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W I S E C H O I C E S I N C O L L E G E : Effective Money Management Continued
My Financial Plan
Step A: Monthly Income
Support from parents or others
Scholarships
Loans
Investments
Earned income
Total Monthly Income (A)
Step B: Necessary Fixed Monthly Expenses
Housing (mortgage or rent)
Transportation (car payments, insurance, bus pass, car pool)
Taxes (federal and state income, Social Security, Medicare)
Insurance (house, health and life)
Childcare
Tuition
Bank fees
Debt payment
Savings and Investments
Total Necessary Fixed Monthly Expenses (B)
Step C: Necessary Variable Monthly Expenses
Food and personal care items
Clothing
Telephone
Gas and Electric
Water
Transportation (car repairs, maintenance, gasoline)
Laundry and dry cleaning
Doctor and pharmacy
Childcare
Books and software
Computer
Total Necessary Variable Monthly Expenses (C)
Step D: Optional Fixed and Variable Monthly Expenses
Eating out (including coffee, snacks, lunches)
Entertainment (movies, theater, night life)
Travel
Hobbies
Gifts
Charitable contributions
Miscellaneous (CDs, magazines, newspapers, etc.)
Total Optional Variable Monthly Expenses (D)
Money Remaining or Owed at End of Month (A−B−C−D = ?)
102
Amount
Balance