Things You'll Need:
- Home Computer or laptop
- with internet capability
- Budget Software or Spreadsheet capability
- pens, pencils
- calculator
- income and expenses information
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Step 1
Have the college student make a list for all their free sources of income to use to design categories for their budget worksheets.
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Step 2
Second, list all of their monthly expenses including a budget for miscellaneous spending like shopping, hair, nails, extracurricular college related or student activities, eating out, movies, etc on their worksheets.
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Step 3
Now categorize expenses by student dorm or rental costs, auto loans, college loans and related expenses, food, extracurricular, and a miscellaneous budget category for emergency expenses like auto repairs, special events, etc.
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Step 4
Now download a template for their budget worksheets or use a Budget Excel Software already available. These worksheets can be found at places like EBAY very inexpensively and are easy to use to help them design and personalize their own.
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Step 5
Record and total (gross) income categories at the top of free budget worksheets and then list all your student expense categories below using the program functions to add/subtract these categories automatically when data is entered. Put your miscellaneous category for your extracurricular college activities at the bottom to show amount left after essential expenses are payed first.
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Step 6
At the bottom of the budget worksheets develop a category called Net income free or available where their final total after all college and extra expenses are entered is displayed. If the student meets there budget they can enter and print and if not they will have to reduce spending to allow a positive number.
