Budget Planning Worksheet

INCOME: Enter all applicable sources of income that will be available to you during your first
year of college. Include the amount you plan to receive and the frequency with which you will
receive this money (EX: weekly, monthly, yearly) and indicate the total amount received for your
first year of college. Refer to the examples provided.

INCOME SOURCE AMOUNT/ FREQUENCY TOTAL RECEIVED

EX: Employment $200/Weekly $10,400=(52 weeks x $200)
EX: Parent Contribution $1,000/Yearly $1,000

Employment None
Parent Contribution $5,000/Yearly $5,000
Gifts $100/Yearly $100
Savings Account None
Scholarships None
Grants None
College Savings Plan None
Student Loans None
Other Income None
$5,100

Total Income

EXPENSES: Enter all anticipated expenses during your first year of college. Include the
frequency with which you will receive this money (EX: weekly, monthly, yearly) and indicate
the total amount received for your first year of college. Include the amount you plan to pay and
the frequency with which you will pay this money (EX: weekly, monthly, yearly) and indicate
the total amount paid for your first year of college. Refer to the examples provided.

EXPENSES AMOUNT/ FREQUENCY TOTAL PAID

EX: Tuition $2,500/Twice yearly $5,000 (2 x $2,500)
EX: Rent $500/Monthly $6,000 (12 months x $500)
SCHOOL EXPENSES
Tuition $2,500/Yearly $2,500
Books $300/Twice yearly $600 (2 x $300)
Fees $10/Monthly $120 (12 months x $10)
Parking Pass $100/Yearly $100
Computer $1,000 $1,000
School Supplies $200/Yearly $200
Other None
HOUSING & SUPPLIES
On Campus Housing None
Off Campus Housing None
Furnishings None
House Supplies None
Laundry None
Toiletries None
Other None
TRANSPORTATION
Trips Home None
Bus/Transit Pass None
Car Payments None
Car Insurance None
License & Registration None
Car Maintenance None
Fuel None
Other None
FOOD
Campus Food Plan None
Groceries None
$520=(52 weeks x $10)
Eating Out $10/Weekly
Other None
UTILITIES
Cell Phone None
Phone (Landline) None
Internet None
Gas/Electric None
Water None
Cable None
Other None
MEDICAL
Medical Insurance None
Dental Insurance None
Prescriptions None
Eye Glasses/Contacts None
Other None
PERSONAL
Entertainment $60/Monthly $720 (12 months x $60)
Hobbies None
Clubs None
Gifts $50/Monthly $600 (12 months x $50)
Pets $35/Monthly $420 (12 months x $35)
Clothing $150/Yearly $150
Vacation None
Childcare None
Other None
FINANCIAL
Credit Card None
Car Loan None
Student Loan None
Savings None
Other None
INCOME TAX: In this section you will calculate the amount of income tax you will pay to
the state and federal government. Your tax bracket is based on the amount of income from
employment listed in the income section above. For example, if you make $15,000, you would
pay 2% of that amount to the state government and another 10% to the federal government.
EX: To find state income tax on $15,000, change 2% into a decimal and multiply.
State Income Tax= 15,000 (0.02)= 300
Federal Income Tax- 15,000 (.10)=1,500
*The total amount of income tax that you would pay on $15, 000 is $1,800.
CA State Income Tax
$0+ 1% None
$7,582+ 2% None
$17,976+ 4% None
$28,371+ 6% None
$39,384+ 8% None
$49,774+ 10.3% None

Federal Income Tax

$0+ 10% None
$8,925+ 15% None
$36, 250 25% None
$87, 850 28% None

$6,930
Total Expenses