Worksheet - Redmond School District by xiuliliaofz


									 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
  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.
                                                                     that she
Total monthly income                         $             $        overspent        Her planned fixed monthly expenses include:
                                             Budgeted      Actual       in              $200 for rent (she shares an apartment with two
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
                                                                                              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
                                                                                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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