Creating a New Budget to Meet Your
Saving and Spending Needs
Student Assignment
In this assignment, you will create a budget and answer questions about how your budget has
successfully met short-term and long-term goals.
Assignment Instructions
Step 1:
Gather materials and necessary information.
a) Ask your teacher which word-processing software you will be using.
b) Keep your lesson and assignment open in case you need to review what you have
learned.
Step 2:
Read and follow each set of instructions carefully.
a) To create your budget, type an amount of money into each cell of the tables you have
been given. Be sure to ask your teacher for help if you are not sure how to do this.
b) Make sure you complete the questions on each page.
Assignment: Revising a Budget
You have just been promoted at your job, and now you have a net income of $2,190. You would like
to use this income to meet new financial goals.
1.
Create a budget that will allow you to save at least $100 by the end of October. (10 points)
Remember, your old budget reflected a net income of $1850.00 and included these expenses:

$600 for your rent

$475 for your car payment, car insurance, and gas

$230 for your utilities, phone, and Internet

$300 for your groceries

$50 for your entertainment

$20 for your renters insurance

$75 for discretionary spending

A final net total of $100 saved per month
Your new budget needs to include these changes:

A new line to budget $50 per month toward a new computer

Other expenses may be modified as you choose.

A final net total of at least $300 saved per month
Scroll to the next page to edit your budget with these changes in mind.
Copyright © Edgenuity Inc.
Student Guide (continued)
Monthly Personal Budget
Income and Expenses
Old Budget
New Budget
One-Year Total
Income
Total income
1850.00
2190.00
26,280
Car payment/ins
230.00
230.00
5,700
Utilities,phone,intenet
230.00
230.00
2760
‘
Fixed
expenses Rent
Rent insurance
600
20
600
20
7200
240
Total fixed expenses
groceries
entertainment
Variable Discretionary spending
expenses Computer savings
Total variable expenses
Total expenses
15900
300
300
3600
50
25
300
75
50
600
50
50
600
425
425
5100
1750
1750
21000
100
440
4800
Totals
Net savings
2. Which budgetary category changed the most between your old budget and your new budget?
Why? (5 points)
The income changed the most by 340
3. How does your new budget help you to meet your short-term goal of buying a new laptop? (5
points)
yes
4. How does your new budget help you to meet your long-term goal of saving for college? (5 points)
Copyright © Edgenuity Inc.