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| Student Income and Expense Tracking Worksheet |
Free College Student Budget Worksheet
Up to 70% of college students in the U.S. are stressed about their finances, according to The Daily Helmsman. With student loan debt weighing down on most of them, combined with the pressure to find extra sources of income to cover the financial gaps, graduate students need to think smarter in the way they spend their money.
In fact, almost all graduate students, whether they’re being supported by family, loans, stipends, or savings, have the ability to plan and achieve basic financial goals while in school. There are better ways you can control and save your money, and it all begins by tracking your expenses to get better control over your finances.
6 Reasons You Should Track Your Expenses as a Student
- Improves Your Financial Awareness
- Helps You Pay Off Your Student Debt
- Helps You Identify Spending Patterns
- Prioritize Your Needs and Wants
- Helps You Stick to Your Budget
- Monitor Your Progress as You Save
How to Use the Income and Expense Tracking Worksheet
- The days of any month (1-31) are listed vertically in the column along the left side.
- Fill in the month in the 2nd column
- Record daily spending under the appropriate categories.
- Use receipts to update your spreadsheet each week.
- Estimate how much you will need to spend each year on "hidden costs" at the bottom of the spreadsheet. Put this estimate on the line at the toope of the Hidden Cost column.
- Totals at the bottom of the spreadsheet tell you how much you are spending in each category. Totals on the far right let you know how much you spend daily.
- Total monthly expenses appear in the bottom right corner.
- Note the sources of net monthly income on the left, under the spreadsheet. Put your total monthly income amounts in the cell next to the correct source. You can change the name of the source to match your situation.
- As you enter your income and expenses, your balance will be automatically calculated in the bottom right corner.
- To streamline the process it is OK to estimate the amount of income you will receive every month. That way you’ll have a good idea of how your spending relates to your income every time you record your expenses.
- Be sure to use your paystub or bank statement at the end of every month to correct any income amount that may be different from the estimate you made.
Reference: moneyminiblog.com
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