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Budget Planning Worksheet

INCOME: Enter all applicable sources of income that will be available to you during your first
year of college. Include the amount you plan to receive and the frequency with which you will
receive this money (EX: weekly, monthly, yearly) and indicate the total amount received for your
first year of college. Refer to the examples provided.

INCOME SOURCE AMOUNT/ FREQUENCY TOTAL RECEIVED


EX: Employment $200/Weekly $10,400=(52 weeks x $200)
EX: Parent Contribution $1,000/Yearly $1,000

Employment - -
Parent Contribution $150/Monthly $1,800
Gifts ? ?
Savings Account - -
Scholarships ? ?
Grants $6,666/Term $13,332
College Savings Plan -
Student Loans $2,750/Term $5,500
Other Income - -
Total Income AT LEAST $10,316/Term AT LEAST $20,632/Term

EXPENSES: Enter all anticipated expenses during your first year of college. Include the
frequency with which you will receive this money (EX: weekly, monthly, yearly) and indicate
the total amount received for your first year of college. Include the amount you plan to pay and
the frequency with which you will pay this money (EX: weekly, monthly, yearly) and indicate
the total amount paid for your first year of college. Refer to the examples provided.

EXPENSES AMOUNT/ FREQUENCY TOTAL PAID


EX: Tuition $2,500/Twice yearly $5,000 (2 x $2,500)
EX: Rent $500/Monthly $6,000 (12 months x $500)
SCHOOL EXPENSES
Tuition $478.50/Monthly $5,742
Books $154.50/Monthly $1,854
Fees $158.83/Monthly $1,906
Parking Pass $53.58/Monthly $643
Computer $25/Monthly $300
School Supplies $116/Monthly $1,392
Other - -
HOUSING & SUPPLIES
On Campus Housing $1,102/Monthly $13,228
Off Campus Housing $1,107/Monthly
Furnishings ? $13,294
House Supplies $50/Monthly ?
Laundry $25/Monthly $600
Toiletries $40/Monthly $300
Other - $480
-
TRANSPORTATION
Trips Home - -
Bus/Transit Pass $75/Monthly $900
Car Payments - -
Car Insurance - -
License & Registration - -
Car Maintenance - -
Fuel - -
Other - -
FOOD
Campus Food Plan - -
Groceries $150/Monthly $1,800
Eating Out $150/Monthly $1,800
Other - -
UTILITIES
Cell Phone $40/Monthly $480
Phone (Landline) - -
Internet $40/Monthly $480
Gas/Electric $35/Monthly $420
Water $35/Monthly $420
Cable - -
Other - -
MEDICAL
Medical Insurance - -
Dental Insurance - -
Prescriptions - -
Eye Glasses/Contacts - -
Other - -
PERSONAL
Entertainment $40/Monthly $480
Hobbies $150/Monthly $1,800
Clubs - -
Gifts - -
Pets $150/Monthly $1,800
Clothing $50/Monthly $600
Vacation - -
Childcare - -
Other - -
FINANCIAL
Credit Card - -
Car Loan - -
Student Loan $458/Monthly $5,500
Savings $66/Monthly $792
Other - -
INCOME TAX: In this section you will calculate the amount of income tax you will pay to
the state and federal government. Your tax bracket is based on the amount of income from
employment listed in the income section above. For example, if you make $15,000, you would
pay 2% of that amount to the state government and another 10% to the federal government.
EX: To find state income tax on $15,000, change 2% into a decimal and multiply.
State Income Tax= 15,000 (0.02)= 300
Federal Income Tax- 15,000 (.10)=1,500
*The total amount of income tax that you would pay on $15, 000 is $1,800.
CA State Income Tax - -
$0+ 1%
$7,582+ 2%
$17,976+ 4%
$28,371+ 6%
$39,384+ 8%
$49,774+ 10.3%

Federal Income Tax


$0+ 10%
$8,925+ 15%
$36, 250 25%
$87, 850 28%
-$4,749.11/Monthly -$57,011
Total Expenses