My Carolina Budget

Expense Log – Track your expenses using the sheet below.

Date of purchase / Item Purchased / Amount / Cash, Debit, Credit, or Check / Category of Expense

Income Log –Write down all sources of income, assistance, or financial aid you receive (divide by 4 to get the monthly amount of a source you receive each semester)

Sources Income/Assistance/Aid / Monthly Amount
Pay from jobs (after taxes, plus tips)
Pay from Work-Study (amount received for spending)
Other jobs
Gifts
Interest on checking/savings, other investments
Tax refund (once a year if applicable)
Financial Aid (that you receive for spending)
Support for your family
Other
Total Income

**After you have completed your expense log and your income worksheet, it is time to set up your budget. Remember, identify the budgeting method that is easiest for you to use and makes the most sense. The easier it is for you to use, the more likely you are to use it! Practice with the following paper version.**

College Budget – Use the budget planning sheet below to total what you’re currently spending in each category. Then write down amounts in the “Projected Budget” column that you plan to stick to for those categories in the future.

Income
Source of Income / Current Income
Job Earnings #1 / $
Job Earnings #2 / $
Financial Aid / $
Allowance / $
Gifts / $
Tax Refunds / $
Interest / $
Total Income / $
Variable Expenses – amount changes monthly
Expense / Currently Spending / Projected Budget
Food / $ / $
Electricity / $ / $
Gas / $ / $
Phone Bill / $ / $
Total Variable Expenses / $ / $
Fixed Expenses – amount stays the same each month
Rent / $ / $
Car Payment / $ / $
Internet/Cable Bill / $ / $
Tuition / $ / $
Misc. (Parking Pass, Organization Dues) / $ / $
Total Fixed Expenses / $ / $
Periodic Expenses – may not do this activity monthly, only periodically
Doctor visits / $ / $
Car Repairs / $ / $
Textbooks / $ / $
Personal Care / $ / $
Total Periodic Expenses / $ / $
Discretionary Expenses – all your “wants,” everything above is a “need,” varies from person to person
Social (meals out, movies) / $ / $
Shopping (clothes, electronics) / $ / $
Gifts / $ / $
Charity / $ / $
Travel / $ / $
Misc. / $ / $
Total Discretionary Expenses / $ / $
Total Expenses / $ / $
Totals
Total Income / $ / $
Total Expenses / $ / $
Total for Savings & Investing / $ / $

Some questions to think about:

What did you notice about how much you are spending compared to how much you earn?

Where do you think you can make changes to your spending so that you can start saving a little bit each month?

What type of budget do you think will be the easiest for you to work with?