I apologize for the temporary haitus for this blog. University life has basically eaten up almost all of my free time. But I'm glad to be back! Today, I want to talk about something I've been doing for the past month in order to help me stay on budget. I have tried a lot of methods to keep track on what I spend but I just couldn't commit to any until this one.
As a typical college student, it really vital for me to monitor my allowance because of I don't, I wont be able to eat the next day. And since, I'm a student leader, I'm very active and I usually join events and competitions. These are a few of the reasons why I created a system for my to budget my allowance.Basically, I made this budgeting system using Google Sheets, which I really find convenient. I can easy edit my template on my laptop using my google account; or my phone using the Sheets App.
The formula I use is very straightforward. It's my take on the concept of Income - Savings = Expenses. My savings are my deposits to my stock account since I still don't have a job and really want to take advantage of investing early in the stock market, I put a portion of my allowance to my investment. But I also deduct one time expenses that I foresee to happen in that coming month. For example, I know that I will have to pay membership fees last September so I made sure to deduct it on my spendable allowance beforehand. I really love the fact that Conditional Formatting is available in Google Sheets as well and it really help to condition my mind to save even further.
I also included the one-time expenses I failed to budget on (red mark) so that I can have a better view of the things I did not take account for so that I can avoid it in the future.
After getting the Spendable allowance, I would divide it by 4 weeks and further divide it by 6 days which are my normal school days in a week to get my spendable allowance per day. However I also add the Total Variance to that which is equal to the maximum I can spend in a day. The variance may be a surplus of deficit depending on by much I saved out of the allowances on the previous days.
If you want to try using this template I have uploaded a sample here as well, feel free to download it. The Investing POV: Monthly Budget Allowance
How about you? How do you budget your allowance? Comment them down below.
Disclaimer: The formula is something I created for myself, it may vary from one person to another!
As a typical college student, it really vital for me to monitor my allowance because of I don't, I wont be able to eat the next day. And since, I'm a student leader, I'm very active and I usually join events and competitions. These are a few of the reasons why I created a system for my to budget my allowance.Basically, I made this budgeting system using Google Sheets, which I really find convenient. I can easy edit my template on my laptop using my google account; or my phone using the Sheets App. The formula I use is very straightforward. It's my take on the concept of Income - Savings = Expenses. My savings are my deposits to my stock account since I still don't have a job and really want to take advantage of investing early in the stock market, I put a portion of my allowance to my investment. But I also deduct one time expenses that I foresee to happen in that coming month. For example, I know that I will have to pay membership fees last September so I made sure to deduct it on my spendable allowance beforehand. I really love the fact that Conditional Formatting is available in Google Sheets as well and it really help to condition my mind to save even further.
I also included the one-time expenses I failed to budget on (red mark) so that I can have a better view of the things I did not take account for so that I can avoid it in the future.
After getting the Spendable allowance, I would divide it by 4 weeks and further divide it by 6 days which are my normal school days in a week to get my spendable allowance per day. However I also add the Total Variance to that which is equal to the maximum I can spend in a day. The variance may be a surplus of deficit depending on by much I saved out of the allowances on the previous days.
If you want to try using this template I have uploaded a sample here as well, feel free to download it. The Investing POV: Monthly Budget Allowance
How about you? How do you budget your allowance? Comment them down below.
Disclaimer: The formula is something I created for myself, it may vary from one person to another!
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