Page 323 - Keys to 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 ANNUAL
EXPENSES EXPENSES 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, toll
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 dentist 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

286