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 $300 per month. (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
Old
New
$1850
$2190
Fixed
Rent
expense
Car payment, gas,
s
insurance
$600
$600
$475
$475
Utilities
$230
$230
$1305
$1305
Groceries
$300
$150
Entertainment
$50
$100
Renters Insurance
$20
$20
Discretionary
$75
$75
New computer
$0
$50
$370
$395
Total expenses
$1675
$1700
Net savings
$150
$490
Total income
Total fixed expenses
Varia
ble
expen
ses
Total variable
expenses
Totals
2. Which budgetary category changed the most between your old budget and your new budget?
Why? (5 points) Groceries changed the most because they can fluctuate to be lower.
3. How does your new budget help you to meet your short-term goal of buying a new laptop? (5
points) It allows me to be able to add this item without too much consideration. I was able to
save $490 including the computer cost, so I will own the computer in no time.
4. How does your new budget help you to meet your long-term goal of saving for college? (5 points)
I am able to save almost $500 a month. College will not be a problem because my budget lets me save
enough money.
Copyright © Edgenuity Inc.