Your Financial PlanHow do I plan to pay for it?

A BUDGET?? What’s that?

How can a budget…

• …help you save $$$ for college?

• …manage your $$$ once you are there?

Break Down the Bill

What's It Going to Cost?

Video –https://bigfuture.collegeboard.org/pay-for-college/college-costs/college-costs-faqs

Tuition and Fees

• The actual costs of your education– May vary based on

• your academic program

• number of credit hours

– Full time / part time– In state ($8655)– Out of state ($21706)– Private ($29506)

Books and Supplies

• Course materials– Books– Supplemental materials (cds, workbooks, etc.)– Pens, paper, etc.

• Most colleges will provide an estimate on their website

• In 2012-13, the national average cost of books and supplies at four-year public colleges was $1200

• You probably should add in the cost of a computer and printer, plus ink & paper

Travel

• Not usually added to the budget unless you live more than a few hundred miles away from campus

• If a figure has not been provided, make your own estimate based on– the mode of transportation (air/bus/car) – how often you plan to travel

Personal & Travel Expenses

• A variety of expenses– Laundry – Cell phone – Keep careful track of these as they can quickly

build up

– However, the national average for four-year public colleges in 2012-13 was $2527

Other expenses

• Transportation– Car payment– Car insurance– Car maintenance– Parking fee– Gas– Bus or other options

• Medical insurance– School policy– Parents’ policy

• Entertainment/eating out/movies/concerts• Other stuff?????

INCOME??

• What sources do you have for income?

• What expenses do you anticipate?

Budget Data Organizer 

Income Sources:

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Expense Categories:

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Research

• HOMEWORK:– Using the Financial Plan Organizer:

• Estimate your income

• Focus on the two colleges researched

• Estimate your expenses

• Complete each cell • Some categories may be not applicable

Your Financial Plan

• Present the information in MLA format

• Remember to cite your sources

• Add these sources to the Works Cited Page you created for your College Research Essay

• You will be expected to create an all-inclusive Works Cited Page for your final portfolio