Divide Your Expenses: Determine the cost for each category and record the prices in your budget. Use the following percentages to divide your monthly net pay: Rent: 30% of net pay STUDENT TIP Utilities: 10% of net pay You may have to make some Car Insurance: 5% of net pay adjustments based on your preferences. For Cell Phone: 5% of net pay example, if you want more money for Occasional Spending: 10% of net pay entertainment, can you afford to cut back Savings: 10% of net pay on rent or your car loan? Or, if you want Food: 15% of net pay to live in an urban area where rent is Car Loan: 10% of net pay higher, can you cut back on another Entertainment: 5% of net pay expense to afford it? Assess Your Budget: Compare your expenses to your monthly income. Have you spent everything you've earned? Do you have money left over for savings? What expenses could you lower to increase your savings?Calculate Your Take-Home Pay: With a gross income of $30,000 and a 25% tax deduction, what is your monthly net income? (Remember this is what you get after taxes.) Use this number to start your budget. Categorize Expenses: Determine if your expenses are fixed or variable, and write them in the appropriate sections of the table below. Remember your expenses include: rent, car, car insurance, cell phone, utilities, entertainment, food, savings and occasional expenses. Name: Net Income: /month Cost Fixed Expenses Variable Expenses