Question
Create a monthly budget of income and expenditures, with some money set aside for savings, for your first year out of school. Create variations of
Create a monthly budget of income and expenditures, with some money set aside for savings, for your first year out of school. Create variations of this budget to show how much you could save if you cut back on certain expenses, found a roommate, or got a part-time job. Compare costs of meal plan to costs of groceries. Consider how much interest would be earned on savings if $100 saved monthly. Or how much debt paid on student loans or credit card bills. To expand your data set, make a fantasy budget for ten years from now, when you might own a home, owe student loan payments, and have a good salary.
| Personal Monthly Budget | |||
| PROJECTED MONTHLY INCOME | Income 1 | $4,300 | |
| Extra income | $300 | ||
| Total monthly income | |||
| ACTUAL MONTHLY INCOME | Income 1 | $4,000 | |
| Extra income | $300 | ||
| Total monthly income | |||
| HOUSING | Projected Cost | Actual Cost | Difference |
| Mortgage or rent | $1,000 | $1,000 | |
| Phone | $54 | $100 | |
| Electricity | $44 | $56 | |
| Gas | $22 | $28 | |
| Water and sewer | $8 | $8 | |
| Cable | $34 | $34 | |
| Waste removal | $10 | $10 | |
| Maintenance or repairs | $23 | $0 | |
| Supplies | $27 | $15 | |
| Other | $50 | $33 | |
| Subtotals | |||
| TRANSPORTATION | Projected Cost | Actual Cost | Difference |
| Vehicle payment | $350 | $350 | |
| Bus/taxi fare | $0 | $0 | |
| Insurance | $35 | $35 | |
| Licensing | $0 | $0 | |
| Fuel | $100 | $186 | |
| Maintenance | $50 | $0 | |
| Other | $0 | $0 | |
| Subtotals | |||
| INSURANCE | Projected Cost | Actual Cost | Difference |
| Home | $120 | $120 | |
| Health | $50 | $50 | |
| Life | $42 | $42 | |
| Other | $0 | $0 | |
| Subtotals | |||
| FOOD | Projected Cost | Actual Cost | Difference |
| Groceries | $350 | $310 | |
| Dining out | $100 | $145 | |
| Other | $50 | $40 | |
| Subtotals | |||
| PETS | Projected Cost | Actual Cost | Difference |
| Food | $30 | $25 | |
| Medical | $0 | $0 | |
| Grooming | $0 | $0 | |
| Toys | $15 | $20 | |
| Other | $0 | $0 | |
| Subtotals | |||
| PERSONAL CARE | Projected Cost | Actual Cost | Difference |
| Medical | $50 | $0 | |
| Hair/nails | $0 | $0 | |
| Clothing | $50 | $100 | |
| Dry cleaning | $0 | $0 | |
| Health club | $75 | $75 | |
| Organization dues or fees | $15 | $15 | |
| Other | $0 | $0 | |
| Subtotals | |||
| PROJECTED BALANCE (Projected income minus expenses) | ||||
| ACTUAL BALANCE (Actual income minus expenses) | ||||
| DIFFERENCE (Actual income minus projected income) | ||||
| ENTERTAINMENT | Projected Cost | Actual Cost | Difference | |
| Video/DVD | $20 | $23 | ||
| CDs | $20 | $0 | ||
| Movies | $40 | $20 | ||
| Concerts | $0 | $0 | ||
| Sporting events | $0 | $0 | ||
| Live theater | $0 | $0 | ||
| Other | $0 | $0 | ||
| Other | $0 | $0 | ||
| Other | $0 | $0 | ||
| Subtotals | ||||
| LOANS | Projected Cost | Actual Cost | Difference | |
| Personal | $0 | $0 | ||
| Student | $250 | $250 | ||
| Credit card | $75 | $75 | ||
| Credit card | $20 | $20 | ||
| Credit card | $0 | $0 | ||
| Other | $0 | $0 | ||
| Subtotals | ||||
| TAXES | Projected Cost | Actual Cost | Difference | |
| Federal | $0 | $0 | ||
| State | $0 | $0 | ||
| Local | $0 | $0 | ||
| Other | $0 | $0 | ||
| Subtotals | ||||
| SAVINGS OR INVESTMENTS | Projected Cost | Actual Cost | Difference | |
| Retirement account | $0 | $0 | ||
| Investment account | $0 | $0 | ||
| Other | $0 | $0 | ||
| Subtotals | ||||
| GIFTS AND DONATIONS | Projected Cost | Actual Cost | Difference | |
| Charity 1 | $0 | $0 | ||
| Charity 2 | $0 | $0 | ||
| Charity 3 | $0 | $0 | ||
| Subtotals | ||||
| LEGAL | Projected Cost | Actual Cost | Difference | |
| Attorney | $0 | $100 | ||
| Alimony | $0 | $0 | ||
| Payments on lien or judgment | $0 | $0 | ||
| Other | $0 | $0 | ||
| Subtotals | ||||
| TOTAL PROJECTED COST | ||||
| TOTAL ACTUAL COST | ||||
| TOTAL DIFFERENCE | ||||
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Finance For IT Decision Makers
Authors: Michael Blackstaff
1st Edition
3540762329, 978-3540762324
