Use Worksheet 7 to track your actual income and expenses for 1 month and then to develop a budget or spending plan for future months. Analyze your income and expenses to determine your spending patterns and any needed changes. If you don't actually earn an income, consider your monthly college allowance or periodic withdrawals from summer savings. See how long you can follow the budget. Should you consider an envelope system for some expenses? Also, consider using the worksheet to project your finances when moving off campus, accepting a job after graduation, or changing jobs.

Transcribed Image Text:

FIGURE 2.7 Budget Tracker The Budget Tracker is downloadable from MyFinanceLab (www.myfinancelab.com). Budget Tracker: Personal Income Statement Worksheet Directions: Fill in the gold cells with your data. Be careful not to modify the red cells Income Wages and salaries Wage Earner 1 Wage Eamer 2 Total Wages and salaries Interest and Dividendo +Royalties, Commissions and Rents +Other Income A Total Income Taxes Federal Income and Social Security +State Income B. Total Income Taxes C. After-Tax Income Available for Living Expenditures or Take Home Pay (line A minus line B) Living Expenses Housing Rent +Mortgage Payments +Utities +Maintainance +Reas Eastate and Property Taxes +Fixed Assets-furniture, appliances, televisions, etc. Other Living Expenses D. Total Housing Expenditures Food Month Budget Actual Income Difference Income Budget Amount Actual Spending Difference