Academic Associates and
State University.
A Presentation on Off
Campus Housing Budgets
Principal Contributors: David Bailey,
Hillary Brantley, Teresa Bratcher, Anne
Torres, Joel Valley, and Sam Wilson.
TEAM A

PRESENT STATE
 Students who move out of their parents home
out on their own do not understand how to
budget their money effectively. This can
cause students to work too many hours and
have a negative impact on their school work.
DESIRED STATE
 Before moving out of their parent’s home,
State University provides students and their
parents with a model budget plan to manage
their finances. As a result of this plan,
students can work a reasonable number of
hours and achieve academic success.

Wants – Needs Analysis
Six #10's Keep good credit rating, high priorty, need to have car to get
CAR to school and work.
Averaged = 10
One -10, Three - 9's, and Two 8, Insurance in most states is a law, to
much risk to drive without insurance, accidents happen, banks will
require insurance for loan.
CAR INSURANCE
Averaged = 8.8
One -10, Two - 9's, Two 8 and One - 7, Gasoline need it to get to work
and school. There are options if you run out of gasoline, car pool, take
the bus.
GASOLINE
Averaged = 8.5
One -8, Two - 6, One - 5, and Two - 4, Most have school supplies
before spending money on friends, and entertainment, need supplies
School supplies to participate in school.
Averaged = 5.5
One -4, One - 2, and Four - 1's, Not necessary buy a radio, listen to
CD's radio in car, use MP3 player..
Averaged = 1.7

Wants – Needs Analysis
One - 6, One - 3, and Four - 2's, Should have some social life but limit
spending, stay home watch TV with friends, focus on school and work,
Movies with friends unwind a little.
Averaged = 2.8
One - 6, Four - 3, and One - 1, That is why you buy grocieries, should
have some social life but limit spending, could be figured in with
Eating our with friends grocery bill, maintain friendships, may be to busy anyways.
Averaged = 3.2
One - 8, Four - 7, and One - 4, Buy necessities then for dinner eat with
parents, important to have food, have to cut down on eating out,
Groceries groceries can be placed lower priorty make sacrifices.
Averaged = 6.7
One - 6, Four - 4, and One - 5, should have cleaning supplies to keep
place, you by inexpensive supplies and still be clean, one you have the
basic supplies they last a long time, need for good general hygiene.
Cleaning supplies
Averaged = 4.5
Two - 6, Three - 5, and One - 2, Don't want to be smelly (ripe), take
laundry to parents house, clean clothes at parents house, need clean
Laundry clothes for work and school, cleaning supplies bought to do laundry.
Averaged = 4.8

Time Line Chart
Time Frame TASK
One Year before School The Directors contract with Academic Associates for the creation of a
Begins Model Budget Plan
Nine Months Before School
Begins Academic Associates presents the Model Budget Plan to the Directors
Six Months Before School Student and parents have first discussion. Directors hold a workshop
Begins outlining Model Budget Plan
Six Weeks Before School The Directors meet with student and parents to review plan for final
Begins adjustments
Three Months After School Directors follow-up with students and parents to see how budget is
Begins working

State University Budget Plan for Off
Campus Students
CAR PAYMENT $200
CAR INSURANCE $35
GAS $50
SCHOOL SUPPLIES $10
CD'S $10
MOVIES WITH FRIENDS $15
EATING OUT WITH FRIENDS $40
GROCERIES $110
CLEANING SUPPLIES $20
LAUNDRY $10
VARIABLE COSTS
STUDENT LOANS $150
SHARED APARTMENT $350
FIXED COSTS
TOTAL $1,000

State University Budget Plan for Off
Campus Students
CAR PAYMENT $145
CAR INSURANCE $35
GAS $50
SCHOOL SUPPLIES $10
CD'S $10
MOVIES WITH FRIENDS $25
EATING OUT WITH FRIENDS $30
GROCERIES $110
CLEANING SUPPLIES $20
LAUNDRY $15
SAVINGS $50
VARIABLE COSTS
STUDENT LOANS $150
SHARED APARTMENT $350
FIXED COSTS
TOTAL $1,000

Car Payment
 Option One: Purchase car at $10,000 or
below with maximum $200/mth payment for
60 months
 Car should get 30MPG or better
 Car loan should be 7% or lower
 Option Two: Purchase car at $6,000 with
$145/mth payment for 48 months
 Car should get 30MPG or better
 Car Loan should be 7% or lower

