Transcript Nickels and Dimes

Nickels and Dimes
(and pennies too!)
BUDGETS
1.
2.
3.
4.
5.
6.
Breakdown expenses/revenues
Understand what you have to work with
Detail your non-negotiable needs
Goals should be established
Evaluate the numbers
Track the numbers!
1. Breakdown
expenses/revenues
 List
what you are spending
 Analyze
expenses by balancing your
checkbook/debit account
 Account
for all income sources,
including parents/financial aid
 Don’t
forget the little things!!!
How to balance debit accounts
1.
2.
3.
4.
5.
Start with your bank statement
Verify all the charges
Add in any deposits not shown
Subtract out any checks/debits not
shown
This new total number should match
the bank statement.
Example
Bank balance
$750.00
Add in 1 deposit
20.00
Subtract 2 debits
-13.00
New account total $757.00
2. Understand what you have to
work with
 Does
your revenue exceed your
expenses?
 If
 If
not, what can you do without?
yes, what will you do with the
excess?
3. Detail your non-negotiable needs
 If
expenses exceed revenue,
something needs to go! What are the
absolutes you cannot do without?
 Make
a list of possibilities to cut.
4. Goals should be established
Is a spring break trip
non-negotiable?
Savings should always be a goal
5. Evaluate the numbers
 If
your expenses exceed revenue and
you still have goals to meet, how will
you accomplish this?
A
part time job? Additional debt? Reevaluate goals?
6. Track the numbers
Once you have created a final budget,
keep track of your expenses. If the
budget isn’t working, you might have
to re-evaluate the numbers. If you
follow your budget closely….
CONGRATULATIONS!
Budgets
The following websites provide budget
templates:
www.aie.org/paying-for-college
financialplan.about.com
www.mint.com
Budget resources
Online resources
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•
Downloadable worksheets/templates
Payment Calculators
Trusted Advisors
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Parents/Family
Financial Planner/Accountant
At Hope College
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•
mymoney.hope.edu
Office of Financial Aid