1 This is a template to use for hypothetical budgets Fill this out based on your own expenses or projected expenses but all the scenarios assume that you are making 500 a month in income 2 Complete the column titled Scenario 1 Debt with as much expense as you would like in each category You need to spend more than 500 If you think of additional expenses beyond those listed on the organizer you can add them below Books Magazines on the chart 3 Then add up your expenses and subtract them from the income figure of 500 The expenses should be higher than 500 so the total will be negative This means you have gone into debt and the debt figure should go in the Debt row 4 Next fill out the column titled Scenario 2 Break Even The goal here is to spend exactly 500 This means that you will have to lower your expenses in certain areas from the Debt column 5 You will add up your expenses to confirm that your expense and income totals are equal You will then have no savings or debt so a 0 should go in the Debt and Savings rows 6 Then Complete the column titled Scenario 3 Savings The goal with this column is to lower your costs below those of the Break even Scenario in order to have savings 7 You will add up your expenses and subtract the total from the income figure of 500 This figure should go in the Savings row 8 Respond to the reflection question after you are done Monthly Budget Monthly Income Monthly Expenses School Supplies Cell Phone Clothes Accessories Transportation Restaurant Snacks Movies Concerts Sports Video Games Books Magazines Donations to Charity Other Other Total Expenses Scenario 1 Debt 10pts 500 Scenario 2 Break Even 10pts 500 Scenario 3 Savings 10 pts 500 Savings Debt 10pts Reflection How were you able to achieve savings How have you set your spending priorities in order to lower some expenses and