Back in April, I took a big step towards being a Real Adult and started my own budget spreadsheet. After just the first month, I was completely shocked at how much I was actually spending (read: THAT much on dining out?!) Now that I’m heading back into the tight grip of grad schooldom, I know that I need to prepare myself for the grad school lifestyle. Which, of course, means living within my means. My first step in this preparation process was to create a budget spreadsheet for myself. I’m a big believer in ‘knowledge is power,’ and had to embrace that mantra to keep my head up while working on this project.
I started in Excel with two of the provided templates: College Cash Flow and Monthly Home Budget. Both templates provides you with a file already outfitted with calculations to auto-fill the green boxes based on data in the yellow boxes. In the College Cash Flow file, you input your starting money on hand and monthly expenses by convenient categories likely to be used by college students (e.g. books, tuition, etc). Your total income, expenditures, cash flow, and ending balance are automatically calculated for each month. The Monthly Home Budget sheet performs a similar task, but on a shorter time scale. You also have an opportunity to compare your actual income/expenses to budgeted ones. Together they are both useful, but I found that with a little extra work I could create a more interconnected, useful budgeting tool, complete with visuals.
I wanted to know more about my individual purchases in addition to total monthly charges, so I added a section to the Monthly Home Budget sheet at the bottom where I could input each individual purchase with Date, Cost, Type, and Notes. I found that having to record each transaction separately also helped me stay aware of my spending as the month progressed. I have Office 2008 for Mac on my computer, so everything I mention subsequently will be specific to that version of Excel.The major amendments to the spreadsheet templates are as follows:
I started in Excel with two of the provided templates: College Cash Flow and Monthly Home Budget. Both templates provides you with a file already outfitted with calculations to auto-fill the green boxes based on data in the yellow boxes. In the College Cash Flow file, you input your starting money on hand and monthly expenses by convenient categories likely to be used by college students (e.g. books, tuition, etc). Your total income, expenditures, cash flow, and ending balance are automatically calculated for each month. The Monthly Home Budget sheet performs a similar task, but on a shorter time scale. You also have an opportunity to compare your actual income/expenses to budgeted ones. Together they are both useful, but I found that with a little extra work I could create a more interconnected, useful budgeting tool, complete with visuals.
I wanted to know more about my individual purchases in addition to total monthly charges, so I added a section to the Monthly Home Budget sheet at the bottom where I could input each individual purchase with Date, Cost, Type, and Notes. I found that having to record each transaction separately also helped me stay aware of my spending as the month progressed. I have Office 2008 for Mac on my computer, so everything I mention subsequently will be specific to that version of Excel.The major amendments to the spreadsheet templates are as follows: