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

$500/Weekly

$26,000=(52 weeks x $500)

Parent Contribution

N/A

N/A

Gifts

$100/Seasonal gift cards

$400=( 4 Season x $100)

Savings Account

$200/Monthly

2400=( 12 months x $200)

Scholarships

N/A

N/A

Grants

$5815/Yearly

$5815

College Savings Plan

N/A

Student Loans

Unsubsidized

Other Income

N/A

$35,415

N/A
Unsubsidized
N/A
$35,415

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)

Tuition

BOG Waiver

BOG Waiver per semester

Books

$100/per unit book

$600=( 6 units x $100)

Fees

N/A

N/A

Parking Pass

$25/Yearly

$25

Computer

Have my own

School Supplies

$25/per semester

$75=( 3 semesters x $25)

Other

N/A

N/A

On Campus Housing

N/A

N/A

Off Campus Housing

$400/Monthly rent

$4,800=( 12 months x $400)

Furnishings

$500/Yearly

$500

House Supplies

$200/Yearly

$200

Laundry

Got my own washer

Independent

Toiletries

$20/monthly

240=( 12 months x $20)

Trips Home

N/A

N/A

Bus/Transit Pass

$50/Monthly

$600=( 12 months x $50)

Car Payments

$3000 car

$3000 yearly

Car Insurance

$80/ Yearly registration

$80

SCHOOL EXPENSES

HOUSING & SUPPLIES

Other
TRANSPORTATION

License & Registration

$100/ Monthly fuel

$1200=( 12 months x $100)

Campus Food Plan

$10/Monthly

$90=( 9 months x $10)

Groceries

$100/Monthly

$1200=( 12 months x $100)

Eating Out

$30/Yearly

$30

Cell Phone

$40/Monthly

$480=( 12 months x $40)

Phone (Landline)

N/A

N/A

Internet

$30/Monthly

$360=( 12 months x $30)

Gas/Electric

$50/Monthly

$600=( 12 months x $50)

Water

$50/Monthly

$600=( 12 months x $50)

Cable

N/A

N/A

Medical Insurance

Medical

Dental Insurance

Medical

All is covered by Medical

which I am currently
eligible and exercising.

Prescriptions

Medical

Eye Glasses/Contacts

Medical

Car Maintenance
Fuel
Other
FOOD

Other
UTILITIES

Other
MEDICAL

Other
PERSONAL
Entertainment

$20/monthly

$240=( 12 months x $20)

Hobbies

N/A

N/A

Clubs

N/A

Gifts

$500/Yearly

N/A

Pets

N/A

$500

Clothing

$500/yearly

Vacation

N/A

Childcare

$0

Family helps out

Other
FINANCIAL
Credit Card

N/A

Car Loan

N/A

Student Loan

$5200/Yearly

Savings

$300/month

Other
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%

$7,582+

2%

151.64

$7,582 (0.02)= 151.64

$17,976+

4%

719.04

$17,976 (0.04)= 719.04

$28,371+

6%

1702.26

$28,371 (0.06)= 1702.26

$39,384+

8%

3150.72

$39,384 (0.08)= 3150.72

$49,774+

10.3%

5126.722

$49,774 (0.103)= 5126.722

Federal Income Tax

217

$0+

10%

$0 (0.10)= 0

$8,925+

15%

1338.75

$8,925 (0.15)= 1338.75

$36, 250

25%

9062.5

$36,250 (0.25)= 9062.5

$87, 850

28%

24598 3499.925

$87,852 (0.28)= 24,598

3,716.925
Total Expenses

$34,999.25