650 likes | 753 Views
Budgeting Your College Education. Presented by: Beta Alpha Psi, Zeta Omega Chapter Ball State University. Introduction. Beta Alpha Psi is the most widely respected Honors Fraternity related to the Accounting industry.
E N D
Budgeting Your College Education Presented by: Beta Alpha Psi, Zeta Omega Chapter Ball State University
Introduction • Beta Alpha Psi is the most widely respected Honors Fraternity related to the Accounting industry. • Its purpose is to recognize outstanding achievements in accounting, to promote the study and practice of the profession, and encourage a sense of ethical, social, and public responsibility.
Today’s Presenters • Rebekah Rosenfield – President • Amy Whyde - Second Vice President • Sarah Burrell - Recording Secretary and Social Chair • Jack Colwell – Reporting Secretary • Mr. Robert Zellers - Director of Scholarships and Financial Aid, BSU
Why are Budgets Important? • Many goals in life are dependent on how we manage our finances. • Budgeting helps us: • Identify future expenses • Reveal our financial strengths and weaknesses • Set and achieve goals • Make better life decisions
Budget assuming…. Ball State University Delaware County resident Living situation = Resident Halls
Revenue • Determine your source of revenue • Parental Support • Work • Loans • Scholarships/Financial Aid • Savings • Determine approximately how much revenue you will have access to throughout the year • This amount will affect the categories and dollar amounts entered into your budget
Categories • Tuition • Additional BSU fees • Books • Room & Board • Additional Food • Car Insurance • Cell Phone • Transportation • Extracurricular Activities • Entertainment • Miscellaneous
Tuition • Based off of 2005-2006 School Year • $6,030 / year • Equals $670/mo. using a 9 month school year • Additional Information on Tuition costs, visit www.bsu.edu/students/admissions
Additional BSU Fees • Based off of 2005-2006 School Year • $533 / year • Health - $132/yr • Technology - $406/yr • Equals $60/mo. using a 9 month school year • Additional Information on fees, visit www.bsu.edu/students/admissions
Books • $520/term • About $144/mo • Varies with course load and major
Room & Board • Assuming • Delaware County Resident • Resident Halls Fees Are Waived, therefore, $0
Additional Food • Subject to personality • My “social circle” tended to veer away from the dorm food at least once a week, therefore I would budget $40/mo. ($10/week)
Car Insurance • Amount will be based off personal situation • Budgeted Amount $350/6mo. = $59/mo. (what I currently pay) • In comparison, using www.esurance.com and my current situation, quoted $435/6mo = $72.5/mo.
Cell Phone • Based off personal situation • Family Plan • Cell Phone Company • Additional Features • Budgeted Amount - $40/mo.
Transportation • Factor in rising gas prices, may have to adjust budget monthly • Assuming • Travel primarily in Muncie • Gas prices approx. $2.50/gallon • 5 gallons/wk X $2.50/gal. X 4weeks/mo. = $50/mo.
Extracurricular Activities • Examples • Greek Life • Intramural Sports • Beta Alpha Psi!! • $10/month • May seem small, but if you multiply it by 9months, that’s around $90 a year for this category • Your activities may vary in price, adjust accordingly
Entertainment • Everyone needs to get out and socialize, this usually does not come free • Movies • Bowling • Parties • $40/month (around $10/week)
Miscellaneous • Consider what is left in your revenue amount • Covers unexpected costs, such as car problems, prescription medicine, etc. (life is unexpected) • $20/month
Wrap Up • Categories/amounts are subject to individual needs/preferences • Variance column important • Shows possible adjustments to make in budget • Budgets only serve their purpose if you use them
Budget assuming…. Indiana University In-state Living situation = Resident Halls
Tuition • Based off of 2005-2006 School Year • $7,112/ year • Equals $790/mo. using a 9 month school year • Additional Information on Tuition costs, visit: • www.indiana.edu/~iuadmit/parents/cf_tuition.shtml
Additional IU Fees • Based off of 2005-2006 School Year • $820/ year • Activity: $67.36/term • Athletics: $15/term • Student Health: $92.69/term • Technology: $186/term • Transportation: $49.40/term • Equals $91/mo. using a 9 month school year • Additional Information on fees, visit: www.indiana.edu/~blbursar/body/docs/05-06FeeSchedule.pdf
Books • $520/term • About $144/mo • Varies with course load and major
Room & Board • Assuming • In-State Resident • Resident Halls • $5,616 to $7,164 • Average: $6,390
Additional Food • Subject to personality/preferences • Budget: $60 (subject to different prices and situation)
Car Insurance • Amount will be based off personal situation • Budgeted Amount $400/6mo. = $67/mo. • Situations will vary: • Use www.esurance.com for more accurate insurance quote
Cell Phone • Based off personal situation • Family Plan • Cell Phone Company • Additional Features • Budgeted Amount - $40/mo.
