Making It On a College Budget
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Transcript of Making It On a College Budget
![Page 1: Making It On a College Budget](https://reader030.fdocuments.us/reader030/viewer/2022032612/568132aa550346895d995118/html5/thumbnails/1.jpg)
Making It On a College Making It On a College BudgetBudget
The Basics
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What’s a Budget?
• A plan for spending and saving your money
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Five Steps to Managing Your Budget
Step 1: Know What’s
Important to You (Needs vs.
Wants)
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What Is Important to You?
• Values
• What is important to you
• Needs
• Basic things that are necessary for survival
• Wants
• Things we desire to make our lives more satisfying
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Five Steps toManaging Your Budget
Step 2: Set Your Goals
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Types of Goals
• Short-term: a week to six months
• Intermediate: six months to a year
• Long-term: greater than a year
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Five Steps to Managing Your Budget
Step 3: Know Your Income
and Expenses
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Income vs. Expenses
Find out your income and expenses for a period (such as two weeks, month, or semester)
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Tracking ExpensesDaily Expense Records Week of ___________
$Expenses$
$Money Spent$ Sun Mon Tue Wed Thur Fri Sat
Coke from machines 1 1 1
Gas in car 30
Eating out 5 12 15 12
Washing clothes 5
Phone bill 45
Club dues 100
Social activities (going out w/ friends)
5 5 15 15 15
Groceries 25 15
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But My Expenses Are Too Random to Budget !
• Your budget should be flexible
• A flexible budget needs a flexible document
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Five Steps to Managing Your Budget
Step 4: Make a Spending
Plan
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Spending Plan
A plan for future
income and expenses
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Spending Plan - IncomeSpending Plan for August 20XX
Expected/ Budgeted
Actual Difference
Income
Grants 1,500 1,250 (250)
Scholarships 500 500 0
Loans 1,735 1,550 (185)
Job (your salary $6.50/hr 10
hrs/week)215 235 20
Parents contribution 1,350 1,350 0
Other 0 0 0
Total Income 5,300 4,885 (415)
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Spending Plan - Expenses
Spending Plan for August 20XX
Expected/ Budgeted
Actual Difference
Academic Expenses
Tuition & Fees 1,375 1,375 0
Books 600 750 (150)
Living Expenses
Rent/Dorm 1,245 1,245 0
Food – meal plan 1,120 1,120 0
Food – other than meal plan
80 100 (20)
Social Activities 120 150 (30)
Total Expenses 4540 4740 (200)
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Expected Actual Difference Expected Actual Difference Expected Actual Difference
August September October
Income
Grants 1500 1250 -250 0 0 0 0 0
Scholarships 500 500 0 0 0 0 0 0
Loans 1735 1,550 -185 0 0 0 0 0
Job (your salary) 215 235 20 215 255 40 315 0
Parents Contribution 1350 1350 0 350 350 0 350 0
Other Income 0 0 0 0 0 0 0 0
Total Income 5300 4885 -415 565 605 40 665 0
Academic Expenses
Tuition & Fees 1375 1375 0 0 0 0 0
Books & Supplies 600 750 150 0 0 0 0
Miscellaneous 35 55 20 35 25 -10 35
Living Expenses
Rent/Dorm 1245 1245 0 0 0 0 0
TV (cable) 0 0 0 0 0 0 0
Food (school meal plan) 1120 1120 0 0 0 0 0
Food (other than meal plan) 80 100 20 80 80 0 80
Personal (toiletries) 75 60 -15 75 55 -20 60
Entertainment 100 40 -60 100 80 -20 80
Social Activities 120 120 0 120 150 30 150
Clothing & shoes 100 25 -75 100 50 -50 75
Cell phone 55 55 0 55 70 15 60
ETC. 75 0 -75 75 60 -15 75
Total Expenses 4980 4945 -35 640 570 -70 615
Income Minus Expenses 320 -60 -75 35 50
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Five Steps to Managing Your Budget
Step 5: Stick to Your
Spending Plan !
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Sticking to a Spending Plan
• Develop Self-Discipline
• Control Stimuli
• Control Decisions
• Control Responses
• Control Consequences
• Control Your Money!
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Evaluate Your Spending Plan
• Questions to ask yourself• How well did you stick to the plan?• What areas did you have problems in?• Were you reasonable in making your goals?• What changes need to be made?
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Five Steps to Managing Your Budget
1. Know what’s important to you (needs vs. wants)
2. Set some goals
3. Know your income and expenses
4. Make a spending plan
5. Stick to your spending plan!
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For individual help contact:
The Peer Financial Counseling Program
(insert web address, phone number, and/or e-mail)
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Special Thanks to...