
Books/Magazines            $
Cable                      $
Credit Cards               $105.00
Cell Phone                 $40.00
Charity/Donations          $
Checking Fees              $
Cleaning Supplies          $
Clothing/Shoes             $40.00
Computer Maintenance       $
Computer Supplies          $
Eating Out                 $25.00      (always look for & ask about STUDENT DISCOUNTS!)
Electric                   $20.00
Entertainment              $55.00      (always look for & ask about STUDENT DISCOUNTS!)
Food/Groceries             $40.00
Furnishings                $
Gas/Heat                   $40.00
Gifts                      $
Hair Cuts                  $           (if you let it get bad enough, Mom will treat!)
Health Club                $           (use Alumni Arena instead!)
Internet Access            $
Medical Miscellaneous      $
Music/CD's                 $
Newspapers                 $
Pager                      $
Paper Products             $
Personal Care/Toiletries   $15.00
Postage                    $6.50
Public Transportation      $
Rent                       $300.00
Telephone                  $25.00
Travel/Vacations           $
Video/DVD Rentals          $
Other                      $

Gas                             $45.00
Insurance                       $60.00
License & Registration          $
Loan Payments                   $199.99
Maintenance                     $
Parking Passes                                                    (automatically included in your Student Fees)
Toll & Bridge Charges           $

Co-Pay's                        $10.00
Deductibles                     $
Dental                          $
Health                          $
Life                            $
Medical Miscellaneous           $
Vision                          $

School Books                    $90.00                            (divide total costs over the semester)
School Supplies                 $7.00
School Tuition                  $592.00                           (divide total costs over the semester; make it a monthly amount)
Fees                            $100.00

Student Loans                   $                                 (if you have previous student loans you can defer them
Personal Loan                   $                                 while you are a full-time student)
Loan From Parents               $

For the Future
Investments                     $
Retirement                      $
Savings                         $

Miscellaneous/Other             $

TOTAL EXPENSES                  $1,815.49

TOTAL INCOME                    $1,850.00
Minus                           --
TOTAL EXPENSES                  $1,815.49

Difference (+ or -)             $34.51                            (Being over is GOOD! You never know what might come up!)

Budget Worksheet adapted from:                                                       Article
adapted from:

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