It’s easy as one, two, three, four! Download the Excel file at the bottom of this page and begin!
Step One: Keep a written record of your spending.
Write down exactly where every penny goes. Use the free downloadable spending tracker as a tool to help.
Step Two: Track on a daily basis.
Start with a blank piece of paper each day and keep track of everything. Record what you bought and how much you spent. Yes, even tuition, books, gasoline for the car, and the coffee you buy on your way to class.
Step Three: Categorize your spending
At the end of the 30 days, take out all those pieces of paper and categorize your spending. By doing this, you will see patterns in your spending—and in your daily living.
How much do you spend on eating out? What does childcare really cost? There is no right or wrong answer, just answers that best fit your priorities. This is really an eye opener for most students who are trying to keep a handle on paying for school and considering money goals beyond seminary.
Step Four: Evaluate each category.
Is your spending in line with your priorities? Are there places where things are really out of line? Can you see why you are spending more than you earn? What happens when you have cash? How do you use your debit card? What happens when you carry your checkbook or credit cards? What might you do differently to change the outcome?
Download Your Copy of Student Expense Tracker (This is an Excel spreadsheet.)
