A Student Budget Worksheet is a very important part of the financial management of college students. It should be a part of your child’s budget. It gives them an idea of how much money they will have available for needs and desires during their time at college.
A Student Budget Worksheet can come in many forms. There are many standard types, which may be easy to use or more complicated to the average student. The Student Budget Worksheet you select will depend on the average level of responsibility and financial responsibility of your student.
A basic budget worksheet is the most common type that most parents use. This worksheet has two sections. In the first section, you will be asked to enter your child’s name, date of birth, current address, current SSN, your student’s current tuition and fees, current housing expenses, and your student’s monthly expenses. This format is very simple to understand.
In the second section, you will be asked to enter the total cost of room and board, transportation, and other expenses for your student’s name. Again, this is a very basic format. When you first start your budget worksheet, you will likely want to include only one section at a time. As your child gets older, you can add more sections.
Student’s accounts are another format that is commonly used for the Student Budget Worksheet. Accounts are simply separate accounts that parents are required to keep for their children. Accounts are very effective means of tracking your child’s finances. Account names and account amounts vary from one parent to the next.
If you do not wish to keep accounts for your child, there is another option. You can easily create a student credit card. The credit card will allow you to make purchases for your child using the same cards that they already have. These purchases will be deducted from your child’s credit card account. This will help you track and monitor your child’s financial situation.
Another format for the Student Budget Worksheet is an expense tracker. Instead of entering each and every single expense, this format allows you to enter a list of expenses per category. It is important to remember that there are many expenses that are considered “good” by colleges or universities and will need to be paid for.
A common format for the Student Budget Worksheet is a category sheet. This sheet will let you enter the name of each category that your child will need to pay for, like: dining, medical, tuition, housing, personal, car, and so on. If you need to record more than one category, you will need to enter each category twice. This type of format will be more difficult to use for some parents.