Monthly Budget Workshe

Fill out the per month amount. You need to fill out amounts for the (*) items.

Income
Employment income (NET income after deductions)
Other income
Allowance from Grandparents

Total Income
Expenses
Fixed Expenses
*Housing
2 bedroom apartment with roommate, utilities included at 1000 a month
*Transportation
Volkswagen Jetta, including maintinance, insurance and miscellaneous costs per
month.
Tuition
Books

*BC Medical (covered under parents)

Apartment Insurance
*Utilities (electricity and gas)
(included in above apartment cost)
*Telecommunications (cable, Internet, telephone, cellphone)
Other
Total Fixed Expenses
Variable Expenses
*Food (groceries, eating out, coffee's, etc) min $200
*Household (cleaning, maintenance, furniture, etc.) min $25
Childcare
Pets
Gas (make sure your gas is listed here and separate from your vehicle)
Health care (contact lenses, glasses, dental, medications)
*Clothing (you might not buy every month, but you do need to average) min $20
*Personal care (toiletries, hair care, make-up, laundry, etc.) min $20
Recreation (movies, games, music, DVD/videos, clubs) min $10
Travel
Gifts and charitable donations
Savings
Other
Total Variable Expenses

Total Expenses (fixed +variable)

SURPLUS (OR DEFICIT) PER MONTH

SURPLUS (OR DEFICIT) PER YEAR

nthly Budget Worksheet

o fill out amounts for the (*) items.

Living on Your Own (Mandatory)

Per Month

Per Year

Living at Home (Optional)

Per Month

Per Year
$0.00

$3,300.00
$3,300.00

$40,000.00
$39,600.00

$0.00
$0.00

$0.00

$500.00

$6,000.00

$0.00

$576.33

$6,915.96

$0.00

$478.28
$83.33

$5,379.33
$999.96
$0.00
$0.00
$0.00
$1,800.00
$0.00
$21,455.28

$0.00

$0.00

$0.00
$0.00
$0.00
$0.00
$0.00
$0.00

$435.00

$2,400.00
$300.00
$0.00
$0.00
$1,800.00
$0.00
$360.00
$240.00
$120.00
$0.00
$0.00
$0.00
$0.00
$5,220.00

$0.00

$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00

$2,222.94

$26,675.28

$0.00

$0.00

$150.00
$1,787.94
$200.00
$25.00

$150.00
$30.00
$20.00
$10.00

$1,077.06

$0.00

$12,924.72

$0.00

Per Year amount will fill automatically

Totals will fill automatically

Budgeting & Savings Questions

Please answer each part of the question. Answer in complete sentences or short points (dont give
just one word answers).Please answer each part of the question. Answer in complete sentences or
short points (dont give just one word answers).
1.) INCOME Where are you getting your income from job, parents, student loans, etc? If
working, how much per hour and how many hours do you plan on working? If you needed to, are
there any options to increase your income? (get a second part time job, dog walking, etc)
Answer: I am getting my income from working 25 hours a week at Krueger Electric answering
phones at $11 dollars an hour. I am also being helped out financially by my Grandparents. If I
needed to increase my income, I could babysit or find another part time job.

2.) EXPENSES Have you spent everything you have earned? If you have a deficit, how difficult do
you think it would be to lower your expenses to balance your budget? What expenses could you
lower to increase your savings? If you have extra money left over at the end of the month, what
would you do with that money?
Answer: I have a surplus of $24 a month, and $288 a year. I would save this money for rainy days.

3.) Does this seem like a realistic budget (or was this a useful exercise)? Please explain your
answer. Do you think you are the type of person who could follow a budget? What makes you
think this?
Answer: This excercise was extremely useful, because budgetting helps you realize what finances
will be like in the real world. I am the type of person who can follow a budget, because my family
has always taught me to be wise with money, and I have learned to be.

4.) On the Internet, research three reasons why you should save money.
Answer: Three reasons why money should be saved is for happiness, to save for your dreams, and
in case of emorgencies.

in case of emorgencies.

5.) Did you know that if you save $50 a month starting when you are 15 you will be a millionaire
when you retire! Do you think its reasonable for a young person to start saving money in high
school? What categories of items are you willing to go without/cut back on to free-up some
money for savings? When do you think you will begin to save? What are the advantages of
starting now?
Answer: I think it is completely reasonable to start saving money in high school. I am willing to cut
back on spending money on unnecessary clothing and going out for meals. I have already began to
save money. The advantages of starting now are that the sooner you start saving, the more money
you could have when your older.

Visit http://www.inspiredtosave.com/ to play around with the numbers if you would like to save
more (or less) per month.