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.

Directions:

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.

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.

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Assignment: Revising a Budget

You have just been promoted at your job, and you now 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 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

 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.

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 Monthly Personal Budget
Income and Expenses Old Budget New Budget One-Year Total
2190 26280
Income
Total income 1850 2190 26280
Rent 600 600 7200
Fixed Car payments 475 475 5700
expenses utilities 230 230 2760
Total fixed expenses 1305 1305 15660
Groceries 300 300 3600
Entertainment 50 50 600
Variable Renters insurance 20 20 240
expenses Discretionary spending 75 75 300
Computer 0 50 600
Total variable expenses 445 495 5940
Total expenses 1750 1800 21600
Totals
Net savings 100 390 4680

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

The budgetary category that changed the most was the net savings. This is because of the extra
money coming in via total income. An extra $290 was added to the category.

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

The new budget helps meet short-term goal of buying a new laptop because there is an ability to
set aside money to buy the laptop.

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

This new budget helps the long-term goal of saving for college because it leaves space to save a
certain amount each month.

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