Hitey About Me My life in the future as a Librarian ... My monthly take-home salary: $2a9* My spouse's occupation: Dispatcher My spouse's monthly take-home salary: $2,066" Awa, se, ad fdr tes ae ben dete frum or say. .. comes with obligations: ‘Student loan payment: None ‘Medical insurance copay: $150 a month covers me and my family Credit card debt: $1,746 Child: Mitchell, 1 year old Credit Score: 550 (chronic late payments) {© 20072010 Cie in Natal Asst aName i g Walls My Budget Work Sheet Welcome to the future in Mad City. Congratulations! You graduated, maybe got married, and landed a job. You also have goals, expenses, and bills. Now you need a budget so you'll know just how much of your hard-earned money you can spend on day-to-day living expenses and, of course, how much you can save for future needs and wants, Directions * Use this work sheet to determine how much Complete My Spending & Savings Plan by money you will 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 __- means you can't be overdrawn. It also means your debit card. that any money in excess of $100 must be put + Visit the merchants in any order. in savings, used to reduce debt, or spent 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, My take-home salary $2484 Need hey . elp? Vv; ? + Spouse take-home salary (if married) 2,066 ‘sit the Credit Uni Subtotal ion $U,SSS - Student loan payment__Al/ A Subtotal $.U, SSS Enter this amount as the balance in the highlighted section of your register. pA SSIS ~ Medical insurance copay_| Total monthly household income eae [ (Theis he anu nt hs one depot 1 te Cet UNE | {© 2007-2010 Crd Un Non Aasciton Page 1 of 7My Housing Visit Really Realty & Utilities. Make a housing choice and add up the total monthly costs. Enter the total on My Spending & Savings Plan. Mortgage/rent payment Electricity/heat payment Water/sewer payment +s Insurance payment (optional) Phone/cable/intemet +28 Cred& fcore Total housing expenses / Need heip> Visit Really Realty & Utilitie. ‘Ss Enter this amount in your Debit Card Register and subtract to find your balance remaining. My Transportation Visit Big Wheels New & 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 g 0 Car insurance +0 Gas for month +125 Vehicle repair +40 Bus pass (if applicable) +_0O ‘Spouse's transportation Monthly payment $s Car insurance + Gas for month + Vehicle repair Bus pass (if applicable) eo Total transportation expenses $_2‘\0 {© 2007-2010 Crt Uron Nal Acacia Enter this amount in your Debit Card Register and subtract to find your balance remaining. Page 2 of 7My Entertainment Visit Fun Stuff to buy sports equipment, hobby supplies, movie and concert tickets, vacation pack- ages, and more, Select at least 2 entertainment activities for each person age 2 or older in your household. You can select only 1 free activity per person. Enter the total on My Spending and Savings Plan. List Activity 209 Cost $_ Free Activity A +_ Fre Activity _C in + 45 Activity Rock Caner + USRL Activity + Activity +, + Activity +, Need help? Total entertainment expenses $_\ 65 visit Fun stuff Enter this amount in your Debit Card Register and subtract to find your balance remaining. My Furniture & Decorations Visit Home Stuff. Select the furniture and decorative items you want for your home. (Sorry, no sleeping on the floor!) Enter the total on My Spending & Savings Plan, Furniture $20 Decorative home items ats - Ne Household needs +s eed help? Visit Home stutt Total furniture & decorations expenses $_“\° Enter this amount in your Debit Card Register and subtract to find your balance remaining. Page 3 of 7 1 2007-2010 Cra Union Natl Aesciion ns.© 2007-2010 Crt Union Nati! Aros a. My Clothing & Personal care Visit the fashion consultant 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 $_10 Clothing for spouse +S Ne Visit my helpe Personal care for me +, wi) — y Closez Personal care for spouse +25 Total clothing & personal care expenses $_\ 0S 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 spe: family. Enter the total on My Spending & Savings Plan. purchases you want for you and your List Want _(awera Phone Cost $_99 ghone 2 Need help? +220 Visit Mad City may ENS 25 + Want +, Total wants & extra expenses $_\t > Enter this amount in your Debit Card Register and subiract to find your balance remaining. Page 4 of 7My Meals Visit Gotta Eat! Select the kind of food you will eat for each week. You do not need to eat the same foods all month. Include how much you will spend on drinking coffee and eating out. Enter the total ‘on My Spending & Savings Plan under "Food." Week 1 food $_| 09 Week 2 food +_75 Week 3 food Week 4 food Eat out fast food (_|_ times per month@ _20_per time) Eat out fine dining (_3_ times per month@ _\0_ per time) 7 Coffee for me jeed help’ Coffee for spouse gotta Eat food & dining ues Visit Total food expenses $_° Enter this amount in your Debit Card Register 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 regardless of age. + If your child is 8 years or younger, you must purchase diapers. = Because you are working you must hire child care. = If your child is 1 year or younger, you must buy formula. Enter the total on My Spending & Savings Plan. Clothing $. Diapers +_59 Neeq help? Formula +__\00 Child care +. Presents, books, toys + ar Total child expenses $. Enter this amount in your Debit Card Register and subtract to find your balance remaining. Page 5 of 7 {© 2007-2010 Cr Union National ascitonSaving & Contributions Determine what you are saving for and deduct the amount you will 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. Enter the total on My Spending & Savings Plan. I'm saving for_Erworgevi ci © Deposited in savings each month $_S $6.@ Im saving for_SavinaS Deposited in savings each month +> * Vm saving for vtivcrne nae Deposited in savings each month + $4. 64! Need help? Visit the Credit Union Total allocated to savings and contributions $_! 6? 0.50 Enter this amount in your Debit Card Register and subtract to find your balance remaining. My Debt Owe nothing on your credit cards? Great! Skip this section. If you owe, read 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 it, pay off the entire amount. Visit the Credit Union and write a check 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) (A, 246 x.04=§ 4.54) My minimum payment is i Need help? a Visit the Extra payment over minimum +7566 Credit Unj lion Total credit card payment $_“'S_ 50 Enter this amount in your Debit Card Register and subtract to find your balance remaining. Page 6 of 7 1 2007-2010 Gt Union National Associaton he.Uh oh, I didn’t plan for this. Life happens. Pay to the Fickle Finger of Fate for the unexpected bill you receive, Enter the total on My Savings & Spending Plan under “Emergencies.” Unexpected expenses Unexpected expenses + Total unexpected expenses $__“ 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 Fate. Enter the total under "Retirement Account” on My Savings & Spending Plan. Windfall income $_“\4 Windfall income +. Total windfall income $__‘\4 Enter this amount in your Debit Card Register and subtract to find your balance remaining. DID YOU VISIT ALL THE MERCHANTS? If yes, great. Now you can complete My Savings & Spending Plan. Make sure you have $100 or less in your checking account. If no, \e to get a move on. You have stores to shop and items to buy for your family. Page 7 of 7 1 2007-2010 Crt Union Natl Artociaton hsName roe Warts My Spending & Savings Plan Need help? Visit the Credit Union ly income Momaaceceuree Monthly Household income (after all deductions) | $ U,4OS Food (Gotta Esti) S400 Clothing and personal care (My Close) | # 195,00 Furniture and electronics tHomesuip | + =O .00 Children id care) | # 12.9 . 01 Housing & utilities (Realy Realy) | * 95 0.90 Transportation (Gig Wheels Now & Use) | + 240.00 Savings/contributions me est union | + 5 SL. $3 Debt (Credit card payment) | # 145,50 Emergencies (or example, rom Fickle Fngor of Fats) | + S56. 53 Entertainment un su) | + 165 .00 Wants (vad ciy Mal) | #1 25,00 Monthly hoveehold income minus monty expenses = TOTA (Subsract monty expenses fom month income) | § SSL, SY ‘our goal TOTAL shoul bo $100 or tess Retirement Account (éo nt add to income oreipenses) | $ SS4.5H4 ‘© 2007 Credit Union National Association In.