Accounting part 2

02.06 Budget Worksheet

Career _________________________________________

Total Yearly Expenses

Difference (net income minus expenses)

Entertainment	Yearly Cost
Video/DVD
Vacation
Other
Subtotals

Other Credit Debt	Yearly Cost
Student Loan
Credit Card
Credit Card
Other
Subtotals

Utilities	Yearly Cost
Phone and/or Cell Phone
Cable and Internet
Electric and Gas
Water and Sewer
Waste Removal
Subtotals

Personal Care	Yearly Cost
Health Insurance
Other Medical Costs
Hair/Nails
Clothing & Laundry
Health Club
Organization Dues or Fees
Other
Subtotals

Gifts and Donations	Yearly Cost
Holidays and Birthdays
Charity Donations
Other
Subtotals

Yearly Budget		Gross	Net
Income

Housing	Yearly Cost
Mortgage or rent
Maintenance or repairs
Supplies
Home Insurance
Furnishings
Subtotals

Transportation	Yearly Cost
Vehicle Payment
Bus/Taxi Fare
Automobile Insurance
Licensing
Fuel
Maintenance
Other
Subtotals

Food	Yearly Cost
Groceries
Dining Out
Subtotals

Pets	Yearly Cost
Food
Medical
Grooming
Toys
Other
Subtotals

Savings or Investments	Yearly Cost
Retirement Account
Investment Account
Emergency Savings
Subtotals

 

Reflecting on this Activity

1. Why is budgeting important to your life?
2. Describe your experience with this process. Was it easy, difficult, or somewhere in the middle? What factors contributed to your feelings?
3. How might the use of credit for a large purchase affect your budget? Discuss which type of credit plan you would use, and how your budget can help you protect your credit score.
4. What adjustments did you have to make to your budget? How did you decide where to make changes?
5. Will you begin using a budget regularly now? Why or why not?

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