How to Use The Student Budgeting Calculator?

User Rating: 5 (2 votes)

While you are learning how to benefit from using a student budgeting calculator, it is worth downloading ours and trying it out for yourself. You can download it for free here. This calculator was proudly created by Tim Fisher from CreditCard.com.au. If you have any questions about the calculator feel free to contact Tim Fisher here.

efastfacts-caculator

Download in Excel Format:

Introduction

Using the student budget calculator is the first step to a stress free and well planned academic future. We have gone to a lot of trouble planning for you, taking away the guesswork, by creating a simple and straightforward process for you to consider all the expenses that you might incur during your student days.

So simply start at the beginning and work your way through, taking care to read carefully and consider all the fields we have made available to you.

Key Point 1 – Information

This is where you gather all the relevant information so that you have it at hand, your income, your savings, your expenses etc…The good news is we have taken away the guess work from you. Simply follow the prompts and answer all the questions. It’s a fairly straightforward process, but it’s a good idea to take your time and get it right the first time. If you already have your college in mind, it means researching the associated costs, researching local accommodation, finding out what course materials and resources you might need, and so on.

Key Point 2 – Data Entry

Having all the information at hand is a great start, now you are ready to enter it into the student budget calculator. Essentially it is a simple data entry task, but a very important one. This is the raw data that will let you know what your budget is, whether you are in surplus or in deficit. Start by inputting your income and your expenses and the student budget calculator will help you narrow that down to a round figure. It’s important to remember that this is an objective process; it’s not a test, therefore it is important to enter honest and accurate figures.

Key Point 3 – Results

You will now start to get the picture for what you can afford and if your student budget is on track. The student budget calculator will show you areas that you might have overlooked as well as accurately evaluate even the areas that you have already considered. If you have come in significantly over or under budget it might be time to go back to step one and have a closer look at your information.

Key Point 4 – Fine Tuning

All good budgets are a subject to review, and it is a normal part of budgeting to make some changes along the way. After all that is exactly why we do a budget, so that we can expect the unexpected and plan ahead. If you need to start again or make some changes this is the time to do it.

 

Key Point 5 – Now you’ve got it

Congratulations, you are one step closer to becoming a student. As your situation changes it is a good idea to revisit the student budget calculator and reassess your finances. Things that might change include, moving to new accommodation, getting a second job, changing courses. Budgets are and should be a constantly evolving process, always adapting to your changing needs.

Summary

The student budget calculator has helped you accurately evaluate your day to day and long term expenses before you start your academic career. Now you know what your education is going to cost you. Even working professionals need to use a budgeting calculator; they would be the first to tell you that planning ahead is the first step to success. Student life can present many challenges, and you are getting a head start in planning your finances. I hope you have the confidence to move forward and meet all the challenges head on knowing that you made good financial decisions.