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CRLE Step 3

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  • 1. Personal Finance Management Career Related Learning Experience Step 3Now that you have decided on what career you are looking into and some differentoptions for getting there, it is time to calculate the costs and make a plan for gettingthere. This step would be best done with bullet points or an excel worksheet, whicheverway works best for you to present this information to me.1. Choose a college and create a list of expenses for each year until graduation. (Graduation is the completion of whatever degree or training that is required for your career!) A. Where to live? i. List your options and include costs – Live at home? Will you pay rent at home? On-campus, off-campus (if allowed by your school)? Roommates? etc.. ii. If you chose to live on-campus, what arrangements will you make for summer break? iii. List transportation costs for each living situation and consider the location of your school. 1. Do you need a car? If so: a. $1,500.00 a year for insurance (minimum) b. $500 a year for maintenance (hopefully) c. $100 a year for a parking permit d. 25mpg and $3.85 a gallon for gas 2. If not: a. What is the cost of alternate transportation for routine trips (bus fare, taxi, etc.) b. Is the bus free for your college? B. What is the total cost of college tuition per year? C. What is the total cost of books and fees per year? D. How much will you spend on food, clothing, “educational” electronics, etc. per year? E. What other costs do you need to plan for per year? F. Add all the costs. Multiply this number by the number of years you will be in college.Some important considerations: 1. Does the college have mandatory freshman residency requirements for living in the dorms?
  • 2. 2. Is there enough parking space to realistically bring a car? Does the college encourage you not to bring a car? 3. Be conservative in your estimates, if you are use to buying $100 pair of jeans, $50 isn’t probably enough of a budget for clothes.Next you are going to need to make some educated guesses and do some moreresearch…Go to http://www.finaid.orgRead about scholarships and loansUse the information provided under loans to estimate your college debt upongraduation.To present this information, list these costs in a table or spreadsheet so that they makesense to you and those reading the table. Be creative and really think through youranswers.

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