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Making It On a College Budget The Basics. What’s a Budget? A plan for spending and saving your money.

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Presentation on theme: "Making It On a College Budget The Basics. What’s a Budget? A plan for spending and saving your money."— Presentation transcript:

1 Making It On a College Budget The Basics

2 What’s a Budget? A plan for spending and saving your money

3 Five Steps to Managing Your Budget Step 1: Know What’s Important to You (Needs vs. Wants)

4 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

5 Five Steps to Managing Your Budget Step 2: Set Your Goals

6 Types of Goals Short-term: a week to six months Intermediate: six months to a year Long-term: greater than a year

7 Five Steps to Managing Your Budget Step 3: Know Your Income and Expenses

8 Income vs. Expenses Find out your income and expenses for a period (such as two weeks, month, or semester)

9 Tracking Expenses Daily Expense Records Week of ___________ $Expenses$ $Money Spent$ SunMonTueWedThurFri Sat Coke from machines111 Gas in car30 Eating out Washing clothes5 Phone bill45 Club dues100 Social activities (going out w/ friends) 5515 Groceries2515

10 But My Expenses Are Too Random to Budget ! Your budget should be flexible A flexible budget needs a flexible document

11 Five Steps to Managing Your Budget Step 4: Make a Spending Plan

12 Spending Plan A plan for future income and expenses

13 Spending Plan - Income Spending Plan for August 20XX Expected/ Budgeted ActualDifference Income Grants1,5001,250(250) Scholarships500 0 Loans1,7351,550(185) Job ( your salary $6.50/hr 10 hrs/week ) Parents contribution1,350 0 Other000 Total Income 5,3004,885(415)

14 Spending Plan - Expenses Spending Plan for August 20XX Expected/ Budgeted ActualDifference Academic Expenses Tuition & Fees1,375 0 Books600750(150) Living Expenses Rent/Dorm1,245 0 Food – meal plan1,120 0 Food – other than meal plan 80100(20) Social Activities120150(30) Total Expenses (200)

15 ExpectedActualDifferenceExpectedActualDifferenceExpectedActualDifference AugustSeptemberOctober Income Grants Scholarships Loans17351, Job (your salary) Parents Contribution Other Income Total Income Academic Expenses Tuition & Fees Books & Supplies Miscellaneous Living Expenses Rent/Dorm TV (cable) Food (school meal plan) Food (other than meal plan) Personal (toiletries) Entertainment Social Activities Clothing & shoes Cell phone ETC Total Expenses Income Minus Expenses

16 Five Steps to Managing Your Budget Step 5: Stick to Your Spending Plan !

17 Sticking to a Spending Plan Develop Self-Discipline Control Stimuli Control Decisions Control Responses Control Consequences Control Your Money!

18 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?

19 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!

20 For individual help contact: The Peer Financial Counseling Program (insert web address, phone number, and/or )

21 Special Thanks to...


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