College Budget

1. NGPF Activity Bank
Paying for College
Spanish version
Monthly College Budget
In this activity you will:
➔ Make decisions around saving and spending during college
➔ Create a budget for the first year of college
www.ngpf.org Last updated: 9/24/21 1

2. STEP 1:
Make yourself an editable copy of this Monthly College Budget
Spreadsheet
Download and “File Save As” to your desktop.
You will use your copy of the worksheet to record all the work for this
activity.
1How To: Entering & Editing Data
NGPF Activity Bank
Paying for College
2

3. DIRECTIONS for EACH STEP:
A. Read the text on the slide
B. Make a choice based on the info from that slide
C. Record your dollar amount on the Monthly Budget spreadsheet in
the appropriate row for that step
a. Your dollar amounts will go in YELLOW boxes in column D
b. Non-yellow boxes will update automatically.
D. Write a brief description of the choice you made, based on the
slide’s info, in column E
Repeat for each slide
NGPF Activity Bank
Paying for College
3

4. Initial Funds Available
NGPF Activity Bank
Paying for College
4

5. STEP 2: Starting Balance
If your financial aid package is larger than your tuition and room &
board, you may receive a "refund." Other students choose to take out
loans to cover transportation, books, and other day-to-day expenses.
Some receive a lump sum or monthly cash from their parents. In this
"Starting Balance" category, we'll assume you have $3900 from one of
these sources to spend for the year.
Record on your budget spreadsheet under STEP 2 Starting Balance
NGPF Activity Bank
Paying for College
5

6. STEP 3: Gifts
Relatives and family friends attend your high school graduation party,
and you generously receive $1200 in cash to help you start freshman
year.
Record on your budget spreadsheet under STEP 3 Gifts
NGPF Activity Bank
Paying for College
6

7. STEP 4: Savings
You’ve worked off and on throughout high school, plus you’ve saved
some holiday money over the years, and your savings account has a
balance of $625.
Record on your budget spreadsheet under STEP 4 Savings
NGPF Activity Bank
Paying for College
7

8. INITIAL FUNDS AVAILABLE
The sum of STEPS 2, 3, and 4 is the total amount of money you have at
the start of the semester.
It’s calculated automatically in Initial Funds Available
NGPF Activity Bank
Paying for College
8

9. Upfront Costs
NGPF Activity Bank
Paying for College
9

10. STEP 5: Laptop
You’ll need a new laptop to take to college. Choose one of these
options:
Record on your budget spreadsheet under STEP 5 Laptop
Bargain Laptop $400
Mid-range Laptop $820
High-end Laptop $1200
NGPF Activity Bank
Paying for College
10

11. STEP 6: Dorm Supplies
Before arriving at college, you’ll need to purchase supplies (sheets,
towels, etc.) and maybe decorations for your dorm. Choose one of
these general plans:
Record on your budget spreadsheet under STEP 6 Dorm Supplies
Thrifty Spending $315
Average Spending $550
Luxury Spending $736
NGPF Activity Bank
Paying for College
11

12. STEP 7: Clothes
Time to decide whether you’ll get a new backpack, shoes, and clothes
to take to campus with you. Choose one option:
Record on your budget spreadsheet under STEP 7 Clothes
New backpack & minimal other items $100
Backpack & a few new items to spice up wardrobe $224
Shopping spree $500
NGPF Activity Bank
Paying for College
12

13. STEP 8: Travel
How much will it cost, per semester, to travel between school and
home? We will set those aside now.
Record on your budget spreadsheet under STEP 8 Travel
NGPF Activity Bank
Paying for College
13
Below-average travel $275
Average travel costs $450
Above-average travel $700

14. STEP 9: Books
You check your course syllabi online and figure out which books you’ll
need for your first semester classes. What will you buy?
Double this amount because you will have to buy books again in the
second semester
Record on your budget spreadsheet under STEP 9 Books
Digital Versions $240
Used Books $310
New Books $620
Paying for College
NGPF Activity Bank
14

15. STEP 10: Course Fee
One of your first-semester courses is biology, and there’s a mandatory
1-credit lab that accompanies it. While the course is covered by
tuition, there is an $85 fee -- not covered by tuition -- for your goggles,
dissection tools, and specimens.
Record on your budget spreadsheet under STEP 10 Course Fee
NGPF Activity Bank
Paying for College
15

