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Try It! Essay - Creating a Budget

Most college students live on a limited budget. While room and board are generally covered in initial expenses, most students need some additional food or snacks in order to keep up their energy. Personal items need to be purchased regularly unless they are sent from home. Books, notebooks, pens, an Internet Service Provider (ISP), and other study items are essential in order to be a successful student. Do you know how much money it really takes to support yourself for a semester?

In this exercise, a basic budget is prepared for you but you need to determine what expenses you will incur and select items that will keep you within that budget. Regardless of who pays for your tuition, room, and board, they are essential expenses for keeping you in school. Therefore, you should consider those items as expenses regardless of who pays for them.

Note: All expenses are based on figures for the 2000-2001 academic year and are estimates based on figures gathered from several different schools in each category. Your specific expenses may differ from these depending on many things such as your particular course of study, the type of transportation you need (your own car? public transportation? bike? skateboard?) or your expected style of living.

Select:
     

While budgets are difficult to maintain, they are crucial to keeping your financial status in order. Having completed the simulation budget above, consider now, how you might better manage your money. Answer the following questions, then compare your answers to those of other students who are taking this course.

1. Do you find yourself with little or no money left in your bank account at the end of a month?
Never
Sometimes
Always

2. Are you willing to work at least some of the time during the school year to help support yourself?
Yes
No

3. Do you feel working negatively impacts on your studies?
Yes
No

4. If you went over your budget allotment in the exercise above, which item would you be LEAST willing to eliminate in order to keep within your financial limits?
Extended cable
Cell phone
ISP provider
Entertainment
Snacks
Credit card

5. Do you currently keep within your allotted budget?
Yes
No

Note:
   You may want to print this out before you submit it to record your answers.

To just view the results,  
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