Objectives: Prepping a Budget

• Explain the meaning of 'fixed' and 'flexible' expenses
• Make a personal budget that includes both fixed and flexible expenses
• Explain how a budget can change over time
• Directions: Make a personal budget. Use the template provided as a guide. Add or delete items as needed. Give short explanation of your budget, which items you would be able to change (flexible) and which are always the same (fixed). Describe how your budget may change over time and how you will respond to these changes.

Use a projected income of $10.00 per hour for 30 hours per week

a. Don't forget to Include such expenses as rent, food, utilities, phone, transportation, etc.

b. Identify the fixed and variable expenses in your budget

c. Total your expenses weekly, monthly and yearly

d. Calculate your gross and net income

e. Describe how you calculated your monthly income. This budget should reflect how you would support yourself on the income that you calculated.