16. STEP 11: Emergency Fund
You know something unexpected could come up, so you want to have
some money set aside for an emergency. Choose an amount you’re
comfortable with:
Record on your budget spreadsheet under STEP 11 Emergency Fund
$250 $400 $550 $700 $850
NGPF Activity Bank
Paying for College
16

17. UPFRONT COSTS
The sum of STEPS 5 - 11 is the total cost of items you will use to
start the semester. For the most part these are one-time costs,
not monthly expenses, so you pay them at the beginning.
The total is calculated automatically in Upfront Costs
NGPF Activity Bank
Paying for College
17

18. Monthly Available Funds
NGPF Activity Bank
Paying for College
18

19. Funds to Start the Semester
The difference between your Initial Funds Available and your Upfront
Costs is the amount of money you have leftover to budget for the
semester.
The difference is calculated automatically in Funds to Start the
Semester
NGPF Activity Bank
Paying for College
19

20. Monthly Allowance from Funds to Start the Semester
In order to know how much you can budget per month, you divide
your Funds to Start the Semester by 9 months of the full school year.
The monthly amount is calculated automatically in Monthly Allowance
from Funds to Start the Semester
NGPF Activity Bank
Paying for College
20

21. STEP 12A: Choose a work option
NGPF Activity Bank
Paying for College
21
Job Description Pay
Gross
Monthly Pay
No work during first semester N/A $0
Volunteer at youth center 5 hrs/wk Unpaid $0
Internship with local business in your
major
$900 stipend for the school
year
$100
On-campus work-study job $10/hr for 10 hrs/week $400
Department store sales job $7.25/hr but must work 20
hrs/week
$580

22. STEP 12B: Monthly Net Pay
Use the ADP Salary Paycheck Calculator to find your Net Monthly Pay
(the money you actually take home each month, after taxes). To use
the calculator correctly, use these values:
State = where you’ll be for college
Gross Pay = Your Monthly Gross Pay
Gross Pay Method = PER PAY PERIOD
Pay Frequency = Monthly
Leave all other values as they are, and click CALCULATE.
Record on budget spreadsheet under STEP 12B Net Monthly Pay
NGPF Activity Bank
Paying for College
22

23. MONTHLY AVAILABLE FUNDS
The sum of your Monthly Allowance and your Net Monthly Pay is the
amount of money you have available to budget for each month.
The value is calculated automatically in Monthly Available Funds
NGPF Activity Bank
Paying for College
23

24. Monthly Expenses
NGPF Activity Bank
Paying for College
24

25. STEP 13: TV Time
Your roommate has a sweet TV they’re willing to share with you in the
dorm room, but they want to split the cable bill. What will you do?
Record on your budget spreadsheet under STEP 13 TV Time
Pay half the starter/mid-level cable bill $40
Pay half the premium cable bill $65
Buy 1, 2, or 3 streaming packages instead $12 per package
Only watch free TV $0
NGPF Activity Bank
Paying for College
25

26. STEP 14: Cell Phone
Your parents decided that you are in charge of your own cell phone bill
while in college.
Record on your budget spreadsheet under STEP 14 Cell Phone
Your portion of a family plan $25
Prepaid plan $40
Unlimited plan $70
Or, if your current bill is something else, use that but no
saying “FREE! - My parent pays!”
your current monthly
rate
NGPF Activity Bank
Paying for College
26

27. STEP 15: Transportation
You’re going to live on campus, but there may be times you want to go
off campus. Decide which option you’ll use:
Record on your budget spreadsheet under STEP 15 Transportation
Free shuttle (limited off-campus stops) $0
City buses $5 roundtrip * 4 rides/month = $20
Take Zipcar, Uber, or Cab Rides $20 roundtrip & 4 rides/month = $80
Bring a car to campus $40 parking + $125 gas, maintenance,
insurance = $165
NGPF Activity Bank
Paying for College
27

28. STEP 16: Fraternity/Sorority Dues
Your college has an active Greek Life system.
● If you think you’ll join, budget $234 in dues, fees, events, and
other costs = $26 per month.
● If you won’t pledge, $0.
Record on your budget spreadsheet under STEP 16 Fraternity/Sorority
NGPF Activity Bank
Paying for College
28

