Team C

Barry Owens, Brian Hare, Matt Ferry, Nelson Torres, Shante Lee

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.

Implementation TimelineTimeframe Task and Events for the Director, Student Services, Director,

Student Finance, Students, and Parents

One year before school Your team is tasked with creating a Model Budget Plan to help students manage their finances when they move out of their parent’s home into their own apartment.

Student and parent(s) have their first discussion regarding what would be necessary for the student to move into an apartment.

Nine months before school

Your Team presents the Model Budget Plan to the Director of Student Services and the Director of Student Finance.

Six months before school begins University Student Services holds a group Budget Workshop to present the Model Budget Plan to students and parents. Based on the plan, students and their parents decide if students can afford to move into an apartment.

Six weeksbefore school

Members of Student Services and the Student Finance Office meet with individual students and their parents to review the material presented at the Budget Workshop and make any individual adjustments, if necessary.

Three months after school Members of Student Services and the Student Finance Office have a follow-up meeting with students and parents. The parents congratulate the student for successfully managing their budget and thank the Directors for their assistance in creating a budget that met the needs of the students and parents.

Food and Groceries

Budget Amount: $175

Maintain a healthy lifestyle

Needed Budget Item

Personal Hygiene and Fitness

Needed Budget Item

Budget Amount: $80

Maintain Personal Appearance and Health

Transportation

Needed Budget Item

Budget Amount: $65

Ability to get around,

Walking distance has a limit

School Supplies

Needed Budget Item

Budget Amount: $16.50

Maintain supplies required for classes

Laundry

Needed Budget Item

Budget Amount: $13.50

Clean clothes are important

Household Items

Needed Budget Item

Budget Amount: $20

Cleaning supplies to maintain living conditions

Cell Phone

Wanted Budget Item

Budget Amount: $80

Stay in touch with family and friends

Clothes

Wanted Budget Item

Budget Amount: $40

Replace Damaged or worn out articlesTo maintain personal appearance

Entertainment

Wanted Budget Item

Budget Amount: $35

Stress Relieve, and Social Life

Emergency

Wanted Budget Item

Budget Amount: $25

Plan for the unexpected

Interest Rates

• Every student should be wary of credit card interest rates. Especially the introductory ‘teaser’ rates(Fit, 2010).

• Don’t be too hasty to get a charge card from a private retailer because these rates tend to be the highest(Gro, 2006).

Credit Reports

• The Major Credit Reporting Agencies: Equifax, Experian and TransUnion

• It is important to check your credit report because 70% of reports have errors (Cla, 2011)

Money Management

• It’s important to keep your receipts or to write down what you spend.

• This makes it easier to balance your books at the end of the month (Loe, 98).

References• Fitzgerald, K. (2010). Consumers at risk from soaring private-label credit card rates, lawmaker

says. CardLine, 10(48), p. 2. Retrieved January 16, 2011, from EBSCOhost.• Gross, Karen (05/08/2006). Money sense credit reports and credit score In hiring decision: is

it a good idea? Fairfield county business journal, p.7 Print. (01/23/10) from EBSCOhost database.

• Claude, S. (n.d). Taking charge of your credit score. Long Island Business News (Ronkonkoma, NY), Retrieved January 16, 2011, from EBSCOhost.

• Loeb, M. (1998). Creating a personal budget you can live with. Business News New Jersey , Vol. 11 (Issue 9), pg. 16. Retrieved from EBSCOhost.

SummaryIn conclusion If college students learn how to budget their money before leaving home they will be far better off on campus.

Thank you all for watching our presentation!