Sheet 1: Semester Budget

	
	
	
	
	
	

		


		
Semester Budget 
		


		

 
		
		


		


		


		


		


		


	
	

		


		
To edit select "File" then "Download as"
		


		
Financial Wellness Center
		


		


		


		


		


	
	

		


		


		


		


		


		


		


		


		


		


	
	

		


		
Number of months in the semester:
		
5
		


		


		


		


		


		


		


		


		


	
	

		
INCOME
		
Monthly Income 
		


		


		
INSTRUCTIONS
		
	

		
My wages from work
		
 $-   
		


		
Step 1: Determine how many months are included in the semester you are creating a budget for.
		
	

		
Partner's wages from work
		
 $-   
		


		
Step 2: List all of the income you expect to receive throughout the semester. We've listed a few possible sources, but you may have more. List recurring income sources under "Monthly Income" and list one-time income sources under "Semester Income" Feel free to add lines or details as you see fit.
		
	

		
Other: 
		


		


		
	

		
Total 
		
 $-   
		


		
	

		


		


		


		
Step 3: List all of the semester expenses you expect to pay. We've listed a few common ones, but you may have additional expenses like sorority, fraternity, or club dues. 
		
	

		
Semester Income 
		
Amount
		


		
	

		
Anticipated tax refund (spring semester) 
		
 $-   
		


		
	

		
Pell Grant
		
 $-   
		


		
Step 4: List all of your monthly expenses. These include fixed expenses, like rent, car payments, and cell phone bills as well as expenses that fluctuate, like groceries or utilities. Include your best guess for values that change or are difficult to predict. 
		
	

		
Other grants
		
 $-   
		


		
	

		
Scholarships 
		
 $-   
		


		
	

		
Loans
		
 $-   
		


		
Step 5: Periodic Expenses, listed at the bottom of the monthly expense section, are expenses that are not paid every month. You may pay them once per quarter, once per year, or infrequently throughout the year. Periodic expenses could include gifts, car registration, or annual subscription fees. To determine what you should save monthly to pay for periodic expenses, use the second tab of this sheet. Then put the value into the "Periodic Expenses" line. 
		
	

		
Savings Allocated for School
		
 $-   
		


		
	

		
Other: 
		
 $-   
		


		
	

		
Total
		
 $-   
		


		
	

		


		


		


		


		
Step 6: Let the formulas calculate your initial difference and your semester difference. Your initial difference is what is left over after you total your semester income and subtract your semester expenses. This assumes that semester income and expenses will be paid at the start of the term. Your Semester Difference is the total difference between the money being brought in and the money going out. 
		
	

		
EXPENSES
		
Semester Expenses 
		
Amount
		


		
	

		
Tuition and fees
		
 $-   
		


		
	

		
Books
		
 $-   
		


		
	

		
Supplies 
		
 $-   
		


		
	

		
Dorm
		
 $-   
		


		


		


		


		


		


		


		


		


	
	

		
Meal Plan
		
 $-   
		


		
Note: If either of your differences turn red, this means you have a funding gap. A funding gap is when your expenses outweigh your income. It is possible to have a funding gap for just the initial or semester difference or to have a funding gap for both. If you have a funding gap:
1. Evaluate opportunities to cut back on monthly or semester expenses. 
2. Review opportunities to access additional funding. Additional funding sources may include scholarships, grants, additional work, or student loans.
		
	

		
Other: 
		
 $-   
		


		
	

		
Total
		
 $-   
		


		
	

		


		


		


		
	

		
Monthly Expenses 
		
Amount
		


		
	

		
Rent or mortgage payment
		
 $-   
		


		
	

		
Groceries 
		
 $-   
		


		
	

		
Eating out 
		
 $-   
		


		


		


		


		


		


		


		


		


	
	

		
Car payment 
		
 $-   
		


		
ADDITIONAL SUPPORT
		
	

		
Car insurance 
		
 $-   
		


		
If you would like help building your semester budget or making a plan to manage a funding gap, connect with the Financial Wellness Center. We offer free one-on-one financial coaching appointments where we can review your budget and help you make a plan to pay for college. 
		
	

		
Gas for car 
		
 $-   
		


		
	

		
Utilities (water, gas, electric, trash)
		
 $-   
		


		
	

		
Cell phone
		
 $-   
		


		


		


		


		


		


		


		


		


	
	

		
Internet service 
		
 $-   
		


		


		


		


		


		


		


		


		


	
	

		
Entertainment
		
 $-   
		


		


		


		


		


		


		


		


		


	
	

		
Medical
		
 $-   
		


		


		


		


		


		


		


		


		


	
	

		


		


		


		


		


		


		


		


		


		


		


	
	

		
Periodic expenses*
		
 $-   
		


		


		


		


		


		


		


		


		


	
	

		
Netflix
		
 $-   
		


		


		


		


		


		


		


		


		


	
	

		
Credit card payment (DEBT)
		
 $-   
		


		


		


		


		


		


		


		


		


	
	

		
Total
		
 $-   
		


		


		


		


		


		


		


		


		


	
	

		


		


		


		


		


		


		


		


		


		


		


		


	
	

		
SUMMARY
		
Income vs. Expenses 
		
Amount
		


		


		


		


		


		


		


		


		


	
	

		
Initial Semester Income
		
 $-   
		


		


		


		


		


		


		


		


		


	
	

		
Initial Semester Expenses
		
 $-   
		


		


		


		


		


		


		


		


		


	
	

		
Initial Difference
		
 $-   
		


		


		


		


		


		


		


		


		


	
	

		
Monthly Income
		
 $-   
		


		


		


		


		


		


		


		


		


	
	

		
Monthly Expenses
		
 $-   
		


		


		


		


		


		


		


		


		


	
	

		
Monthly Difference
		
 $-   
		


		


		


		


		


		


		


		


		


	
	

		
Semester income
		
 $-   
		


		


		


		


		


		


		


		


		


	
	

		
Semester expenses
		
 $-   
		


		


		


		


		


		


		


		


		


	
	

		
Semester Difference
		
 $-   
		


		


		


		


		


		


		


		


		


	
	

		


		


		


		


		


		


		


		


		


		


		


		


	
	

		


		
*See next tab for explanation of periodic expenses 
		


		


		


		


		


		


		


		


		


	
	

		


		
For more tools and resources: https://finaid.umkc.edu/cost/financial-literacy/