Page 320 - Keys To Community College Success

get practical

MAP OUT YOUR BUDGET (CONTINUED)

Step 2: Gross Income. Calculate your average monthly income. As with expenses, if any source of income arrives only
once a year, enter it in the annual column and divide by 12 to get the monthly figure. For example, if you have a
$6,000 scholarship for the year, your monthly income would be $500 ($6,000 divided by 12).

INCOME/RESOURCES MONTHLY INCOME ANNUAL
Employment (after federal/state taxes)
Family contribution
Financial Assistance: grants, federal and other loans
Scholarships
Interest and dividends
Other gifts, income, and contributions
Total Expected Income

Step 3: Net Income (Cash Flow). Subtract the grand total of your monthly expenses from the grand total of your
monthly income.

INCOME PER MONTH
Total expected expenses
Total expected income
NET INCOME
(INCOME − EXPENSES)
Source: Adapted from Julie Stein, California State University, East Bay.

Step 4: Adjustments. If you have a negative cash flow, what would you change? Examine your budget and spending
log to look for problem areas. Remember, you can increase income, decrease spending, or do both. Describe two ideas
about how to get your cash flow back in the black.

Juggle Work and School
If you want or need to work, as Torian did and as many students do, try to balance it
with your academic work and goals. Thinking analytically and creatively, come up with
productive risks that bring your desired reward.

Establish your needs
Think about what you need from a job. Ask questions like these:
■ How much money do I need to make—weekly, per term, per year?
■ What time of day is best for me? Should I consider night or weekend work?
■ Can my schedule handle a full-time job, or should I look for part-time work?
■ Do I want hands-on experience in a particular field?

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