Now fill in the monthly expenses table. You can put approximate values for items that you are not sure of. Your monthly pay will be your paycheck x 2. For each expense put the percentage of it to the monthly pay

	Monthly Expenses	$3,183	% of the monthly pay	% of the monthly pay
Necessities	Mortgage/rent	525
	Health Insurance*	74
	Car loan	340
	Food	150
Discretionary items	Gas	200
	Phone and internet	70
	Other*	300
	Savings

*for the health insurance you can use these approximate numbers: Single coverage - $100/month, family coverage - $500/month

*Other these might include car repair, clothes, haircut, office and home supplies and so on

At least 20% of your income should go towards savings. Meanwhile, another 50% (maximum) should go towards necessities, while 30% goes towards discretionary items. This is called the 50/30/20 rule of thumb. Consider first five expenses as Necessities, the other two as discretionary items. What is your percentage?

Necessities: _____%

Discretionary items: _______%

Savings: ________%

Do you think you have balanced budget? If not, what do you need to adjust?

Suppose you want to save money for a used car, in affordable price range around $5000. Choose the model and the year. Research local listings for a similar car and determine the average price for it. Keep in mind that the higher the mileage, the higher the chance of coming repairs

Now determine how long will it take you to save the money for it (number of month)