Assess your expenditures
First of all, you have to assess all your expenditures. The major expenses will include your college fees which will be divided in a specific number of instalments for every semester. Furthermore, if you are living in a hostel, the hostel expenses like mess bill and room rent will also be included in the major expenditure.
In addition to that, some other expenditures may include your recreation expenses. It is extremely important for you to only calculate the expenditures for the period for which you are making the budget.
Assess your present and future income
After making an assessment of all you expenditures, you have to calculate your income. If your family sends you money, include it in your income. Moreover, if you are working as a part time worker at some place, include your salary in it as well. Same thing applies if you are getting some scholarships from your college or state.
Match the expenditures with your income
Now, you have to match all your expenditures with your income. You can simply make a table. At left side of the table, write expenditures with amounts. On the right side, write all your incomes with amounts. Make sure that you write all the figures correctly.
Make the necessary adjustments
In the end, you have to make the necessary adjustments to your budget. Compare your expenditures with your income and find the balancing figure by taking a differential.
If the balancing figure is positive, it means you have extra money to spend or save. However, if the balancing figure is negative, you may have to borrow some amount. You can simply apply for a financial assistance to cover up the deficit.