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# MONEY POWER MONTHLY BUDGET WORKSHEET Step 1 - Set Goals

Step 1 - Set Goals
My Goals	$ Needed	By (Date)	How I'll Reach My Goal
Example: Goal -To pay tuition and fees at registration	$ _______	_____	I will get ___from grant +____ from loan + ___from parents = ____ Total Amt.
____________________	_______ < /td > < td style = 'text-align: center; word-wrap: break-word;' > _____ < /td > < td style = 'text-align: center; word-wrap: break-word;' > < /td > < /tr > < tr > < td style = 'text-align: center; word-wrap: break-word;' > ____________________ < /td > < td style = 'text-align: center; word-wrap: break-word;' > _______	_____
____________________	$ _______	_____

## Step 2 - Total Income Income for the Month of _____ Amount Financial aid* (grants, loans, scholarships) paid directly to you ● After tax wages from job/work study _____ ● Financial help from Family ___ ● Withdrawal from Savings ___ ● Other (child support, public assistance, gifts, etc.) +___ Total Monthly Income = ___*If financial aid paid directly to you is for more than 1 month, divide the amt. of money by the # of months you plan to use the money (for example: 5 months that are in the semester). (your expenses may be different each month and will depend on your situation) ## Monthly Expense Worksheet ## Step 3 - Total Monthly Expenses ● Books Amount ● School Supplies ___ Clothes, shoes, accessories ___ ● Haircare, make-up, toiletries Loans/credit card payments ● CD's, DVD's, etc. ___ ● Savings ___ ___ ● Cell phone ● Entertainment - movies, concerts, sporting events ## Other Expenses Some Students Will Have ● Tuition & fees you are responsible for paying _____ ___ Hobbies Rent, mortgage, or dorm room ● Food, groceries, and/or meal plan _____ ● Utilities - Heat, electricity, water ___ ● Food - other than campus meal plan ● Transportation - car payment, gas, oil ● Telephone ___ ● Cable TV ___ ● Electronics ● Trips home/vacation ● Insurance - car, health, renter's, life ● Child care _____ ● Donations/Contributions/Church ___ ___ + ___ ● Other - list _____ _____ ● _____ ___ ● ___ + ___ Total Expenses = ___ ## Step 4 - Compare Income and Expenses ● Write down total monthly income _____ ● Write down total monthly expenses minus _____ ● Subtract expenses from income = _____ ## Step 5 - Adjust Your Income and Expenses Subtract your expenses from your income. If there is money left congratulations! Think about saving some or all of the money that is left. If no money is left, look for ways to cut your expenses or find ways to increase your income. If your plan does not work the first time, KEEP TRYING UNTIL YOUR PLAN WORKS! You will develop Money Power!

Developed by Joanne Bankston, Ph.D., State Extension Specialist for Family Economics and Management, Cooperative Extension Program, Kentucky State University, Frankfort, KY. 8/07. Educational programs of Kentucky State Cooperative Extension serve all people regardless of race, color, age, sex, religion, disability, or national origin.