Planning & Budgeting For College

Comments & Worksheets

A college education represents one of the most significant investments that you will make in your lifetime. Not only are you committing 4 or 5 years (or more in some cases) to the completion of a degree, you are also committing many thousands of dollars.

Planning ahead and budgeting the funds you have will minimize the financial burden. The following comments include a number of links and budgeting worksheets to help you get started.

Some Points to Keep in Mind:

1. There are many sources of scholarship, grant, and assistance monies.
2. Co-operative education programs offer paid work quarters.
3. Budgeting is essential for most students - yet many don't!
4. It is wise to estimate expenses on the high side. The unexpected happens!
5. Should you wish to purchase a computer compatible with Applied Science Curriculum, please take a moment to check our minimum computer requirements .
6. College graduates with bachelor degrees earn more than $1,000,000 in their careers than non-graduates on average.

Figuring Income - or What I Have to Spend.

Budgeting is the balancing of income against expenses - and this starts with income. Your sources of income each quarter include: work (summer jobs, co-op employment, part-time employment and odd jobs), scholarships, grants, and gifts or allowances. Should these fall short, it is time to draw upon personal savings and/or family contributions (if available). Add all of these together.

Figuring Expenses - or Where is all the money going?

Expenses start with what it takes to live - room & board (food), transportation, incidentals (clothing, toiletries, snacks, etc.), plus expenses for entertainment and socializing . Add to these your tuition, fees, and books and you have a good picture of your expense needs.

Your "Bottom Line"

Subtract expenses from income. If the result is a positive number (income greater than expenses), congratulations... You are financially set for the quarter. If the result is a negative number (expenses greater than income), start looking at alternatives... Can some expenses be deferred or eliminated? Can income be supplemented with loans? Credit cards are not recommended for loans as their interest rates are usually 2 to 5 times those of banks or government programs.

Worksheets

Five Year planning spreadsheet - Adobe Print Version or Excel Spreadsheet

Full Year budget spreadsheet - Adobe Print Version or Excel Spreadsheet

Fall Quarter spreadsheet - Adobe Print Version or Excel Spreadsheet

Winter Quarter spreadsheet - Adobe Print Version or Excel Spreadsheet

Spring Quarter spreadsheet - Adobe Print Version or Excel Spreadsheet

Summer Quarter spreadsheet - Adobe Print Version or Excel Spreadsheet