Name Sutin, Ad My Budget Work Sheet ‘Welcome tothe future in Mad City Congratulations! You graduated, maybe got marred, and landed a job. You also have goals, ‘expenses, and bils. Now you need a budget so you'll know just how much of your hard-earned maney you can spend on day-to-day living expenses and, of course, how much you ean save for future needs and wants, Directions * Use thie work sheet to determine how much» Complete My Spending & Savings Plan by ‘money you wil allocate to each category on _the end of the session. My Spending & Saving Plan, + Your goal is to end up with no more * Visit all the Mad City merchants and make ‘than $100 in your checking account, That Purchases. You will pay each merchant with __meane you can’t be overdrawn. It also meane ‘your debit oar. that any money in excess of $100 must be put + Visit the merchants in any order in savings, used to reduce debt, or pent on ‘Remember to balance your account every time your goals. {you make a transaction My Income Use the information on your "About Me" statement to complete this section. q My take-home salary old Need helpo + Spouse take-home ela f manies) \OYPOL “sit the Croan sien 3973 7 ~ Student loan payment_C) suoto § S473 Enter thi amount as the Dace he phage + Maciel nae copy, aoe Paget of7My Housing Visit Really Realy & Utities. Make a housing choice and add up the total monthly casts. Enter the total on My Spending & Savings Plan. + 500 Nortgageret payment i tect as rt 1 GF Visit Realy Rean tyhest payme s Realy & ution ater/sewer payment : Insurance payment (opine) +_G> = Err this amount in your Debit Card Register Phone/cabefintemet = SF “tes subtract otind your balance remaining. Cr 2s outvoungogmen — $2020 CHD My Transportation Visit Big Wheels Now & Used, Make transportation choices and add the total monthly cost {for yourself and your spouse. Enter the total on My Spending & Savings Plan. ‘Your transportation ‘Monthly payment ee, Car insurance + Y ) Gas for month ft Veh ops +0 Visit Big Mae oa Bus pass (I applicable) + See ‘Spouse's transportation ag, Eto the amount in ‘Monthly peyment & Contributions» Car insurance Gas for month Vehicle repair Bus pass (applicable) + mses $_ A) _ Enter his amount in your Debit Card Register ne 5s and subtract to find your balance remaining. Page 2087My Entertainment Vist Fun Stuff to buy sports equipment, hobby supplies, movie and conoert tickets, vacation pack- ‘ages, and more. Select atleast 2 entertainment acti for each person age 2 oF older in your household. You can select ony 1 fee activity per person. Enter the total on My Spending ‘and Savings Plan, usr ety. \ coats \& aatvty J} oo Aetvty Gon oo. atv * Activ Activity det sity * eed help? Total entertainment expenses $C] e stuff Enter thi amount in your Debit Card Regier visit Fun and subtract to find your balance remaining. My Furniture & Decorations Vist Home Stuf. Select the furniture and decorative items you want for your home, (omy, no sleeping on the flool) Enter the total on My Spending & Savinge Plan, Fariture s& Decorative home tems +28 Ne Household needs 5 Need help? Visit Home susgp Total furniture & decorations expenses $_40 Enter this amount in your Debit Card Register ‘and subtract to find your balance remaining. Page 307My Clothing & Personal care Viet the fashion conaultant at My Closet. Select the type of clothing you will purchase. Determine the type of personal care supplies and services you need for yourself and your spouse. Enter the total on My Spending & Savings Plan. Clothing for me $. 5 eee oa ee Msi ty ctocey Paronslcaeforapoure +2 Tota clothing & personal care expenses $_\ 2 Enter this amount in your Debit Card Register ‘and subtract to find your balance remaining, Wants & Extras Visit Mad City Mall, Select any number of optional special purchases you want for you and your family, Enter the total on My Spending & Savings Plan ust oe = +1350 Matt — &y Total wants & extra expenses $ DOO Enter this amount in your Debit Card Register ‘and subtract to find your balance remaining, Want Page 4017My Meats Visit Gotta Eat! Select the kind of food you wil eat for each week. You do not need to eat the same foods all month. Include how much you wil spend on drinking coffee and eating out. Enter the total ‘on My Spending & Savings Plan under "Food." Week t food ¢_/O@ Week 2 food + 2S Week 3 food +_{CO Week 4 food +_ FS Eat out fast food (Ztimes per month@ ZO. per time) +_4/O) Eat out fine dining (_|_ times per month@ (0 per ime) + 2/O Cita na eee Need help? Coffee for spouse +_/Z. J & dining visit Gotta Eat! foo = Total food expanses $_ PB 1S Enter this amount in your Debit Card Regicter ‘and subtract to find your balance remaining, My Children Visit Kid Care to select clothing and care for your child. + You must purchase clothing for your child regardlase of age. + Ityour child is 8 years or younger, you must purchase diapers, * Because you are working you must hire child care. + Ifyour child is 1 year or younger, you must buy formula. Entr the tot on My Spending & Savings Plan. cttting §_ {O Diapers + Need help? Visit Kid care Formula + caro + 260) Present, books, toys SS fei) Enter this amount in your Debit Card Register ‘and subtract to find your balance remaining Page Sat 7‘Saving & Contributions Determine what you are saving for and deduct the amount you wal save for your goal. Determine the ‘charitable contributions you want to make. Visit the Credit Union to deposit your check for savings ‘and/or contributions. Entor the total on oe ng & Savings Plan. rm ewig tr Zauss) Day evident sings nt enn § SOO m-avig for________—_Deposited in savings each month +, 1m saving for Deposited in savings each month + Need help? Visit the Credit Union Total allocated to savings and contributions $_ SOO Enter this amount in your Debit Card Register ‘and subtract to find your balance remaining, My Debt Owe nathing on your credit carda? Great! Skip tha avction. Hyou owe, road on! Enter the total amount you owe on your credit card. You must pay more than the minimum amount ‘owed each month If you can afford i, pay off the entre amount. Visit the Credit Union and write a c’heok for your debt payment. Enter the total on My Spending & Savings Plan. Total amount owed times 4% = minimum credit card payment (Credit card debt x.04 = minimum credit card payment) ZHG x-s FEY) Ce ee tent opr isit th Extra payment over minimum &, id, aa Credit Union Tota creat card payment $241,650. Enter this amount in your Debit Card Register ‘and subiract to find your balance remaining. Page 6 of7Uh oh, | didn’t plan for this. Life happens. Pay tothe Fickle Finger of Fate forthe unexpected bill you reesve Enter the total on ‘My Savings & Spending Plan under *Emergencie Unepected openses §_ =D Unexpected expenses + Total unexpected expenses $_—7 Enter this amount in your Debit Card Register ‘and subtract to find your balance remaining. Great! An unexpected windfall Life happens. Sometimes you get unexpected income. In Mad City all windfalls are deposited in retirement accounts. Visit the Credit Union to open your retirement account with the check you received from the Fickle Finger of Fat. Enter the total under *Retement Account” on My Savings & ‘Spending Plan. Woda income $F) Windfall income + Total windattincome $1 Enter this amount in your Debit Card Register ‘and subtract to find your balance remaining. DID YOU VISIT ALL THE MERCHANTS? I yes, great. Now you can complete My Savings & Spending Plan. Make sure you have $100 or less in your checking account, If no, time to get @ move on. You have stores to shop and items to buy for your family. Page 7 7