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.
Directions:
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.
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.
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Assignment: Revising a Budget
You have just been promoted at your job, and you now 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 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

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.
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Monthly Personal Budget
Income and Expenses
Old Budget
New Budget
One-Year Total
2190
26280
1850
2190
26280
600
600
7200
475
475
5700
230
230
2760
1305
1305
15660
300
300
3600
50
50
600
Variable Renters insurance
expenses Discretionary spending
20
20
240
75
75
300
Computer
0
50
600
445
495
5940
1750
1800
21600
100
390
4680
Income
Total income
Rent
Car payments
Fixed
expenses utilities
Total fixed expenses
Groceries
Entertainment
Total variable expenses
Totals
Total expenses
Net savings
2. Which budgetary category changed the most between your old budget and your
new budget? Why? (5 points)
The budgetary category that changed the most was the net savings. This is because of the extra
money coming in via total income. An extra $290 was added to the category.
3. How does your new budget help you to meet your short-term goal of buying a
new laptop? (5 points)
The new budget helps meet short-term goal of buying a new laptop because there is an ability to
set aside money to buy the laptop.
4. How does your new budget help you to meet your long-term goal of saving for
college? (5 points)
This new budget helps the long-term goal of saving for college because it leaves space to save a
certain amount each month.
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