Budgeting Costs

1
Budgeting Costs

• How, Why, When and What to Include

2
Implementing an Effective Financial Plan

• A graduate education requires a substantial
  financial commitment
• It is important to understand the serious nature
  of the financial obligation you are undertaking
  and what it will mean to you in the future
• Be PROACTIVE-borrow to meet your needs, not your
  wants develop a sensible budget and stick to it!

3
What is a Budget?

• A budget is a written plan to help you to spend
  your money wisely
• Prepare a budget worksheet by making one yourself
  or by using a pre-made form
• To create your own budget worksheet, write down
  your resources in one column and your expenses in
  another column. Then, compare the two
• Or, log on to www.pcom.edu, select financial aid,
  then select living expense worksheet to obtain a
  pre-made form

4
Cost of Attendance

• Cost of Attendance includes allowances for
  tuition, books, fees, room and board,
  transportation and miscellaneous personal
  expenses
• Begin by determining how much you will need to
  meet your Cost of Attendance for each academic
  year
• Track incidental expenses. You know where the
  bulk of your money is going, but what about those
  little extras?
• Small things can really add up and this is where
  your start cutting back if you find your
  resources are not enough to cover your expenses

5
Living on a Budget

• Define your wants verses your needs
• Find one or more roommates to share housing and
  other living expenses
• Consider reducing entertainment expenses, such as
  dining out
• Dont be tempted by your friends spending habits
• Refrain from taking on further consumer debt,
  such as credit cards
• Dont spend money around the plans your make
  make plans around the money you have after all
  your financial obligations are met
• Shop smart and spend less
• Buy and sell used textbooks

6
Living on a Budget (cont)

• Shop around for a reasonable cell phone plan
• Bike, walk or take public transportation when
  possible
• As much as possible, prepare meals at home and
  bring your own lunch
• If your calculation shows available discretionary
  income, consider reducing what you plan to borrow
• Learning how to manage your budget in college,
  will help you immensely. The decisions you make
  early on, will effect you in later life

7
Living on a Budget (cont)

• Save money by working during school breaks
• The objective is to make your money last from one
  disbursement date to the next and from one
  paycheck to the next
• Determine if you can afford to repay what you are
  borrowing in education loans by estimating what
  your future out-of-school budget will be once you
  have graduated and are working in your chosen
  profession

8
Additional Information

• There are many websites with information
  available to you regarding budgets
• One option is to visit your Lenders website to
  get additional information