VIEWS: 0 PAGES: 7 POSTED ON: 5/17/2012
Savvy Student Monthly Budget Worksheet INCOME 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 $ Auto 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 School 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. Loans 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 $ Minus TOTAL EXPENSES $ Difference (+ or -) $ Budget Worksheet adapted from: www.savvystudent.com/savvylinks.html. Article adapted from: www.emich.edu/public/fin_aid/finaid5/finaid5a.html. Article adapted from: www.emich.edu/public/fin_aid/finaid5/finaid5a.html. riority goal. n the plan so our plan you or flexibility Savvy Student Monthly Budget Worksheet - SAMPLE INCOME 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 EXPENSES 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 $ Auto Gas $45.00 Insurance $60.00 License & Registration $ Loan Payments $199.99 Maintenance $ Parking Passes (automatically included in your Student Fees) Toll & Bridge Charges $ Insurance/Medical Co-Pay's $10.00 Deductibles $ Dental $ Health $ Life $ Medical Miscellaneous $ Vision $ School 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 Loans 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: www.savvystudent.com/savvylinks.html. Article adapted from: www.emich.edu/public/fin_aid/finaid5/finaid5a.html.