Free Printable Budget Worksheet For College Students (Excel / PDF)

A budget worksheet for college students is an effective tool that helps you how to manage your money well in college. This worksheet provides you with a solid understanding of your financial picture.

How to create a budget worksheet?

Here are the steps that help you how to budget in college;

Split down your total income

Breaking down your total income is the first step to making an effective college student budget. The following three factors influence your income;

• Amount of money that is given by your family members to meet your educational expenses.
• Financial aid like scholarships, grants, and student loans.
• Your earning from a part-time job or federal work-study job.

Moreover, your school’s financial aid office may provide you with a refund for the excess amount if you need more loans, grants, or scholarships to cover tuition, room and board, and facilities fees.

Evaluate and organize your expenses

Log in to your bank or credit union’s website to evaluate your financial situation. This website provides you with an overview of your spending and earnings over the previous months. After that, create a list of items you spend money on in a specific month as well as the average cost of each. Categorize these expenses as either a ‘necessity’ or a ‘want.’

Crunch the numbers

Crunch the numbers once you have organized your expenses. Add all your expenses together and then minus that number from your monthly income. Getting a negative final number means you are spending more than you make each month. On the other hand, obtaining a positive number means you have extra money to spend and for savings.

Draft a college student budget

After calculating all the numbers, go through your expenses to check whether there are any items you can adjust or remove from your list.

How to save money and stick to your college student budget?

It might be more challenging to save money on a tight budget. Consider the following tips to save money and stick to your budget;

Track your expenses

You have a better idea of where your money is spent by tracking your expenses. Adjust your spending habits if you aren’t satisfied with your current spending. While tracking, determine those charges that seem unreasonably large.

Search for used textbooks

Find out used textbooks rather than purchasing a brand new book as textbooks change very rarely. You can easily find them at shops around campus. Moreover, check out your campus library if you need the textbook just for a few assignments.

Get student discounts

You can get student discounts in many places such as the movies, public transportation, and concerts. You just need your student ID to get discounts so keep it on hand.

Communicate with your parents about health insurance

Health insurance is one of your major expenses so ask your parents to stay on their health care plan.

Sell your old textbooks

Take some time and sell your old textbooks from last semester so that they don’t crowd your apartment. From selling these textbooks, you can earn some money and your apartment gets clutter-free.

Manage your credit card

Manage your credit card wisely if you have decided to open it while in college. To avoid a major debt burden, try to pay off your credit card in full each month.

Work part-time

If your schedule permits then you bring in some income by working a part-time job. It may enable you to save some of the money you earn. It’s up to you either to work in the evenings or on weekends when you have free time.

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FAQ’s

What tools can be used to create a budget worksheet for college students?

You can simplify the budgeting process by managing and tracking your expenses via an app or a computer program. MS Excel and Google Sheets are some of the best tools that students can use to create their college budget.

What expenses can I face as a college student?

These are as follows;

• Tuition and student fees
• School supplies
• A place to live
• Food
• Gas and Transportation
• Clothing
• Fun Money

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