PEERFORWARD NAVIGATOR STUDENT HANDOUT Date Oct 1 Oct 2 Oct 2 Oct 3 Oct 5 Oct 6 Oct 8 Oct 9 Oct 10 Oct 11 Oct 13 Oct 14 Oct 15 Oct 15 Susan's Expenses for Oct 1-15 Pay Period Explanation Amount Sept 30 Oct 1 Leftover cash on hand from Sept Deposit, salary Check for room and board Lunch Bus fare Deposit to savings account Dentist co-pay Beauty supply store purchases Concert tickets Lunch Dinner Medical prescriptions Bus fare Hair brush Bought a book for class Leftover cash on hand from Oct 1$295.50 2$50.00 2$15.00 2$12.50 2$25.00 2$20.00 2$11.24 2$10.25 2$6.25 2$15.00 2$5.00 2$12.50 2$8.76 2$4.50 $0 Running Balance $12.10 $307.60 FINANCIAL AWARENESS A running balance is a record of your income and expenses over time. To create one, simply add or subtract to fi gure the new total after each deposit (income) or withdrawal (expense). Keeping a running balance is a great way to keep track of your spending in the categories that matter to you. You can also use it to balance your checkbook or your credit card account using your statements. STEP 4: Create a fi nal postsecondary budget for yourself based on your fi nancial aid award package and details about your life after high school. a successful fi nancial plan When planning for the transition to life after high school, considering how you will manage your money is incredibly important. A fi nancial plan, just like any action plan, is successful if it: ● Starts before you are in an emergency or desperate ● Includes realistic goals for the short-term and long-term ● Includes short-term and long-term strategies and action steps ● Includes a realistic, working budget ● Allows you to refl ect and review to revise as needed Look back to your draft postsecondary budget (Lesson 19). Now that you've committed to attend a particular school or program and accepted your fi nancial aid award package, you can fi nalize your budget. Create a balanced postsecondary budget on the next page that you can stick to for next year and beyond. LESSON 30: YOUR POSTSECONDARY BUDGET 450 lesson 30: Your PostsecondarY Budget Property of PeerForward/© 2022 PeerForward; All Rights Reserved.