Car Insurance
 Try to get a policy at the same company
parents are insured
 Shop around for comparable quotes
 See if you are still on your parents plan
 Try to get payment at $35/mth or lower

Gasoline
 With a car that gets 30MPG or better
 Get apartment within 5 miles of campus
 Get apartment within 5 miles of work
 This will allow for 120 miles of travel per week
 Should 4 gallons of gasoline at $3/gal for
$12/wk
 Friends will drive on nights of entertainment

School Supplies
 Paper
 Writing instruments
 Notebooks
 Misc supplies
 Put money in an envelope for each month,
and whatever doesn’t get spent rolls over to
the following month for larger expenditures

CD’s
 One per month
 Or 10 down loads

Movies with friends
 10 movies at the dollar theater with snacks
bought before hand
 5 Movie rentals at $3/per
 2 Movies at the Cinemark at $7/per with no
snacks
 Split cable bill with roommate, and have
friends over to watch movies

Eating Out with Friends
 Order Pizza to split the cost
 Split the cost of BBQ’s
 Figure in with grocery bill
 Go out to eat 4 times at $10/per

Groceries
 Purchase off brand items
 Purchase bulk foods
 Keep money in an envelope, and use leftover
funds for going out with friends
 Purchase shelf stable or frozen items
 Keep away from high priced specialty
departments (Deli, Bakery)
 Utilize Coupons

Cleaning Supplies
 Purchase off brand cleaners
 Only buy what you need
 Go for the all purpose cleaners to save from
buying cleaners directed at cleaning one part
of your apartment

Laundry
 Do occasional loads at parents house
 Get an apartment with a laundry site located
in or near your building
 Put change from other purchases into a cup
for Laundry

Budget Template Option 1
CAR PAYMENT $200
CAR INSURANCE $35
GAS $50
SCHOOL SUPPLIES $10 $10,000 CAR PURCHASED
CD'S $10
20%
MOVIES WITH FRIENDS $15 CAR PAYMENT
CAR INSURANCE
EATING OUT WITH 34% GAS
FRIENDS $40
SCHOOL SUPPLIES
4%
CD'S
GROCERIES $110 MOVIES WITH FRIENDS
5%
EATING OUT WITH FRIENDS
CLEANING SUPPLIES $20 1%
GROCERIES
VARIABLE 1%
CLEANING SUPPLIES
COSTS LAUNDRY $10 2% LAUNDRY
STUDENT LOANS
4%
STUDENT LOANS $150 11%
15% SHARED APARTMENT
1%2%
FIXED
COSTS SHARED APARTMENT $350
TOTAL $1,000

Budget Template Option 2
CAR PAYMENT $145
CAR INSURANCE $35
GAS $50
SCHOOL SUPPLIES $10 $6000 CAR PURCHASED
CD'S $10
CAR PAYMENT
CAR INSURANCE
4%
MOVIES WITH FRIENDS $25 13% GAS
5% SCHOOL SUPPLIES
EATING OUT WITH FRIENDS $30
CD'S
1%
34%
GROCERIES $110 MOVIES WITH FRIENDS
1% EATING OUT WITH FRIENDS
CLEANING SUPPLIES $20 3% GROCERIES
CLEANING SUPPLIES
4%
LAUNDRY $15 LAUNDRY
VARIABLE SAVINGS
COSTS SAVINGS $50 11% STUDENT LOANS
SHARED APARTMENT
2%
15%
5%
STUDENT LOANS $150
2%
FIXED COSTS SHARED APARTMENT $350
TOTAL $1,000

Summary
 We at Academic Associates want to thank the State
University for all the cooperation and support
throughout this budget modeling process.
 The budget models are going to allow your advisors to
point the students in the right direction when it comes
to setting up a budget for living on their own. The two
examples can let a student see the difference between
the choice a car costs makes on the overall budget.

Summary of Team Contacts
 Academic Associates Principal Contributors:
 David Bailey DAVID.BAILEY2@US.ARMY.MIL ,
 Hillary Brantley ,
hbrantley@my.devry.edu
 Teresa Bratcher ,
TERESA_BRATCHER@COMCAST.NET
 Anne Torres annemarie@woh.rr.com ,
 Joel Valley jcvalley2@yahoo.com ,
 and Sam Wilson SWI6699381@AOL.COM .