If you are organized, this process might come easily to you. If not, begin by getting organized. Bhaumik offers few tips:

• Set up a folder on your computer or tablet to begin writing your plan. If you do better with traditional pen-and-paper method, get a notebook or other journal to use.
• Write down your monthly income and your monthly bills and expenses for each month. Prioritize and take care of your mandatory expenses as soon as you can.
• The difference between your monthly bills and expenses is what you can afford to spend on items such as clothing and entertainment. If you have more expenses than income, you are overspending.
• Keep this journal (electronic or paper) with you at all times so you can refer to it easily and modify content as needed. Keep notes to yourself about special events coming up or other items that should be included in your budget.

Remember that casual spending is a significant factor in sticking to your budget. In fact, it can break your budget if you aren't paying attention.

Here’s an example of known costs in a sample college student budget for a four-month Fall Term:

• Books and course packs: $600
• Supplies/copies/fees: $80
• Housing: $500 x 4 months = $2,000
• Heat / Electric: $125 x 4 = $500
• TV/Internet: $50 x 4 = $200
• Cell phone: $55 x 4 = $220
• Furnishings/Electronics: $200
• Visa: $50 x 4 = $200
• Travel: $600
• Emergency fund: + $200

1 TERM’S EXPENSES TOTAL: $4,800

For more, about budgeting as a student see "Money: A Uniquely Student Budget"

Read this Huffington Post piece on "5 Budgeting Basics for People Who Hate Budgeting" for additional tips and a real-life student scenario.