Compare your resources and expenses with our budget calculator tool! If you would prefer a pdf copy, then you can download our Awards Office Budget Template.
¹ Net Educational Costs is calculated by subtracting your Total Education Expenses from your Total Financial Resources. If there is anything left over after your education expenses are “paid”, it is added to your overall shortfall/surplus to supplement your monthly income.
² Net Study Period Income is calculated by subtracting your Monthly Expenses from your Monthly Resources. The value is then multiplied by your Budget Term. It’s okay if your Total Monthly Expenses is greater than your Total Monthly Income as long as you have leftover resources to make up the difference.
³ Overall Shortfall/Surplus is the total of your Net Educational Costs and your Net Study Period Income.
If your Overall Shortfall/Surplus is greater than or equal to $0, your budget is balanced. The larger the surplus the more you will have for discretionary spending. Refer to our online budgeting resources for tools to build a monthly budget and track your spending.
If your Overall Shortfall/Surplus is less than $0 (a negative value), you will need to look for ways to balance your budget. Review the information you have entered, particularly your monthly expenses.