Calculate Your Income: Determine your net income value by subtracting estimated taxes and fees from your gross income.
1. Calculate Your Expenses: Estimate how much you will spend in a full year for each of the 11 categories listed in the lesson.
3. Analyze Your Budget: Determine if you are living within your means. If necessary, find ways to reduce expenses so that they are in line with your income.
02.06 Budget Worksheet
Difference (net income minus expenses)
Other Credit Debt
Phone and/or Cell Phone
Cable and Internet
Electric and Gas
Water and Sewer
Other Medical Costs
Clothing & Laundry
Organization Dues or Fees
Gifts and Donations
Holidays and Birthdays
Mortgage or rent
Maintenance or repairs
Savings or Investments
Reflecting on this Activity
1. Why is budgeting important to your life?
2. Describe your experience with this process. Was it easy, difficult, or somewhere in the middle? What factors contributed to your feelings?
3. How might the use of credit for a large purchase affect your budget? Discuss which type of credit plan you would use, and how your budget can help you protect your credit score.
4. What adjustments did you have to make to your budget? How did you decide where to make changes?
5. Will you begin using a budget regularly now? Why or why not?