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Assignment 2: Part 2 – Creating a Budget, weekly expenses. Over the course of five days, document all your expenses in the second tab of the spreadsheet. Track your expenses by determining if they are a want v. need, prioritizing them, and categorizing them.

Remember to also include expenses that are paid over a longer period of time. For example, if you pay a monthly rent, calculate the cost of five days of rent (divide the total cost by 30 or 31 days, then multiply by five days). Include these costs in your spreadsheet.

You will use the spreadsheet that you downloaded for Assignment 2: Part 1 for this, but you’ll open the second tab at the bottom to access this sheet. Please ensure all tabs at the bottom of viewable, I review all tabs in this document to ensure consistency with your plan.

Then, in a 350 word reflection, answer the following:

What categories do you spend the most? What do you spend the least?

What was the total cost of your five-day expenses?

Subtract your expenses from your income (calculate a five day income by dividing your two week income by two). Do you have a surplus (extra money unspent) or a loss (spending more than you earned)?

What adjustments do you need to make to your weekly spending to reach your goals?

Were you surprised by the amount of money you spent? Why or why not?

What patterns did you see in your purchases?

How do you decide what you want to purchase?

What factors do you think impact your purchasing decisions?

Tuition Expenses
Amount
Notes
15 credits per term (in-state flat rate)
$
5,151.25 Flat tuition rate (12-17 credit per term).
General service fee
$
1,561.25 Covers fixed costs at the university.
Student life fee
$
Student government fee
$
Wellness fee
$
Total Tuition Expenses per Semester
$
School-Related Expenses
Amount
Textbooks
$
Course material fees
$
Parking permit
$
160.00 Commuter permit is $80.00 per semester.
Total School-Related Expenses per Semester
$
681.00
Other Expenses (Not School-Related)
Amount
Vehicle gas
$
166.20
Food
$
200.00 $50.00/week. Take-out/fast-food.
Supports facilities, programs and services that
promote student involvement.
Fee supports all clubs, organizations and
91.50
committees chartered through the SGA.
Covers costs associated with the Wellness Center
30.00
and counselling services.
354.00
7,188.00
Notes
Estimated costs of used book rented for 1 semester
for 5 classes.
Excludes lab equipment, musical instruments and
125.00
field trips.
396.00
Notes
$41.55/week. Used to commute to school and
work. Approx. 15 gallons @ $2.77/gallon.
Entertainment
$
100.00 $25.00/week.
Cell-phone
$
Total Other Expenses per Month
$
Financial Aid Debt
Amount
Scholarship
$
Direct subsidized loan
$
Total Financial Debt per Year
$
Income
Amount
Part-time job
$
166.23 15 hours/week @ $12.00/hour (taxable)
Total Income per Month
$
664.92
50.00
516.20 (Currently live with parents)
Notes
Flying First Scholarship – issued by Rowan
University. Does not have to be paid back.
0% APR – interest paid by government. 10 years to
7,500.00
repay.
1,000.00
12,500.00
Notes
Type
Name
Checking
Savings
ASSETS
Car value (https://www.kbb.com/whats-my-car-worth/?ico=a)
Home value (estimate only if you own your own home)
Stocks, bonds, or mutual funds
TOTAL ASSETS
INCOME
Monthly salary or wages after taxes and deductions (approximate if inconsistent)
Allowance or stipend from family/friends
TOTAL INCOME
Federal Subsidized Loans Total (include amount)

DEBTS
Federal Unsubsidized Loans Total (include amount and interest rate/percent)
Private Loans (include amount and interest rate/percent)
Car Loan (include total balance, monthly payment, and interest rate/percent )
TOTAL DEBTS
Monthly car payment
Rent or Mortgage Payment (with taxes & insurance)
Estimated monthly cost of food (or meal plan cost)
Estimated monthly cost of personal expenses (entertainment/cell-phone)
REGULAR EXPENSES
Subscription based services (ex: Spotify, Amazon Prime, Gym Membership)
Parking Permit
Textbook or course material fees
Tuition expenses (including all other fees)
Monthly health, car, or rent/home insurance
Gas
TOTAL EXPENSES
Amount
Weekly, Monthly, Semesterly, or Yearly
Notes
$

N/A
No checkings account created as yet.
$

N/A
No savings account created as yet.
$

N/A
Currently using parent’s vehicle.
$

N/A
Currently staying with my parents.
$

N/A
No stocks or bonds created as yet.
$

$
664.92 Monthly
$

$
664.92
N/A
Average monthly income based on wage.
Not receiving an allowance from family.
$
12,500.00 Yearly
$

N/A
Loan completely subsidized.
$

N/A
No loans created.
$

N/A
Currently using parent’s vehicle.
$
Total subsidy.
12,500.00
$

N/A
Currently using parent’s vehicle.
$

N/A
Currently staying with my parents.
$
200.00 Monthly
Consists of take-away expenses.
$
150.00 Monthly
Consists of entertainment and cellphone.
$

N/A
Parents pay for this facility.
$
160.00 Semester
Commuter permit active.
$
521.00 Semester
Average estimated expenses.
$
7,188.00 Semester
$
$
$

N/A
166.20 Monthly
8,385.20
Inclusive of all fees.
Parents pay for this facility.
Average costs per month based on
/gallon.
1. Assets
I currently do not own any assets as I’m a student living with my family.
Once qualified, I will invest in a vehicle and then a home.
This investment will be based on my earnings as a qualified person.
2. Income
I currently have a part-time job for 15 hours in a week @ $12/hour.
These earnings is used to pay for my monthly expenses – food, entertainment, cell-phone, permits and gas.
I do not receive an allowance but my parents pay for my other monthly expenses.
3. Debt
My student loan is currently subsidized based on my criteria selection.
I have 10 years to pay off this debt, whilst remaining interest-free.
My priority will be to pay this off as soon as possible after qualification.
4. Expenses
As mentioned above, I cover my general expenses with my weekly earnings at my part-time job.
My tuition fees is covered by subsidized loan, as well as additional payments by my parents.
The remaining tuition requirements, such as textbooks, course material, etc., is covered by my scholarship.
I do not pay anything towards a vehicle or my home as my parents cover these expenses.

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