Budget
Spreadsheet Template Instructions |
It
is very important that you learn how to manage your money when
you graduate. If you plan carefully, you can set aside money
that you can use for emergencies and/or investments. If you
aren’t careful, you could wind up in debt that can take
years to get out from under.
The template
has been provided to help you through the budgeting process.
Please print
a copy of the template instructons prior to downloading the
spreadsheet template.
| Do
not enter data in the light green cells. These cells are
there to do your calculations for you.
Enter dollar amounts in the yellow boxes. Enter an amount
for every line even if it is only zero.
|
|
In the grey “Notes” cell enter a short explanation
of why you entered the amount you did.
Examples:
If you
put only $200.00 down for rent, you would put “Living
with four roommates” in the notes cell.
If you are going to live at home and not pay any rent, then
put “0” in the yellow box and “Living at
Home” in the notes cell.
|
|
Explanation
of the Spreadsheet Rows. |
| Row
4, Income: |
| |
This
cell automatically adds up all of the income sources you enter
in lines 10-12. |
| Row
5, Expenses: |
| |
This cell
adds up all of the expenses you list below. |
| Row
6, Income Less Expenses: |
| |
This should
be a positive number. If it is negative, you are spending more
than you are making. |
| Row
10, Job 1: |
| |
If you plan
to have a job, figure out how many hours you plan to work in a
month and multiply it by the wage you expect to make. Enter where
you plan to work and the wage you expect to make in the Note Cell. |
| Row
11, Job 2: |
| |
If you plan
to have a second job, enter that information here. |
| Row
12, Other: |
| |
If you have
other forms of income (Allowance, Trust Fund, etc.), enter the
monthly amount here. Be sure to list what type of income it is
in the notes field. Only put non-taxable income in
this field. |
| Row
27, Credit Card: |
| |
If you are
making monthly payments on a credit card, put the total here. |
| Row
28, Auto Loan: |
| |
If you are
making a car payment, put the monthly total here. |
| Row
29, Personal Loan: |
| |
If you are
making payments on a personal loan (for instance to your parents),
enter the total here. |
| Fixed
Expenses |
| Row
34, Rent: |
| |
Figure out
how much you will need to pay for rent each month. Questions to
ask yourself: “Am I going to live in a dorm?”, “Am
I going to have roommates?” If you don’t need to pay
rent, enter “0” and put an explanation in the notes
cell. |
| Row
35, Auto Insurance: |
| |
If you are
going to drive a car, you need to have Auto Insurance. You might
pay on a quarterly or monthly basis. If this is the case, you
still need to budget for it. For example: If you pay $600 for
insurance every six months, you need to divide that total by six
to figure out how much money you need to set aside to pay your
insurance bill. In this case it would be $100.00. |
| Row
36, Medical Insurance: |
| |
You may not
need Medical Insurance if you are covered on your parent’s
policy. However, if you aren’t covered, you may want to
look into getting coverage. |
| Row
37, Cable TV: |
| |
Are you going
to have cable? If so, are you going to get digital cable? Premium
channels or just basic cable? How much can you afford? |
| Row
38, Telephone: |
| |
How much
does basic service cost? Do you make a lot of long distance calls?
If so, then you need to budget more. Do you have a cell phone?
How much does your plan cost? |
| Row
39, Internet: |
| |
Are you going
to have the Internet at home? How much is that going to cost?
Can you afford a cable modem? |
| Row
40, Investments/Savings: |
| |
Are you going
to set aside money for investments or savings? It is a good idea
if you can afford it. |
| Row
41, Utilities: |
| |
How much
does water, power, and gas cost? Can you share these expenses
with roommates? |
| Variable
Expenses |
| Row
46, Household: |
| |
How much
money are you going to need for miscellaneous household costs?
This could be anything from one-time house repairs to weekly laundry
expenses. |
| Row
47, Groceries: |
| |
How much
money are you going to need for food each month? |
| Row
48, Auto Upkeep and Gas: |
| |
How much
do you spend in gas in a month? You should plan on increase gas
costs. Does your car need a lot of maintenance? |
| Row
49, Other Travel Expenses: |
| |
If you aren’t
going to have a car, are you going to take the bus? A cab? The
trolley? Are you going to be flying home? Do you need to pay for
parking? |
| Row
50, Clothing: |
| |
How much
money do you plan to spend on clothes each month? |
| 51-54
School Expenses. These are expenses you usually have once a semester
or term. To determine your monthly totals you need to divide the
semester total by the number of months in the semester. |
| Row
51 School Tuition: |
| |
How much
will your classes cost? Do you have a scholarship? If so, make
sure you mention it in the notes cell. |
| Row
52 Textbooks: |
| |
This you
will have to make your best guess on. Figure out how many classes
you are going to take. You can usually count on about one to two
books per class and each book can cost anywhere from $25- $90
per book. |
| Row
53 Parking: |
| |
Are you going
to need to park on campus? How much is a parking permit? |
| Row
55, Medical/Prescriptions: |
| |
Is there
any medication that you need to purchase? |
| Row
56, Entertainment: |
| |
Do you plan
to go to the movies? Do you want to buy any DVDs or CDs? Do you
plan to go to any concerts? |
| Row
57, Dining Out/Fast Food: |
| |
How much
do you spend in restaurants each month? Think about it. It adds
up fast. |
| Row
58, Gifts: |
| |
Do you like
to give things to friends and family? How much can you afford
to spend on gifts? |
| Row
59, Vacation: |
| |
Do you plan
to go on any trips? How much does a trip cost? |
| Row
60, Pet Care: |
| |
Do you have
a pet? How much does it cost to feed it? How much does kitty litter
cost? Does your pet need medical care? |
| Row
61, Other: |
| |
What are
some other expenses you may have? |
| |
|
| Once
you’ve entered all of your totals, go back and check line
7 Income Less Expenses. Have you spent too much money? If not,
good job!!! If so, you may need to ask yourself the following
questions: |
| |
Do I need
to work more hours?
Do I need to get a roommate?
Can I afford Digital Cable? Can I get by with just basic cable?
Can I find a better cell phone plan?
Am I spending too much on fast food? |
| |
|
| Once
you’ve looked at your expenses, start adjusting the amounts.
Watch what happens to line 6 as you change your data. |
| Remember,
you want your expenses to be less than your income. At the same
time, you want your totals to be realistic. |
