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Budgeting

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by

Jessica Chapman

on 13 August 2015

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Transcript of Budgeting

Your budget must include the following:
Budgets are a necessary evil
What percentages should you be spending?
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Examples
an example might be Utilities (water, gas, etc)

or even gas and/or groceries.
Flexible Expenses
Flexible expenses are those that you must pay, but their amount varies from month to month.
Budget project will begin today and will be due Dec. 3rd at the beginning of class.

That is 3 full class days to work.
What is Budgeting?
Budgeting can mean estimating monthly living expenses based on previous bills and wages.
First lets evaluate your own personal budget
First each individual will find a "job"
Fixed Expenses
If your monthly income is a steady $3000, for example, you can subtract all of your known monthly bills from that figure even before they arrive. Some bills can be estimated and subtracted from the original income figure.
Budgeting and Family Living
Certain expenses are fixed, so payment of those bills should be an inflexible element. Nothing is more important than paying those particular bills in full.
Evaluate your own budget.
how much money do you get monthly and yearly?
write on a piece of paper
What expenses do you have?
which expenses are "fixed" and which are "flexible?
What long term goals do you have with spending?
Write everything down that you have spent the past 5 days?
Your housing should be 30% of your gross income
Transportation should be 20% of your income
Healthcare and insurance should be 15% of your budget
The rest can be alloted to other flexible expenses.
10% for savings
Calculate your monthly income, and create a simple budget
your monthly income
your rent
your utilities (water and electricity)
Savings (10%)
Food and Gas
Insurance (medical and car)
New car payment
The project:
individually you will find a job listing, to claim as your job.
Then you will plan out a personal budget for yourself including:

your monthly income, your rent, your utilities (water and electricity), Savings (10%), Food and Gas, Insurance (medical and car), new car payment
Then you will find a car to buy that is within your budget (its initial cost, and its car payments - assuming you could qualify for a loan to pay the down payment)
The car cannot be made before the year 95'
You must find the add and print it off and attach it to your budget.
Full transcript