Based on previous assignment:

Calculate Your Income

: Determine your net income value by subtracting estimated taxes and fees from your gross income.

1.    Calculate Your Expenses: Estimate how much you will spend in a full year for each of the 11 categories listed in the lesson.

2.    Put It All Together: Using the provided budget worksheet, compile and present calculated income and expenses.

3.    Analyze Your Budget: Determine if you are living within your means. If necessary, find ways to reduce expenses so that they are in line with your income.


02.06 Budget Worksheet

Career _________________________________________

 

Difference (net income minus expenses)

 

 

Entertainment

Yearly Cost

Video/DVD

 

Vacation

 

Other

 

Subtotals

 

 

Other Credit Debt

Yearly Cost

Student Loan

 

Credit Card

 

Credit Card

 

Other

 

Subtotals

 

 

Utilities

Yearly Cost

Phone and/or Cell Phone

 

Cable and Internet

 

Electric and Gas

 

Water and Sewer

 

Waste Removal

 

Subtotals

 

 

Personal Care

Yearly Cost

Health Insurance

 

Other Medical Costs

 

Hair/Nails

 

Clothing & Laundry

 

Health Club

 

Organization Dues or Fees

 

Other

 

Subtotals

 

 

Gifts and Donations

Yearly Cost

Holidays and Birthdays

 

Charity Donations

 

Other

 

Subtotals

 

Yearly Budget

 

Gross

Net

Income

 

 

 

         

 

Housing

Yearly Cost

Mortgage or rent

 

Maintenance or repairs

 

Supplies

 

Home Insurance

 

Furnishings

 

Subtotals

 

 

Transportation

Yearly Cost

Vehicle Payment

 

Bus/Taxi Fare

 

Automobile Insurance

 

Licensing

 

Fuel

 

Maintenance

 

Other

 

Subtotals

 

 

Food

Yearly Cost

Groceries

 

Dining Out

 

Subtotals

 

 

Pets

Yearly Cost

Food

 

Medical

 

Grooming

 

Toys

 

Other

 

Subtotals

 

 

Savings or Investments

Yearly Cost

Retirement Account

 

Investment Account

 

Emergency Savings

 

Subtotals

 

 

Reflecting on this Activity

1.    Why is budgeting important to your life?

2.    Describe your experience with this process. Was it easy, difficult, or somewhere in the middle? What factors contributed to your feelings?

3.    How might the use of credit for a large purchase affect your budget? Discuss which type of credit plan you would use, and how your budget can help you protect your credit score.

4.    What adjustments did you have to make to your budget? How did you decide where to make changes?

5.    Will you begin using a budget regularly now? Why or why not?

 

 

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