Jessica Perez Vinny Tran Juan Zuluaga
Mar 31, 2015
Jessica PerezVinny TranJuan Zuluaga
PRESENT STATE DESIRED 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.
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.
NEEDS
Student Loans $150 Needed to go to school
Rent $350 Got to have a roof over our heads
WANTS
Car insurance 9 Required to drive car to/from work
Gas 8.7 Needed to use car running to/from work
Car payment 7 Required to keep car for work
School supplies 7 Needed to do well in School
Groceries 5.3 Needed to stay healthyEating out with friends 4.7 Useful to keep in touch with friends
Laundry 4.7 Need clean clothes for work/school
Cleaning supplies 3.7 Needed to keep living environment clean
Movies with friends 2.7 Fun to do but not really needed
CD's 2.3 Other sources of music are available
Time frame Task and Events for the Director, Student Services, Director, Student Finance,
Students, and Parents
One year before school Begins
Student and parent(s) have their first discussion regarding what would be necessary for the student to move into an apartment. The Directors hold a 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.
Nine months before school
Begins
The Directors contract with Academic Associates for the creation of a Model Budget Plan to help students manage their finances when they move out of their parent’s home into their own apartment
Six months before school begins
Academic Associates presents the Model Budget Plan to the Director of Student Services and the Director of Student Finance.
Six weeksbefore school
Begins
The Directors meet with individual students and their parents to review the plan and make any individual adjustments, if necessary
Three months after school Begins
The Directors 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.
VARIABLE COSTS AMOUNT
CAR PAYMENT $100
CAR INSURANCE $70
GAS $120
SCHOOL SUPPLIES $40
CD'S $15
MOVIES WITH FRIENDS $10
EATING OUT WITH FRIENDS $20
GROCERIES $60
CLEANING SUPPLIES $25
LAUNDRY $40
FIXED COSTS
STUDENT LOANS $150
SHARED APARTMENT $350
TOTAL $1,000
$100 Biggest financial burden Required to keep car for work If left unpaid, your credit will suffer
$70 A necessity in order to be able to keep car
for work and school If no insurance is obtained, one might be
arrested for such minor thing
$120 With gas prices skyrocketing, this has
become a weekly burden in order to be able to drive car around
$40 Needed to do well in school and improve
work May be shared between family members, if
need arises May be required in some classes more than
others
$15 Got to have music There are also other sources of music
MP3s Radio Internet
$10 Good thing to do if you have the time and
the friends in order to bond and have fun with each other
$20 One of many ways to keep in touch with
your friends Also nutritious and fun
$60 Must eat food as it is our daily fuel Sometimes not needed as often if family
buys for all members
$25 A cleaner environment makes for a more
organized person Sometimes not needed as much since
family may provide this already
$40 Work attire is a necessity Can also be done as part of the family in
order to cut down costs
Special thanks go to the board of directors of the State University from our
team members:
Jessica PerezVinny Tran
Juan Zuluaga