Gabrielle’s Budget – Personal Finance Name: __________________ Per. _____
Directions: Use one of the attached budget sheets to set up
Gabrielle's Budget and maintain Gabrielle’s budget.
Her planned income and expenses:
Income Budgeted Actual Difference
Gabrielle works part-time at a greeting card company and
Job #1—Card Company $ $ $ part-time at a record store. The net monthly income
Job #2—Record Company from her first job is $600. The net monthly income from her
second job is $800.
Total monthly income $ $ $ Her planned fixed monthly expenses include:
Budgeted Actual Difference $200 for rent (she shares an apartment with two friends)
Fixed Expenses $175 for car payment
$220 for car insurance
Rent $ $ $
Car Payment Her planned variable expenses include:
Car Insurance Premium $100 (to save for going to design school)
$150 for food
Health Insurance Premium
$160 for Utilities
Other $40 for gas and oil
Variable Expenses $50 for clothes
Savings $ $ $ $60 for entertainment
$30 for personal items
Utilities (electricity, phone, internet) How her month actually went:
Gas and oil
1. What she made: Gabrielle made the expected $600
Repairs and Maintenance
and $800 at her two jobs. Someone called in sick at
Medical expenses the record company and she worked an extra day and
Clothing made $65 this month.
2. What she spent on fixed, regular expenses:
Rent went up to $225, starting this month (she knew
Household items this increase was coming, but forgot about it until now)
Personal items Her monthly car payment was $175
Gifts Her monthly car insurance premium was $220
Her monthly health insurance premium was $125
Other 3. What her variable expenses actually were:
Total ALL monthly expenses $ $ $ $190 for food (she is planning a dinner party for which
she hadn’t budgeted)
$80 for gas and oil (her car needed an oil change)
Extra income not budgeted $220 for medical issues that cannot wait
Amount Overspent $80 for a new pair of running shoes
$70 for entertainment
$60 for personal items
$36 or a birthday present for her mother
4. Her unexpected expenses:
$50 for a new car battery
$30 for a toaster, her old one stopped working
$115 for a new tire, her tire went flat and could not be
Now looking at the budget answer the following questions:
1. In your own words, explain the difference between “fixed” expenses and “variable” expenses:
2. What is the dollar amount difference between Gabrielle’s planned expenses and her actual
3. In what areas did she overspend?
4. If she went over her budget, how will she pay the difference? What effect does this have on her?
5. In what areas did she spend less than she planned?
6. How much did she spend for the use of her car this month? (planned and unplanned)
7. How much money did she have at the end of the month to put into savings?
8. If you were Gabrielle, what one or two expenses would you likely be able to cut-back on?
9. If Gabrielle were to actually cut-back on the expenses above, project how much extra money she
could have at the end of the year?