Jessica PerezVinny TranJuan Zuluaga

PRESENT STATE DESIRED STATE

Students who move out of their parents home out on their own do not understand how to budget their money effectively. This can cause students to work too many hours and have a negative impact on their school work.

Before moving out of their parent's home, State University provides students and their parents with a model budget plan to manage their finances. As a result of this plan, students can work a reasonable number of hours and achieve academic success.

NEEDS

 

Student Loans $150 Needed to go to school

Rent $350 Got to have a roof over our heads

 

WANTS

 

Car insurance 9 Required to drive car to/from work

Gas 8.7 Needed to use car running to/from work

Car payment 7 Required to keep car for work

School supplies 7 Needed to do well in School

Groceries 5.3 Needed to stay healthyEating out with friends 4.7 Useful to keep in touch with friends

Laundry 4.7 Need clean clothes for work/school

Cleaning supplies 3.7 Needed to keep living environment clean

Movies with friends 2.7 Fun to do but not really needed

CD's 2.3 Other sources of music are available

Time frame Task and Events for the Director, Student Services, Director, Student Finance,

Students, and Parents

One year before school Begins

Student and parent(s) have their first discussion regarding what would be necessary for the student to move into an apartment. The Directors hold a Budget Workshop to present the Model Budget Plan to students and parents. Based on the plan, students and their parents decide if students can afford to move into an apartment.

Nine months before school

Begins

The Directors contract with Academic Associates for the creation of a Model Budget Plan to help students manage their finances when they move out of their parent’s home into their own apartment

Six months before school begins

Academic Associates presents the Model Budget Plan to the Director of Student Services and the Director of Student Finance.

Six weeksbefore school

Begins

The Directors meet with individual students and their parents to review the plan and make any individual adjustments, if necessary

Three months after school Begins

The Directors have a follow-up meeting with students and parents. The parents congratulate the student for successfully managing their budget and thank the Directors for their assistance in creating a budget that met the needs of the students and parents.

VARIABLE COSTS AMOUNT

   

CAR PAYMENT $100

CAR INSURANCE $70

GAS $120

SCHOOL SUPPLIES $40

CD'S $15

MOVIES WITH FRIENDS $10

EATING OUT WITH FRIENDS $20

GROCERIES $60

CLEANING SUPPLIES $25

LAUNDRY $40

   

FIXED COSTS

   

STUDENT LOANS $150

SHARED APARTMENT $350

   

TOTAL $1,000

$100 Biggest financial burden Required to keep car for work If left unpaid, your credit will suffer

$70 A necessity in order to be able to keep car

for work and school If no insurance is obtained, one might be

arrested for such minor thing

$120 With gas prices skyrocketing, this has

become a weekly burden in order to be able to drive car around

$40 Needed to do well in school and improve

work May be shared between family members, if

need arises May be required in some classes more than

others

$15 Got to have music There are also other sources of music

MP3s Radio Internet

$10 Good thing to do if you have the time and

the friends in order to bond and have fun with each other

$20 One of many ways to keep in touch with

your friends Also nutritious and fun

$60 Must eat food as it is our daily fuel Sometimes not needed as often if family

buys for all members

$25 A cleaner environment makes for a more

organized person Sometimes not needed as much since

family may provide this already

$40 Work attire is a necessity Can also be done as part of the family in

order to cut down costs

Special thanks go to the board of directors of the State University from our

team members:

Jessica PerezVinny Tran

Juan Zuluaga