Transportation • Factor in rising gas prices, may have to adjust budget monthly • Assuming • Four trips at $30 • Gas prices approx. $2.50/gallon
Extracurricular Activities • Examples • Greek Life • Intramural Sports • Plays, musicals, etc. • Beta Alpha Psi!! • $60/month • 9 months school year: • $540/year • Prices vary
Entertainment • Everyone needs to get out and socialize, this usually does not come free • Movies • Bowling • Parties • $50/month (around $12.50/week)
Miscellaneous • What is left in your revenue account? • Covers unexpected costs, such as car problems, prescription medicine, etc. (life is unexpected-be prepared) • $30/month
Wrap Up • Categories/amounts are subject to individual needs/preferences • Variance column important • Shows possible adjustments to make in budget • Budgets only serve their purpose if you use them
Budget assuming…. Penn State University (University Park, PA) Out-of-state Living situation = Apartment + roommate
Tuition • Based off of 2005-2006 School Year • $21,260 / year • Equals $2,362/mo. using a 9 month school year • Additional Information on Tuition costs, visit: • http://tuition.psu.edu/Rates2005-06/TuitionAndFees2005-06.asp
Additional Fees • Based off of 2005-2006 School Year • $486/year • Activity: $52/term • Technology: $190/term • Equals $54/mo. using a 9 month school year • Additional Information on fees, visit: http://tuition.psu.edu/Rates2005-06/TuitionAndFees2005-06.asp
Books • $520/term • About $144/mo • Subject to vary
Rent & Utilities • Assuming living in apartment • Estimated $386/mo • Things to consider • Utilities - $50 • Cable TV & Internet - $50 • Washing clothes - $20
Food • Subject to personality/preferences • Budget: $404/mo (subject to different prices and situation)
Car Insurance • Amount will be based off personal situation • Budgeted Amount $400/6mo. = $67/mo. • Situations will vary: • Use www.esurance.com for more accurate insurance quote
Cell Phone • Based off personal situation • Family Plan • Cell Phone Company • Additional Features • Budgeted Amount - $40/mo.
Transportation • How are you going to get there and how many times are you going to come home? • Drive • Fly + bus for getting around • Factor in rising gas prices, may have to adjust budget monthly • Assuming • Gas prices approx. $2.50/gallon = $55 (500 mi) • One-way ticket = $280
Extracurricular Activities • Examples • Greek Life • Intramural Sports • Plays, musicals, etc. • Beta Alpha Psi!! • $80/month • 9 months school year: • $720/year • Prices vary
Entertainment • Everyone needs to get out and socialize, this usually does not come free • Movies • Bowling • Parties • Concerts • $60/month (around $15/week)
Miscellaneous • What is left in your revenue account? • Covers unexpected costs, such as car problems, prescription medicine, etc. (life is unexpected-be prepared) • $30/month
Wrap Up • Categories/amounts are subject to individual needs/preferences • Variance column important • Shows possible adjustments to make in budget • Budgets only serve their purpose if you use them