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. Put a Her planned income and expenses: Income Budgeted Actual Gabrielle works part-time at a greeting card company and check- Job #1—Card Company $ $ mark in part-time at a record store. The net monthly income Job #2—Record Company each from her first job is $600. The net monthly income from her category second job is $800. Other that she Total monthly income $ $ overspent Her planned fixed monthly expenses include: Budgeted Actual in $200 for rent (she shares an apartment with two friends) Fixed Expenses $175 for car payment Rent $ $ $ $220 for car insurance Car Payment $125 for health insurance premium Car Insurance Premium Her planned variable expenses include: Health Insurance Premium $100 (to save for going to design school) Other $150 for food $160 for Utilities Variable Expenses $40 for gas and oil Savings $ $ $ $50 for clothes Food $60 for entertainment Utilities (electricity, phone, internet) $30 for personal items Gas and oil How her monthly bills actually arrived as: Repairs and Maintenance Medical expenses 1. What she made: Gabrielle made the expected $600 and $800 at her two jobs. Someone called in sick at Clothing the record company and she worked an extra day and Entertainment made $65 this month. Household items 2. What she spent on fixed, regular expenses: Personal items Rent went up to $225, starting this month (she knew this increase was coming, but forgot about it until now) Gifts Her monthly car payment was $175 Other Her monthly car insurance premium was $220 Other Her monthly health insurance premium was $125 Total ALL monthly expenses $ $ $ 3. What her variable expenses actually were: $190 for food (she is planning a dinner party for which Extra income not budgeted she hadn’t budgeted) $80 for gas and oil (her car needed an oil change) Amount Overspent $220 for medical issues that cannot wait $80 for a new pair of running shoes $70 for entertainment $60 for personal items $36 or a birthday present for her mother $130 for utilities NOTE: Gabrielle has a savings account with a balance from last month of $750. 4. Her unexpected expenses: $50 for a new car battery NOTE: Gabrielle has a CITI Bank credit card with a zero $30 for a toaster, her old one stopped working balance owing on it and with a $500 maximum credit $115 for a new tire (her tire went flat and could not be limit. fixed) 5. Gabrielle still expects to put $100 into savings 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 or budgeted expenses and her actual expenses? 3. If she went over her budget, how will she pay the shortage or the difference? What effect does this have on her? 4. In what areas did she spend less than she planned? 5. How much TOTAL did she spend for the use of her car this month? (planned and unplanned) 6. How much money did she have at the end of the month to put into savings? 7. If you were Gabrielle, what one or two expenses would you likely be able to cut-back on? 8. Assume that Gabrielle only makes the $1,400 each month. If Gabrielle were to actually cut-back on her expenses and follow the “Budgeted” amounts that she projected, how much extra money could she add to her savings account by the end of one year (include the amount she puts into savings monthly PLUS any additional she has leftover each month)?
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