Student Fiscal Services:
Money Management

Creating a Budget

Like most people, you probably don't know where all of your money is going. One day it's there and the next day it's not. Before you know it, you have exhausted all of your resources for the week, month or year. By using a budget, or at least thinking about where your money goes, you may discover some ways to save, or at least to spend more wisely.

You can get started by using the attached budget worksheet. To avoid being overwhelmed, take the time to break your budget down into steps which may be easier for you:

List the sources from which you get your money-- this could be loans, savings, jobs, parents, gifts, etc. List all sources of recurring income,(money that you receive regularly) no matter how small they may seem.
List all of your expenses-- take a week, a month, or six months and list the expenses that you incur throughout the time you have chosen. These could be anything from tuition, rent or insurance to your daily coffee. Whatever you spend your money on, figure it out and write it down.

You will begin to see two distinct categories of expenses: fixed and variable.

Fixed expenses are those which occur regularly. Such as: car payments, tuition, rent and insurance. They are always the same amount and due at the same time. Variable expenses change from month to month such as a utility bill. It is due each month, but the bill is not always for the same amount.

Sticking to a budget can be tough, especially if you aren't setting realistic goals for yourself. Take some time to try out a few budget plans and see what works best for you. You may want to keep all of your receipts in a file, track your spending on a computer, or simply ask your roommate or a friend to hold you accountable for what you spend.

Now go take a look at the budget worksheet and see if you can start working on a budget for yourself.

Finances

Student Loans

Student Fiscal Services: Money Management

Creating a Budget

Student Fiscal Services:
Money Management