create a budget spreadsheet for students
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Students living on a fixed income can benefit from creating a budget. Grouping together like expenses and storing bills and receipts in one place allows students to track funds. It also helps distinguish necessary versus excess expenses. Some seemingly necessary items, when put under a budget microscope, quickly become discretionary.
Instructions
1
Collect and organize all of your receipts. Keep them in a plastic container or in a photo-size box. Drop your receipts into the box when you come home. This provides proof of how much you are spending and on what. Add your bank statements as well.
2
Separate your receipts into like categories. A photo box typically comes with dividers. This information also comes in handy at tax time. The Internal Revenue Service advises storing receipts and bills for a minimum of three years in case of an audit or tax amendment.
3
Open Excel or another spreadsheet program to input data. Organize the sheet into columns. List the following headings across the top of your sheet: Household- Auto- Groceries and Food- Loans- Savings- and Miscellaneous. On each row, list one month of the year.
4
List housing costs, whether you are living in a dorm, an apartment or a house. List the monthly rent or mortgage, renter's or home insurance, utilities, cable, Internet bills and your cell phone. Documenting your cell phone bill here instead of in a separate column may keep your parents from fainting when they see your charges.
5
Make an automotive column, including items such as gas, insurance, car payment and any car maintenance. If you have a gas credit card, list it in this column. List a credit card used for multiple items--including gas--in the "Loan" column.
6
Track food and grocery expenses in the next column. This should include snacks, eating out and groceries. Be sure to deposit all receipts into the file box. Little expenses such as trips to the grocery store and McDonald's add up, and receipts can easily become lost or thrown away along with the fast food or grocery bag.
7
Student loans, personal loans and credit cards go under the loan heading. A gas credit card used exclusively for your car goes under "Auto."
8
List any savings accounts. If you don't have one, consider opening an account and establish a goal of saving a percentage of your income in case of emergency.
9
Miscellaneous items may include movie tickets, DVD or game rentals, doctor or dentist fees, trips to the barber or beauty parlor, and clothing. List items that don't fit in other categories, but also don't require their own column.
10
Total the columns. Add up each column's total (other than Savings) to produce the sum of your monthly expenses. Determine if your income is at least equal to what you spend. If you are overspending, take a hard look at the budget and determine what needs trimming.
Tags: credit card, receipts into, your receipts, budget spreadsheet, budget spreadsheet studentsSource: www.ehow.com