29. STEP 17: Campus Sports
Your college is Division I for sports, and going to the games is a
popular social event on campus.
● If you think you’ll attend, budget $30 for tickets and food.
● If you will not attend, $0.
Record on your budget spreadsheet under STEP 17 Campus Sports
NGPF Activity Bank
Paying for College
29

30. STEP 18: On-Campus Fun
Every night of the week, the campus hosts different events such as
speakers, concerts, poetry slams, etc. While some are free, others cost
a small fee of $5 per event. When students attend, they usually spend
about $10 in snacks & drinks, too.
On-Campus Fun = ($15) x (# of events you’ll attend per month)
Record on your budget spreadsheet under STEP 18 On-Campus Fun
NGPF Activity Bank
Paying for College
30

31. STEP 19: Dining Out
Any time you eat outside the cafeteria meal plan, it’ll cost money. This
includes on-campus eateries, fast food, dinners out with friends, etc.
Use the chart below to estimate your monthly costs.
Record on your budget spreadsheet under STEP 19 Dining Out
$5/meal $10/meal $15/meal $20/meal
2 meals/month $10 $20 $30 $40
1 meal/week $20 $40 $60 $80
2 meals/week $40 $80 $120 $160
NGPF Activity Bank
Paying for College
31

32. STEP 20: Off-Campus Fun
You’ll most likely want to be social while in college. If you think you’ll
do any of the following off-campus events, budget in a realistic cost:
● Movies, Concerts, Clubs, Pro sporting events, Amusement parks,
Recreation (lasertag, ice skating, …), Weekend trips, etc.
Record on your budget spreadsheet under STEP 20 Off-Campus Fun
NGPF Activity Bank
Paying for College
32

33. STEP 21: Supplies
During the semester, you’ll need basic supplies. This can include
toiletries, snacks/beverages for the dorm room, pens/paper, etc.
● Conservatively budget $25 per month for this.
● If you know you’ll spend more, enter a larger amount.
● You cannot enter $0 here -- you WILL have some monthly
purchases.
Record on your budget spreadsheet under STEP 21 Supplies
NGPF Activity Bank
Paying for College
33

34. STEP 22: Laundry
Your dorm has washing machines and dryers that you pay quarters for
each load. Budget $10/month for the machines & laundry supplies.
Record on your budget spreadsheet under STEP 22 Laundry
NGPF Activity Bank
Paying for College
34

35. STEPS 23, 24, 25: Discretionary Spending
At this point in the budget, add in any other monthly costs you want to
prioritize. Possible examples, though there are others:
Or, enter $0.
Record on your budget spreadsheet in steps 23, 24, 25.
Clothes Shoes Electronics Gifts
Salon Gym membership Hobbies Subscriptions
(Spotify, Apple
music, etc)
NGPF Activity Bank
Paying for College
35

36. MONTHLY EXPENSES
The sum of your monthly expenses in STEPS 13 - 25 represent your
Monthly Expenses. These are areas you can decrease if you find
yourself over-budget.
The value is calculated automatically in Monthly Expenses
NGPF Activity Bank
Paying for College
36

37. MONTHLY BALANCE
Your Monthly Balance is the difference between your Monthly Income
and your Monthly Expenses.
● Do you spend less than your income? You have a surplus, or
money left over -- that’s good!
● Do you spend more than you have in your budget? You have a
deficit, or expenses not covered by your income -- that’s bad!
NGPF Activity Bank
Paying for College
37

38. REVISIONS:
● If you have a deficit in your Monthly Balance, you must revise until
you have a surplus.
● If you have a HUGE surplus (>$175), you should also revise. Is your
budget actually realistic? Should you work as much as you
planned?
● As you do revisions, be sure to:
○ Go back to the slide and follow the guidelines. Don’t just type
random $ into the spreadsheet.
○ Be sure to change your Description of your Choice for each
item you change.
NGPF Activity Bank
Paying for College
38

39. NGPF Activity Bank
Paying for College
39
REFLECTION:
1. Now that you’ve created this practice budget, what would need to
change and how, for you to create your own monthly college
budget?
2. Why might it be important to discuss your monthly college budget
with your parents before arriving on campus?
3. What strategies would you use to stick to your budget, rather than
giving into peer pressure to spend more at college?
4. How would your budget need to change for second year and
onward?