Purpose

The budget should offer a realistic snapshot of how you intend to spend your monetary award (up to $25,000). This document should itemize all major expenses that you expect to incur as you carry out your project.

Figures should be based on best estimates, ones that are reasonable, accurate, and truthful, but they do not need to be precise to the exact dollar or penny. Substantial expenses should be researched, including airfare, the monthly cost for meals and lodging in the country where you will work, and fees for health insurance, vaccinations, visas, and items that you will need in order to execute your project. Since Prize winners are expected to document their progress, include the cost of a basic digital camera if you do not already own one.

The budget should be reasonable but also realistic. Remember: you will need to eat, sleep, and stay healthy while you set out to change the world! All items on the budget are subject to approval by the Selection Committee.

Calculate all figures in dollars ($). For foreign exchange rates, consult a respected source that quotes rates daily, such as http://finance.yahoo.com.

Format

Budgets are more convincing when they are easy to read. The simplest format lists each expense on the left and its corresponding cost in the right column of the same line (as in the illustration to the right). Total all the figures in the right column at the bottom of the page. The budget can be one or more pages.

What items to include
 
In addition to project expenses, the budget should include personal expenses for all the time you need to prepare and carry out your project. The most common personal expenses are listed below. This list is not exhaustive nor must you include all these items if they are not relevant to your situation. The list does not include project expenses (beyond the digital camera) because they vary significantly from proposal to proposal.

I.  Personal Expenses

A. Lodging

1.  Rent
Calculate the monthly or daily rate for lodging (i.e., to rent an apartment or room in a house, hospice, or hotel) in each location where you expect to spend time. It is usually more affordable to rent by month than by day.

2. Utilities
You may list utilities as a separate item if you do not expect them to be included under rent.

B. Meals

Calculate the monthly cost of meals (this means three meals per day or “per diem” x 30 days). UC Berkeley’s Financial Aid Office lists the average cost of meals in the Bay Area. To research the cost of meals outside the United States, consult Berkeley’s Education Abroad Program or University of Pennsylvania’s Penn Abroad program. The United States Department of State provides the most comprehensive list of countries; reduce the State Department’s per diem rate (intended for diplomats) by at least 65%.
 

C.  Transportation

1.  Local
Estimate the monthly cost of local transportation in each location where you will be for the duration of your project (e.g., train, bus, subway, shuttle, taxi, rental car, boat).

2. International
Estimate the cost of international travel (airfare or train, typically). 

D.  Health

1. Insurance
Medical insurance is required. Research options at UC Berkeley’s Student Health Insurance Office (“Insurance after Graduation”).

2.  Medical necessities
Include medicine, vaccinations, medical visits or services, or other medical items you will need.

E.    Travel documents
Include fees for obtaining any visas you may need.

F.    Communication
Estimate an average monthly cost for phone and internet use.

G.    Miscellaneous
Estimate the cost of miscellaneous personal items and supplies.

II.  Project Expenses

Research and list each major expense needed for your project. Be specific. For example, you may include the purchase of equipment and other supplies and services if you need them to carry out the project. You may include the cost of postage or FedEx if you will need to transfer documents to another location as part of your project. Include the cost of a digital camera if necessary.