TFA Financial Plan Summer 2023— NY

Build Your Summer Financial Plan— NY

People with Plans are 10x more likely to be successful. Make your Financial Plan for May 21 through August 31, 2023 so you can feel confident.

Steps: Fill in your total expected income, fixed, and flex expenses for the entire 3 month period from May 21 through August 31, 2023. Rounded estimates are your friend. Review your Plan Summary at the end of the sheet to determine if your plan will work or if any changes are needed. Make these changes to bring your plan into balance and write a brief reflection. Once you submit this form, you’ll have the option to download your responses as a PDF. Download the PDF and email it to your point of contact at Teach For America to unlock your summer stipend.

Example: Calculate the total needed for each entry for the whole summer. If rent is $1,325 per month, that’s $1,325 x 3 months = $3,975 for the whole summer.

About you

Name

First

Last

All Income May 21 – August 31, 2023

Checking Balance • Stipend $5,000 • Transitional Financial Support • Need-Based Financial Support • Americorps $6,495 (Enrolled CMs, end of service). For more info, visit 2023 TFA Financial Support Overview

1. What’s do you think your checking balance will be on May 21, 2023? *

The amount you have available to use at the start of Institute.

2. Do you expect to receive the $5,000 stipend from Teach for America? If so, type “5000” into the box. *

3. What’s the total you expect to receive from all other income sources? *

Transitional Financial Support • Need-Based Financial Support • Don’t count the Americorps $6,495 as it happens at the end of service.

Income Total

All Fixed Expenses May 21 – August 31, 2023

First & last month’s rent & security deposit: $4,500-$6,800

4. What do you expect to spend on temporary housing May to Aug? *

If you don’t expect to live in temporary housing, type 0.

5. What do you expect to spend toward your permanent housing from May to Aug? *

If you don’t expect to live in permanent housing during Institute, type 0.

6. Total Rental Insurance from May to Aug? *

7. Total Utilities from May to Aug? *

Electric, gas, water, trash, wifi, phone, etc (Estimate $475)

8. Total car payments from May to Aug? *

9. Total car insurance from May to Aug? *

10. Total credit card minimum payments from May to Aug? *

11. Total gym expenses from May to Aug? *

12. Total loan payments from May to Aug? *

13. Total donations from May to Aug? *

14. Total healthcare expenses from May to Aug? *

15. Total savings from May to Aug? *

16. Total subscription expenses from May to Aug? *

Delivery services • Music/video streaming services Other subscriptions

Fixed Expenses Total

All Flex Expenses May 21 – August 31, 2023

Daily decisions and one-time expenses

17. What do you expect to spend on basics from May to Aug? *

Clothing/Shoes • Grooming • Household supplies • Personal supplies

18. What do you expect to spend on groceries from May to Aug? *

Groceries

19. What do you expect to spend on food and drink from May to Aug? *

Restaurants • Delivery

20. What do you expect to spend on one-time expenses from May to Aug? *

Fun • Car downpayment • First month’s rent + downpayment • Flights • Furniture • Testing ($40) • School District Onboarding (Fingerprints) $99-235 • Moving expenses $300 • Self Care

21. What do you expect to spend on transportation from May to Aug? *

Car repairs • Car maintenance • Gas • Rideshare • Tolls + parking

Flex Expenses Total

Plan Summary

Income Total

Fixed Expenses Total

Flex Expenses Total

Total Balance

Does your Plan work? What changes will make it stronger?