PURPOSE: Students review a financial situation and brainstorm budgeting ideas. This critical assignment provides students with the tools to budget and manage their finances both in the short term and long run.
INSTRUCTIONS: Your entire life just changed based on your decision to attend college. This decision impacted many areas of your daily life, including your finances. You are now responsible for the additional costs associated with college (clothing, school supplies, gas for transportation, fewer work hours to allow for class, etc.). So, how do you deal with the additional expenses? Budgeting is critical, and this is not a skill that everyone possesses. This assignment is worth 25 points.
- For this assignment, you will review a sample budget that your friend Steven has created. Steven needs some help with his budget. Since starting to college, Steven had to cut back his work hours and he is no longer able to pay all of his bills.
- Review the attached Budget Calculator Worksheet which contains all of Steven’s financial information.
- Complete the questions on the Budgeting Worksheet.