Creating a Personal Budget

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Creating a Personal Budget
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INCOME

• Income is any money coming in
• What would be considered Income
• Allowance
• Job
• Investments-interest from a savings account
• Gift money from Birthday, Christmas etc.
• From the sale of an item

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Sample Pay Stub
934.00
What will be the Net Pay after all deductions?
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What are Fixed ExpensesThose things that have a
set dollar amount

• Housing
• Utilities
• Telephone
• Electric
• Cable TV
• Water
• Heat
• Car payments
• Insurance payments
• Car
• Health
• Home owners

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What are Variable ExpensesItems that dollar
amount changes and you have control over what you
spend

• Food
• Clothing
• Personal Care Items
• Gasoline
• Entertainment
• Movies
• Dinner out
• Concerts
• Sporting events

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Keeping a Record of Expenses

• Begin with one day of the week and write down
  every item you bought.
• Write down what money you got for that day
• Was it an allowance?
• Was it a gift?
• Was it from a job?

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Sample sheet of one day purchases
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Sample sheet for Weekly Budget
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Now you have a BudgetLets set some Goals

• Is it a Necessity (essential)
• Food
• Clothes
• or Is it a Want item (something to increase your
  quality of living)
• Movies
• Concert
• Senior Trip

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Setting Goals

• Short term goals
• Those things that you want to do in the near
  future
• Concert tickets
• Prom
• Long term goals
• Those things that you want eventually
• Car
• Vacation
• College

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Goal Planning Worksheet Goal ___________________
_________________________________ Begin Date
_______________________________________________ Co
mpletion date ___________________________________
________   Description of goal _________________
__________________________________________ _______
__________________________________________________
_______ __________________________________________
______________________ ___________________________
_____________________________________ ____________
__________________________________________________
__ _______________________________________________
_________________ ________________________________
________________________________ _________________
_______________________________________________  
Reasons I want to meet this goal 1.
__________________________________________________
_________ 2. ____________________________________
_______________________ 3. ____________________
________________________________________ 4.
__________________________________________________
__________ 5. ________________________________
____________________________   Steps I must
follow to meet my goal 1.     
__________________________________________________
_______ 2.      _________________________________
________________________ 3.     
__________________________________________________
_______ 4.      _________________________________
________________________ 5.     
__________________________________________________
_______