Page 319 - Keys To Community College Success

get practical

MAP OUT YOUR BUDGET

Use this exercise to see what you take in and what you spend. Then decide what adjustments you need to make.
Consider using an online calculator for this task, such as Calculatorweb.com.

Before You Begin. Keep a spending log for one week or one month, whatever you have time for (if you use one
week, multiply it by four to determine estimated monthly expenses in Step 1). Note purchases made by cash, check,
debit card, and credit card.
Step 1: Expenses. Based on your spending log, estimate your current expenses in dollars per month, using the following
table. The grand total is your total monthly expenses. If any expense comes only once a year, enter it in the “Annual
Expenses” column and divide by 12 to get your “Monthly Expenses” figure for that item.

MONTHLY
EXPENSES EXPENSES ANNUAL EXPENSES
School supplies including books and technology
Tuition and fees
Housing: Dorms, rent, or mortgage
Phone (cell and/or landline)

Cable TV, Internet
Gas and electric, water
Car costs: monthly payment, auto insurance, maintenance, repairs, registration, inspections
Travel costs: gas, public transportation, parking permits, tolls
Vacations, trips home
Food: Groceries, meal plan cafeteria, eating out, snacks
Health insurance
Health maintenance costs: gym, equipment, sports fees, classes

Medical costs: doctor and dentists visits, vision, prescriptions, counseling
Entertainment: movies, music purchases, socializing
Laundry costs: supplies, service
Clothing purchases
Household supplies

Payments on credit card debt
Student loan or other loan repayment
Donations to charitable organizations
Childcare
Other: emergencies, hobbies, gifts
TOTAL EXPECTED EXPENSES

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