EXAMPLE BUDGET

 

*      Budgeting is all about attitude. 

*      Do not think of it as a sacrifice but a way to achieve your financial goals sooner. 

*      BLANK BUDGET TABLE (in MS Word Document)

 

 

This budge is for a fictional single person in their 3rd year of dental school at the Arizona School of Dentistry & Oral Health. 

CATEGORY

MONTHLY
BUDGET

MONTHLY
ACTUAL

SEMESTER
BUDGET

SEMESTER
ACTUAL

SCHOOL YR BUDGET

SCHOOL YR ACTUAL

INCOME:

 

 

 

 

 

 

From Jobs

 $0

 $0

 $0

 $0

 $0

 $0

From Parents

 $0

 $0

 $0

 $0

 $0

 $0

From Student Loans

 $390

 $390

 $2000

 $1950

 $4000

 $3900

From Scholarships

 $1200

 $1200

 $30317

 $30317

 $63,034

 $63,034

From Financial Aid

 $0

 $0

 $0

 $0

 $0

 $0 

Miscellaneous Income

 

 

 

 

 

 

INCOME SUBTOTAL

 $1590

 $1590

 $32317

 $32267

 $67,034

 $66934

 

 

 

 

 

 

 

EXPENSES:

 

 

 

 

 

 

Rent or Room & Board

 $575

 $595

 $2875

 $2955

 $6900

 $7020

Utilities

 $30

 $32

 $150

 $172

 $360

 $360

Telephone

 $30

 $30

 $150

 $150

 $360

 $360

Groceries

 $120

 

 $600

 

 $1440

 

Car Payment/Transportation

 $105

 $105

 $525

 $525

 $1260

 $1260

Insurance

 $60

 $60

 $300

 $300

 $600

 $600

Gasoline/Oil

 $50

 $55

 $250

 $275

 $600

 $660

Entertainment (movies,etc.)

 $80

 $60

 $400

 $400

 $960

 $980

Eating Out/Vending

 $70

 $80

$ 350

 $250

 $840

 $840

Tuition

 

 

 $24,317.00

 

 $48,634.00

 

Books

 

 

 Included in tuition

 

 Included in tuition

 

School Fees

 

 

 Included in tuition

 

 Included in tuition

 

Computer Expense

 

 

 Included in tuition

 

 Included in tuition

 

Miscellaneous Expense

 $470

 $573

 $2400

 $2923

 -1820

 $6300

EXPENSES SUBTOTAL

 $1590

  $1017

 $32317

 $29344

 $68854

 $60634

 

 

 

 

 

 

 

NET INCOME (INCOME LESS EXPENSES)

 $0

 $0

 $0

 $0

 $0

 $0

 

For income – the numbers are pretty round.  As you can see the amount of student loans requested was $2000 but the actual amount of money that the student received was $50 less.  So the student has accrued more debt but had less money to live on.  This could be due to fees based on the agreement of the loan. 

 

For expenses – room and board was $575/month but there was more paid due to turning in the rent late!  Late fees add up over time.  For the semester the student was late 4 times – this results in $80 gone!  The next semester the student is late twice costing him $40 dollars.  All the numbers that do not add up are due to late or other fees, or not using all the budgeted monies.  Things change from month to month sometime you spend more one month and not any another.  The point is to figure out why you are spending that money and where it is all going.  That way you can use your money most efficiently. 

 

We find that the person could live on less than what he is taking out.  He could survive without taking out the loans. 

 

Usually when someone is tracking there spending they spend less of what they actually would have since they are conscience of spending money.  There is enough wiggle room in the miscellaneous expenses to forgo the loans he is taking out.  This person without having done this would probably have spent all the money given and thought that he was barely making it.  You will also see that the person budgeted for MORE money than he had in the yearly expenditures column.  This will show you if you need more money.  

 

IT IS IMPORTANT TO UNDERSTAND THAT COMING UP WITH A BUDGET WILL BE PROCESS AND WILL CONTINUE TO UNDERGO CONSTANT REVISION.  THIS WILL BE THE MOST CHALLENGING PART OF CREATING A BUDGET, NEXT TO ADHERING TO THE BUDGET!