Preparing a Budget Plan
Learning Objective: Prepare a simple budget. A "budget" is a plan for saving and spending money. It is based on your income and expenses. Read the paragraph below and use the information to prepare a sample budget plan for Adam. In the month of March, Adam had 3 babysitting jobs earning $20.00 each time. He made $105.00 from his paper route. Adam earns $10.00 a week allowance and Dad paid him an extra $15.00 because he had more snow to shovel than usual! He even helped his neighbors shovel snow and received $25.00. Adam saved $50.00. He went to a $7.00 movie and bought snacks for $4.00. He did this twice. His Internet service costs him $20.00 a month, payments toward his car are $50.00, insurance is $45.00, and gas was $41.00. Find out if Adam has any cash on hand this month.
Simple Monthly Budget Plan
INCOME Babysitting Paper route Allowance Other Other _________________ _________________ _________________ _________________ _________________ Monthly Internet Car payments Car insurance Movies Food Savings deposit Total Income _________________ Total Expenses EXPENSES _________________ _________________ _________________ _________________ _________________ _________________ _________________
1. 2. 3.
Adam's income in March totaled Adam's expenses in March totaled Adam's cash on hand in March totaled
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