Using Free Budget Planners

Many college students find it hard to accurately predict their expenses when they head off to school. Those who will be away from home for the first time probably won't know how to put together a budget, and may not have a concept of how much it costs to live on their own. To help your college-age child get ready for life in the real world, using free budget planners may be worthwhile. Some students will get the most use out of special online budgeting tools or calculators, which can help lay out a budget and assess financial needs for each term or year of college. Some worksheets just take spending into account, and some will compare expenses to income. The options available when using free budget planners can vary, but usually include:

Some free budget planners will add in other costs that will be applicable to some students. For instance, a calculator for students in the United States will probably have a "medical costs" heading, but one in the United Kingdom will not. Students in the US will find FinAid's student budget planner very useful. Some college students prefer to use a downloadable free budget planner that can track their spending over time. Those that know how to use a spreadsheet can keep track of expenditures with Excel, or can download customizable templates to get started. Tracking spending as a child heads off to college is a good idea, and using free budget planners will give the student an idea of how much they have to spend. Taking just a little time each month to see where the money is going can help head off overspending and debt issues that can stick around for years to come.