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Keeping a Budget: Summer Edition

by - Sunday, June 05, 2016

Looking all over Pinterest, I was attempting to find suggestions on how to keep a budget as a college student. During the school year, I have no income other than parents' support for laundry and food. I currently have a summer job and make the income that I usually keep for the entire year as a traveling to disney, clothing, makeup, etc budget. I have been doing this system for a month, and in little to no time, I really feel in control of my money and that I am spending it wisely. For privacy reasons, I have some numbers blocked out, but you get the jist of my system.

So, I make an excel document and make a couple of different sections. I start with my income section and I put down my main job which is coaching my summer swim team. I list the hours worked, the amount per hour, taxes and then on the right side I put the total money earned and how much I get on my checks. I also put what the check covered. This is important because, for example, my next check covers the last week of May and the first week of June. I then make another column that is other income. I take that check amount and the other income column and using the excel function (great tutorials on this, just google!) summation and add it all up. I also report every expense  (only ate out once this month without my family, pretty proud), sum those up and then deduct that from my income. I find the net money I saved after that.  Being in control of my budget like this really makes me appreciate the value of the dollar. For any college or high school student working with a sort of limited income and limited expenses, I would recommend something simple like an excel spreadsheet. 
I also keep track in my planner the number of hours I worked that week and expenses. I find that putting these things down twice really help me mark exactly how much I am saving and how much I am working. Here is an example of a blank spreadsheet I set up every month before I input my earnings and expenses. 


I ended up adjusting this one a bit, to tailor it to my needs.

I hope this helped inspire you to take control of your money, even if it is a limited income! 2016 for me has been the year to really get organized and on top of things and I hope I inspire you as well!

xoxo
monicamarie

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