Everyone knows that it is tough being in college, most college students are broke and have to really rely on a tight budget because they either don’t work and rely on an allowance from their parents or they do work but only work part time due to having classes. I will show you how to create a monthly budget so you can spend only what’s necessary and show you how to even save money.
The rules of creating a budget is:
1. The first thing you want to do is write down your Incoming Income for the month. For example, if you work and get paid $350 every two weeks then you write down the two dates you get paid and the amount you get paid for each payday.
2. After you write down your incoming income, you want to add up the income for both pay days and you will get your Total Income for the month of September, which will be $700.
3. The next thing you want to do is figure out your Expenses, you will need 3 sections under expenses for Categories, Amount Allocated, and Amount Spent.
4. After you do step 3, you want to fill out the chart, under Categories you want to put your expenses for the month, under Amount Allocated you put how much that expense will be, under Amount Spent you put the amount you actually spent on that item(s), fill out the chart like I’ve done below:
5. After you’ve filled out the chart, you want to put down the Total Projected and Projected Leftover after adding up the Amount Allocated. Under the Amount Spent, you want to add that up and put down the Actual Total and the Actual Leftover amount.
6. Now im done!
Heres a few TIPS and POINTERS when creating your budget:
If you look under the Amount Allocated column, you see that in some of the categories I spent less than what was originally allocated, for example, if you look at the first category which is Hair, you see that I have $60 for my Amount Allocated, and I have $55 under Amount Spent, I actually saved $5 from what I originally planned on spending for my hair. So when you first create your budget in the beginning of the month, under Amount Spent, you will put $0 for all of the categories, as days go by within the month and you purchase/do what’s listed under your categories, you change the Amount Spent from $0 to the amount you actually spent on that category. Lastly, you see that I actually saved $150 for the month of September, as before I calculated $80 for my Project Leftover amount.
So that’s how you create an easy monthly budget while your in college.
If you have nay questions, please feel free to list them below.