Identify anticipated and unanticipated income and expenses.

Identification should include sources of anticipated income, such as salary, allowance, wages, and educational grants or scholarships, and anticipated expenses, such as

• fixed expenses, which are constant and obligatory, such as monthly rent or a house payment
• variable expenses, which fluctuate according to changes in lifestyle, such as food and entertainment costs (e.g., streaming services, movies, sports activities, gym membership, books, Internet service).

Identification should also include unanticipated income (e.g., gifts, bonuses, inheritances, windfalls) and unanticipated expenses (e.g., car repairs, medical bills, replacement of losses from natural disasters or theft).

A statement of the student’s current and anticipated expenses should be included.