Free College Student Budget Template
College student budget template refers to the template of the budget which is to prepare for every semester to handle the finances by a student who is in the college where the budget starts with entering all the sources of the income of the student for the period under consideration based on actual as well as budgeted figures and then listing down all the actual and budgeted expenses by segregating them into the fixed and variable categories for which payments are to be made during the period and lastly deriving at the balance left during the period by deducting total expenses from the total income.
About the Template
This template shows the semester wise income and expenses of the college student. All these income and the expenses for the period are not listed bill wise in a detailed manner instead grouped into some handful categories. Also, not only the actual figures of the income and expenses are shown, but along with actual figures, budgeted figures are also displayed so that the student can get an idea about the variance of its actual income or expense from the budgeted one.
#1 – Heading:
At the topmost area of the template of the college student budget, the heading college student budget template will be written. This heading is written to give a clear understanding that the template pertains to the college student budget. Other things may change from person to person, but this heading will remain intact.
#2 – Summary of funds details:
This summary will contain the details with respect to the opening balance available with the student, its total income from all the sources, its total expenses from all the categories, and the balance left at the end of the semester. The opening balance can be taken from the previous budget, while other details will be picked automatically from the value in the below-mentioned steps.
#3 – Income /Funds Received during the period:
Under these, detail of all income received in actual and budgeted to be received by the student from all sources will be mentioned.
#4 – Fixed Expenses incurred during the period:
Under this, details of all fixed expenses in actual and budgeted values to be incurred by students from all the sources will be mentioned. The fixed expenses include all those expenses which the student has to incur, even if it is not availing the benefits.
#5 – Variable Expenses incurred during the period:
Under these details of all the variable expenses in actual and budgeted values to be incurred by the student from all the sources will be mentioned. The variable expenses include all those expenses which are incurred in case any product or services are used.
#6 – Balance:
Under this, the balance will be calculated by subtracting the total of fixed and variable expenses from total income.
How to use this template?
- A college student who is using this template has to enter all the details as required in the fields that are not already pre-filled.
- For this, firstly, details of the student have to be entered, which includes the name of the student, college name, semester number, and the number of months in a semester.
- Then details of the income received from all the sources are to be entered that include Contribution by Parents, Any scholarship amount received, Income from Part-time Job, Financial Aid, Student Loan, and Other Income has to be entered. For all the income, the budgetedBudgetedBudgeting is a method used by businesses to make precise projections of revenues and expenditure for a future specific period of time while taking into account various internal and external factors prevailing at that time., as well as actual figures, are to be entered.
- Along with the details of income, all the expenses incurred have to be entered by segregating them into the two different categories that include fixed expenses and the variable expenses. Here Fixed expenses include Accommodation Expenses, Tuition Fees, Telephone Expenses, Transportation Expenses, Library Fees, Loan Repayment, Fix meal plan, Utility Expenses, Membership subscription Fees, and Other Fixed Expenses. And Variable expenses include Books Expenses, Grocery Expenses, Entertainment Expenses, Shopping Expenses, Travelling Expenses, Dining Expenses, and Other Variable Expenses. However, these specified fields can be modified by the individuals in the template as per their requirements. For all the expenses, the budgeted, as well as actual figures, are to be entered.
- After that, the balance at semester end is derived by deducting the total of all the expenses from total income earned.
- Now the template will automatically display the summary of fund details at the top left of the template. Also, the variance between budgeted and actual figures will be automatically calculated.
This article has been a guide to College Student Budget Template. Here we provide you with a free downloadable template that shows the semester wise income and expenses of the college student. This template can be downloaded in Excel, Google Sheets, or in PDF format. You can also take a look at our other useful articles –