Lesson Plan to use with this Worksheet
Discuss the subject of budgeting with students
and why it is useful. Many college students discover too late that
they need to learn how to budget their money. Therefore,
learning about budgeting and how to create a budget will be
helpful in establishing good money spending habits.
The reason why people create a budget is to
better plan on how to utilize limited financial resources. A
college budget needs to be focused on the income sources and
expenses that are more common for the college student. See
our budget worksheets page for
more information on a general budgeting, and how to create a
A budget is broken down into two main sections,
income and expenses. Income includes
wages, money from parents, student loads, scholarships, grants,
etc. Expenses include rent, room, and board, utilities,
groceries, shopping, entertainment, car and transportation,
tuition, books, supplies, and other expenses.
For this worksheet, a monthly budget is used.
However, monthly, yearly, or a budget for the school semester may
be used in practice.
Compare sources of income to expenses. Is
this person above or below budget?
Why is it helpful to have a budget?
What can someone do if their expenses are
greater than their sources of income?
What can they do with the extra money if they
have more income than expenses?