The daily life of the college, every college student should put together a college budget plan to determine how they are going to afford their college education. In a college, a student budget should look at all sources of income as well as all expenses. This plan should include not only a monthly budget but a budget for the semester and the entire year.
College Budget Template
While your parents may have had a dominant handle over your expenditures while you were living at home, you don’t have this type of supervision when you’re off on your own. Most of the time this economic freedom can get the best of college students, who end up finding themselves tempted by the countless of items that are available to buy. Without mom or dad there to say “no,” you could find yourself with mounting debt. When you having a budget is an important step towards adulthood and maturity that helps you take control of your spending.
Funds are Limited in College
No matter where the funds are coming from – mom and dad, a part-time job, or even a scholarship or award – you’ll most likely have to be savvy and learn how to stretch your dollar. Your money has a tendency to be spent on ‘wants’ rather than ‘needs’ when no budget exists. Having a budget allows you to see if whatever money is coming in is appropriately covering your expenses, or if you have to look for more ways to supplement your income, or lower your spending if possible.
Managing Your Money
When you have a budget on an accurate spreadsheet with the help of a college budget template allows you to better control your money. It will show you where your money needs to go, including your savings, expenses, and extra spending money. This tool will also provide you with a reference to identify what your financial position is at the end of each month. For instance, if you’ve allotted $100 to be spent on entertainment, but notice that all the receipts you’ve kept that month total $150, you knew you need to cut back $50 from your entertainment expenditures.
Taking Care of your Economical Future
It’s most likely a challenge to look beyond your next frat party or college exam, but all the economical moves you make now will have a significant impact on your economic future. If you progress to mount your debt now, it will only be harder to climb out of outstanding loans later on. With a budget in place, you can keep tabs on your money and build a savings account, which can prove to be very useful if you don’t land your dream job immediately after graduating.
Important Things Include your Budget
Your budget can be as detailed as it needs to be for you. When it comes to your expenditures, don’t leave anything out. Include items such as textbooks, tuition, student loans, transportation, rent, groceries, entertainment, and other miscellaneous items. When the budget comes to your income, make sure to include anything on top of your part-time job that may bring money in, including awards, allowance from parents, and so forth. At the end of the month, compare the difference between the two, which will tell you whether your income covers your expenses, or whether you’re ending up in the red.
Click here to download this template: College Budget Format