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Shreyash Vanapalli
Section Number:
Exercise 3.3A | Paying for College and Budgeting

This exercise will assist you in financial planning and expense management. Throughout this
worksheet, you will examine the cost for your degree and then look at your cost of living after
college. Let’s start by looking at the cost you will incur at the community college (or completing
a degree).
PART 1: PAYING FOR COLLEGE
1. Complete the chart below based on the costs for the current semester at Central
Piedmont Community College. NOTE: If you are a college and career promise (CCP)
student you will not have tuition costs and may or may not have book costs.
Costs of Your Community College Degree per Semester
Tuition and fees 0
Room/rent
0
Board/food
Books and supplies 0
Transportation 0
Personal expenses 0
Other costs 0
TOTAL 0
2. Total up the number of semesters you estimate attending the community college and
multiply that by the cost incurred this semester.
0× 8= 0
(cost per semester) (number of semesters) TOTAL
NOTES: If you are transferring or moving on to the university after being a dual enrolled
student, please continue with question 3.
If you are completing an AAS degree and not planning to transfer, skip to question 6.
3. Complete the chart below to show the yearly cost for your transfer university.
**List the name of your transfer university here: UNC Chapel Hilland then add the
link/URL to the university website where you found cost of attendance
https://studentaid.unc.edu/current/costs/
Yearly Breakdown #1 Choice
Tuition and fees $ 9010
Room/rent
$ 5396
Board/food
Books and supplies $ 1290
Transportation $ 976
Personal expenses $ 1900
Other costs $ 1000
TOTAL $ 19,572
4. What is the total cost for your transfer university degree? Total up the number of years
it will take and multiply that by the cost per year.
19, 752 × 4 = 78,288
(number of years attending) (cost per year) TOTAL
5. Total cost of community college + total cost of university = cost of undergraduate
degree
0+78,288= 78,288
(Community College Total) (University Total) (Cost of undergraduate degree)
6. How will you pay for college (i.e., Financial Aid, scholarship or self-finance) and what do
you need in order to secure funds for completing your degree? Please list 2 items that
are on your list related to Paying for College.
I will pay for college using scholarships, self-finance, and financial aid. I need to secure a
scholarship from UNC Chapel Hill. An internship in which I can get a good salary so I can
financially support the fees needed; this will also aid in my job application. I can reach out to
my high school and/or college.
PART 2: LIFE AFTER COLLEGE

Once you have completed your degree and entered the workforce, you’ll be responsible for your
cost of living. Let’s examine what that cost might be. In Exercise 2.2 you have already researched
your salary so you will use that in this exercise.
1. State your career and its national or regional entry level annual salary. Note: This
information may be found in Exercise 2.2. You can also use Career Coach to determine
local salaries for the Charlotte region or use ONET.
My state and career are North Carolina and Financial manager respectively. The entry
level annual salary is $ 103,811.
2. Complete the Reality Check exercise. Do you still think your salary supports your
desired lifestyle? Please explain why or why not.
I think that my lifestyle is supported by my salary. My yearly cost per year is 106, 080
which is a higher end cost for financially upcoming students from college. However,
my entry level salary is 103, 811 which is [retty high for an entry level position. Thus, I
feel that overtime as I find a better job and my salary increases, I can support my
lifestyle.
NOTE: You completed the Reality Check in Ex 2.2. If you did not save your
information, you need to complete it again to help with #4 below.
3. Determine your net monthly salary. Using your salary #1 above, first divide it by 12.
Then, multiply that number by 80%. This is your net monthly salary. For example, if
your median salary is $75,000: 75000/12= 6250*.8= $5,000.
List your monthly salary here: $ 6,920.73
4. Now, let’s assess your monthly expenses and projected income from your future career
and how these will work together to support your future. You may use the Reality
Check tool from CFNC as a reference to complete monthly expenses in this exercise.
MONTHLY HOUSEHOLD EXPENSES
Budget Category Monthly Amount
Mortgage/Rent $ 2,420
Utilities (electricity, water, gas, trash, etc.) $ 680
Food (groceries/meals) $ 360
Cable and internet Falls Under Utilities
Landline phone Falls Under Utilities
Home security $ 250
Car payment $ 790
Cell phone Falls Under Utilites
Credit cards $ 2,500
Personal and student loans $ 705
Insurance $ 760
Other expense 1 $ 150
Monthly Total $ 8,615
PERSONAL EXPENSES
Personal maintenance (toiletries,

$ 200
beauty, dry cleaning, gym, etc.)
Cloths/uniforms $ 160
Prescriptions $ 100
Gas $ 150
Public transportation, parking/tolls $ 30
Recreation and entertainment $ 55
Dining out $ 30
Monthly Total $ 725
Your discretionary income is your monthly total income minus your total monthly expenses.
Monthly net income (from question #3

$ 6,920.73
above)
Total monthly expenses (sum of two

$ 9, 340
charts above)
Total monthly discretionary income - $ 2420. 27

After you have taken a closer look at your expenses, please answer the following questions:
5. How will your new career improve/better your current financial situation? Give a
specific example.
My career will improve my financial situation as I will be able to get higher salaries as I
get more experienced with my job.
6. Were you surprised at your projected monthly expenses and income? Explain.
I was surprised with my projected monthly expenses but not my income. I was
surprised with my personal expenses specifically as it had added a lot more money
towards my overall monthly which had caused it to create an imbalance between my
income and expenses.
7. How much of your income will you/can you commit to your savings?
I will commit 10% of my income towards my savings during my student debt and college
expenses and later 20% when I do not have to cover those expenses anymore.

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Shreyash Vanapalli

Exercise 3.3A | Paying for College and Budgeting

PART 1: PAYING FOR COLLEGE

Tuition and fees 0

Books and supplies 0

Yearly Breakdown #1 Choice

Tuition and fees $ 9010

Books and supplies $ 1290

Personal expenses $ 1900

Other costs $ 1000

PART 2: LIFE AFTER COLLEGE

MONTHLY HOUSEHOLD EXPENSES

Budget Category Monthly Amount

Utilities (electricity, water, gas, trash, etc.) $ 680

Food (groceries/meals) $ 360

Cable and internet Falls Under Utilities

Landline phone Falls Under Utilities

Home security $ 250

Car payment $ 790

Cell phone Falls Under Utilites

Credit cards $ 2,500

Personal and student loans $ 705

Monthly Total $ 8,615

Personal maintenance (toiletries,

Public transportation, parking/tolls $ 30

Recreation and entertainment $ 55

Monthly Total $ 725

Monthly net income (from question #3

Total monthly expenses (sum of two

Total monthly discretionary income - $ 2420. 27

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