Transcript Team C - Matthew Ferry

Team C
Barry Owens, Brian Hare, Matt Ferry,
Nelson Torres, Shante Lee
Present 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
Desired State: 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.
Implementation Timeline
Timeframe
One year before school
Nine months
before school
Six months before school begins
Six weeks
before school
Three months after school
Task and Events for the Director, Student Services, Director,
Student Finance, Students, and Parents
Your team is tasked with creating a Model Budget Plan to help
students manage their finances when they move out of their
parent’s home into their own apartment.
Student and parent(s) have their first discussion regarding
what would be necessary for the student to move into an
apartment.
Your Team presents the Model Budget Plan to the Director of
Student Services and the Director of Student Finance.
University Student Services holds a group 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.
Members of Student Services and the Student Finance Office
meet with individual students and their parents to review the
material presented at the Budget Workshop and make any
individual adjustments, if necessary.
Members of Student Services and the Student Finance Office
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.
Food and Groceries
Needed Budget Item
Budget Amount: $175
Maintain a healthy lifestyle
Personal Hygiene and Fitness
Needed Budget Item
Budget Amount: $80
Maintain Personal Appearance and Health
Transportation
Needed Budget Item
Budget Amount: $65
Ability to get around,
Walking distance has a limit
School Supplies
Needed Budget Item
Budget Amount: $16.50
Maintain supplies required for classes
Laundry
Needed Budget Item
Budget Amount: $13.50
Clean clothes are important
Household Items
Needed Budget Item
Budget Amount: $20
Cleaning supplies to maintain living conditions
Cell Phone
Wanted Budget Item
Budget Amount: $80
Stay in touch with family and friends
Clothes
Wanted Budget Item
Budget Amount: $40
Replace Damaged or worn out articles
To maintain personal appearance
Entertainment
Wanted Budget Item
Budget Amount: $35
Stress Relieve, and Social Life
Emergency
Wanted Budget Item
Budget Amount: $25
Plan for the unexpected
Interest Rates
• Every student should be
wary of credit card
interest rates. Especially
the introductory
‘teaser’ rates(Fit, 2010).
• Don’t be too hasty to
get a charge card from a
private retailer because
these rates tend to be
the highest(Gro, 2006).
Credit Reports
• The Major Credit Reporting
Agencies: Equifax, Experian
and TransUnion
• It is important to check your
credit report because 70%
of reports have errors (Cla,
2011)
Money Management
• It’s important to keep
your receipts or to write
down what you spend.
• This makes it easier to
balance your books at
the end of the month
(Loe, 98).
References
•
•
•
•
Fitzgerald, K. (2010). Consumers at risk from soaring private-label credit card rates, lawmaker
says. CardLine, 10(48), p. 2. Retrieved January 16, 2011, from EBSCOhost.
Gross, Karen (05/08/2006). Money sense credit reports and credit score In hiring decision: is
it a good idea? Fairfield county business journal, p.7 Print. (01/23/10) from EBSCOhost
database.
Claude, S. (n.d). Taking charge of your credit score. Long Island Business News (Ronkonkoma,
NY), Retrieved January 16, 2011, from EBSCOhost.
Loeb, M. (1998). Creating a personal budget you can live with. Business News New Jersey ,
Vol. 11 (Issue 9), pg. 16. Retrieved from EBSCOhost.
Summary
In conclusion If college students learn how to budget
their money before leaving home they will be far
better off on campus.
Thank you all for watching our presentation!