Sometimes creating a semester budget rather than a monthly budget is a better tool to help you plan for the entire semester. It’s not complicated, but it does take time. Follow these steps to create a semester budget (Give me a demonstration):
Step one: Determine which months will be covered in the semester for which you’re creating a budget. (More on months and semesters)
Step two: List all the income you expect to receive throughout the semester. (More on income)
Step three: List all fixed monthly expenses like rent, car payments, and cellphone bills. (More on fixed expenses)
Step four: List all flexible monthly expenses like food, entertainment, and household items. (More on flexible expenses)
Use our expense tracker to track your spending for one week to get accurate picture of where your money goes.
Step five: List all periodic expenses like tuition payments, holiday spending, and car registration fees and break them down into monthly amounts. (More on periodic expenses)
Step six: Complete the semester budget using the information compiled in steps one through five. Complete it in the Excel document, which has calculations created for you, and then print when finished. (Google Sheets Budget)
Step seven: Balance your budget. Do you have money left over? Or do you have more going out than coming in? (How to handle a shortage) Adjust your budget so that money coming in matches money going out.
Step eight: Continue to track your spending, review your budget, and make adjustments. A budget is a living document that’s never final.