Creating a New Budget to Meet Your

Saving and Spending Needs

Student Assignment
In this assignment, you will create a budget and answer questions about how your budget has
successfully met short-term and long-term goals.

Assignment Instructions
Step 1: Gather materials and necessary information.

a) Ask your teacher which word-processing software you will be using.

b) Keep your lesson and assignment open in case you need to review what you have
learned.

Step 2: Read and follow each set of instructions carefully.

a) To create your budget, type an amount of money into each cell of the tables you have
been given. Be sure to ask your teacher for help if you are not sure how to do this.

b) Make sure you complete the questions on each page.

Assignment: Revising a Budget

You have just been promoted at your job, and now you have a net income of $2,190. You would like
to use this income to meet new financial goals.

1. Create a budget that will allow you to save at least $100 by the end of October. (10 points)

Remember, your old budget reflected a net income of $1850.00 and included these expenses:
 $600 for your rent
 $475 for your car payment, car insurance, and gas
 $230 for your utilities, phone, and Internet
 $300 for your groceries
 $50 for your entertainment
 $20 for your renters insurance
 $75 for discretionary spending
 A final net total of $100 saved per month

Your new budget needs to include these changes:

 A new line to budget $50 per month toward a new computer

 Other expenses may be modified as you choose.
 A final net total of at least $300 saved per month

Scroll to the next page to edit your budget with these changes in mind.

Copyright © Edgenuity Inc.

 Student Guide (continued)

Monthly Personal Budget

Income and Expenses Old Budget New Budget One-Year Total

Income
Total income

Fixed
expenses

Total fixed expenses

Variable
expenses

Total variable expenses

Total expenses
Totals
Net savings

2. Which budgetary category changed the most between your old budget and your new budget?
Why? (5 points)

3. How does your new budget help you to meet your short-term goal of buying a new laptop? (5
points)

4. How does your new budget help you to meet your long-term goal of saving for college? (5 points)

Copyright © Edgenuity Inc.