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Team C

Team C. Barry Owens, Brian Hare, Matt Ferry, Nelson Torres, Shante Lee .

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Team C

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  1. Team C Barry Owens, Brian Hare, Matt Ferry, Nelson Torres, Shante Lee

  2. Present state: Students who move out of their parents home out on their own do not understand how to budget their money effectively. This can cause students to work too many hours and have a negative impact on their school work Desired State: Before moving out of their parent's home, State University provides students and their parents with a model budget plan to manage their finances. As a result of this plan, students can work a reasonable number of hours and achieve academic success.

  3. Implementation Timeline

  4. Food and Groceries Needed Budget Item Budget Amount: $175 Maintain a healthy lifestyle

  5. Personal Hygiene and Fitness Needed Budget Item Budget Amount: $80 Maintain Personal Appearance and Health

  6. Transportation Needed Budget Item Budget Amount: $65 Ability to get around, Walking distance has a limit

  7. School Supplies Needed Budget Item Budget Amount: $16.50 Maintain supplies required for classes

  8. Laundry Needed Budget Item Budget Amount: $13.50 Clean clothes are important

  9. Household Items Needed Budget Item Budget Amount: $20 Cleaning supplies to maintain living conditions

  10. Cell Phone Wanted Budget Item Budget Amount: $80 Stay in touch with family and friends

  11. Clothes Wanted Budget Item Budget Amount: $40 Replace Damaged or worn out articles To maintain personal appearance

  12. Entertainment Wanted Budget Item Budget Amount: $35 Stress Relieve, and Social Life

  13. Emergency Wanted Budget Item Budget Amount: $25 Plan for the unexpected

  14. Interest Rates • Every student should be wary of credit card interest rates. Especially the introductory ‘teaser’ rates(Fit, 2010). • Don’t be too hasty to get a charge card from a private retailer because these rates tend to be the highest(Gro, 2006).

  15. Credit Reports • The Major Credit Reporting Agencies: Equifax, Experian and TransUnion • It is important to check your credit report because 70% of reports have errors (Cla, 2011)

  16. Money Management • It’s important to keep your receipts or to write down what you spend. • This makes it easier to balance your books at the end of the month (Loe, 98).

  17. References • Fitzgerald, K. (2010). Consumers at risk from soaring private-label credit card rates, lawmaker says. CardLine, 10(48), p. 2. Retrieved January 16, 2011, from EBSCOhost. • Gross, Karen (05/08/2006). Money sense credit reports and credit score In hiring decision: is it a good idea? Fairfield county business journal, p.7 Print. (01/23/10) from EBSCOhost database. • Claude, S. (n.d). Taking charge of your credit score. Long Island Business News (Ronkonkoma, NY), Retrieved January 16, 2011, from EBSCOhost. • Loeb, M. (1998). Creating a personal budget you can live with. Business News New Jersey , Vol. 11 (Issue 9), pg. 16. Retrieved from EBSCOhost.

  18. Summary In conclusion If college students learn how to budget their money before leaving home they will be far better off on campus. Thank you all for watching our presentation!

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