Personal budget assignment

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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.
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