GEN092: Personal Budget Assignment Directions: Complete this budget exercise making sure to answer every item. 1. Goal setting: a. In _____________ years, I plan on graduating with a degree in ___________________. b. Immediately upon graduating, I hope to be making $_________________ per year. c. Eventually, I would like to be making $____________________ per year. 2. Needs versus wants Write down your last 10 purchases, listing what they were, how much they cost, and checking whether they were a “want” or a “need”. The total the amount spent on wants and the amount spent on needs. Date of purchase Example: 02/23/12 Item description Starbucks coffee Cost Want $4.50 X 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Total spent on wants Amount: Total spent on needs Amount: Need 3. Personal budget: a. List your monthly income: $_________________ (if not known, take an educated guess) b. Complete the budget form below listing how much you spend on average, in each of the areas per month. EXPENSES HOUSING Rent/Mortgage/Dormitory Utilities (electric, cable, internet) Telephone bill (cell and/or land line) DAILY LIVING Groceries Dry cleaning Miscellaneous (supplies) EDUCATIONAL Tuition payments Books/Class materials TRANSPORTATION Car payment Gas/Fuel Public Transportation Parking Insurance PETS Food and care AMOUNT EXPENSES AMOUNT PERSONAL HEALTH & HYGIENE Gym memberships Prescription drugs, co-payments Hair salon/Barber SHOPPING Clothes Magazines/Newspaper Gifts (music, books, etc…) FINANCIAL OBLIGATIONS Credit card payments Other monthly payments ENTERTAINMENT Out with friends (dinner, bar,…) Movies (theatre and rentals) Events (Shows, sporting events) Travel/Vacation Other MISCELLANEOUS TOTAL EXPENSES: TOTAL INCOME (sheet 1) DIFFERENCE c. In the box below, write about your findings. What are areas of strengths and weaknesses? What areas can be improved? If you ended up with a negative difference when comparing your income to expenses, what was causing it? d.