Health Careers Academy

STAY STAY ONON

TRACKTRACK

Created for South Carolina AHEC

By Nanette Morris, RN, BA, NCBT_2009

OBJECTIVESStudents Continue to Plan for College by Reviewing:

• Timelines• Grades• Courses• College admission• Budget• Credit• Personal Library

Planning Your Budget(Income vs. Expenses)

• Each budget is unique and determined by your income and spending habits. It can be determined weekly or monthly.

• Do not spend more than your income; and always pay your savings account first

• Create a budget by:– Listing your net (after taxes) income – Listing all of your fixed expenses, e.g.:

• SAVINGS• BILLS (Anything you are responsible for paying with

your own money)

Planning Your Budget(Income vs. Expenses)

Setting Up A Spending PlanStep 1:Step 1: IDENTIFY YOUR INCOME

Steady vs. Temporary IncomeSteady vs. Temporary Income

• Steady Income: Money earned from employment, social security, support payments, pensions, investment trust that is steady and on-going

• Temporary Income: Limited income that is short term and not guaranteed. This income should not be included in a spending plan, but should be considered as extra savings to help achieve financial goalsSOURCE: Family Budget and Money Management, www.saygoodcredit.com/manage-budget.html#cc. July 2009

• Record everything that you spend during the month – Divide one time annual payments (car taxes, insurance, etc)

by 12 to get a monthly payment– Keep a good record of payments made by cash, check and

credit card

• Fixed Payments: bills that must be made monthly and should take priority in the spending plan such as rent/mortgage, car payments, loan payments

• Flexible Payments: bills that can be reduced or eliminated to meet a spending plan

Setting Up A Spending PlanStep 2:Step 2: IDENTIFY WHAT IS SPENT EACH MONTH

SOURCE: Family Budget and Money Management, www.saygoodcredit.com/manage-budget.html#cc. July 2009

• Define Short-Term Spending Goals– Gifts, household items, vacations, etc

• Define Long-Term Spending Goals

• Estimate the cost and amount of time needed to achieve each goal

Setting Up A Spending PlanStep 3:Step 3: DEFINE SPENDING GOALS

SOURCE: Family Budget and Money Management, www.saygoodcredit.com/manage-budget.html#cc. July 2009

• Create a Budget Worksheet to record and budget expenses for a single month

Step 5:Step 5: ADJUST YOUR SPENDING PLANADJUST YOUR SPENDING PLAN• Adjust budget allocations to meet long- and

short-term goals based upon allocation needed in Step 3

Note:Note: Fixed expenses cannot be adjusted, but flexible expenses might be able to be

reduced or eliminated to help meet goals

SOURCE: Family Budget and Money Management, www.saygoodcredit.com/manage-budget.html#cc. July 2009

Setting Up A Spending PlanStep 4:Step 4: PLAN YOUR BUDGET

• Consider Length (1, 2 or 3 Semesters)Consider Length (1, 2 or 3 Semesters)

• Consider IncomeConsider Income– Salary– Family Contribution– Financial Aid– Tuition Cost

• Consider ExpensesConsider Expenses– Tuition & Fees– Book & Supply Cost– Housing Costs– Transportation Costs– Meal Costs

Setting Up A College BudgetEstimate A College Budget Estimate A College Budget

QUESTIONSQUESTIONS

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DISCUSSIONDISCUSSION

Staying on TrackStaying on Track

Planning Your Budget(Income vs. Expenses)

• http://www.adventuresineducation.org/HighSchool/Paying/Earning/budgetworksheetinschool.cfm

• http://www.saygoodcredit.com/manage-budget.html

Why Budget?

• A budget shows you how to manage your money

• A budget lists your fixed expenses (those you must regularly pay)

• A budget shows that you earn enough money to pay your bills and, hopefully, have money left over for enjoyment

Credit and You

• What is credit?

Credit and You

• Types of credit

Credit and You

• Credit management

Website Link

http://www.saygoodcredit.com/manage-credit.html

Your Personal Library • A planner which contains:

– Resume– Activities and awards– Samples of college and job applications– Transcripts– Test score reports– List of references (name, phone, email,

occupation, your relationship with them, and their permission to use)

– Letters of recommendation

Your Personal Library (continued)

– Career goals and information– Copies of birth certificate– Copy of immunizations– Copies of any diplomas– Copy of driver’s education certificate– Job experience (not just what you did, but

why it helped your employer)

Your Personal Library (continued)

– Community service and documentation– Work-based learning (internships)– A list of books you have read, with notes– A list of references you discover that will

be useful in future research

Your Personal Library (continued)

Can be kept electronically, but be sure you keep a backup copy

Should be updated frequently so that you can find it quickly

Be sure that you ask for letters of recommendation as you leave each area, assignment, or job. This will keep you current and you can ask for updates if necessary

Your Timeline: Summer

• Explore college course options

• Add new information to your file

• Tour campuses

• Send thank you notes

Your Timeline: Summer

• Practice SAT and ACT

• Practice and review online applications

• Research financial aid and deadlines

• Explore careers by taking a job in them

• Keep saving

Summer Timeline

• http://www.okcollegestart.org/Plan_for_College/Planner_Timeline/Summer_Between_Junior_and_Senior_Years.aspx