Student Work 1

Name ______McKenzie R.
Hood__________-
_____________________________________
My Budget: I’ve Graduated…Now What???

1 Year After High School
My Future Plans…
Using the space below write about your future for right after you graduate High School.
Where will you live? Will you get a job? How many hours will you work? Or Will you go to
college? How will you get around? What will you do for fun? What are your financial goals?
Etc.?
After high school, I plan on trying to get into trade school. I will stay with my parents until I have enough
money to either buy and house or an apartment. I want to own my own business and I plan on working
about 40-45 hours a week. I won’t need to go to college. Hopefully I will have a car and if not, I will use
uber. For fun I will go out with friends and family. Or going shopping on my free time.
Directions…
You will create a monthly budget for all the expenses that you will have right after you graduate. Your budget
must include all the income and expenses that you will have each month over the next year. You will follow each
step listed below to complete a monthly budget for each month after graduation.
Step 1 Calculate your checking and savings accounts starting balances:

• The starting balance for your checking and savings accounts on your June Monthly Budget will be $0
• After the first month, your checking and savings account beginning balances will be the same as the
previous months ending balance.
Step 1 - Calculate your monthly income:

Assume you start off working part-time (20 hours per week) making $10.50 per hour.
• Weekly Gross Income: $10.50 x 20 = $__210________
• Weekly Net Income (income after taxes): $ (Gross income) x 0.85 = $_178.5_
• Additional Income (any other income that you make babysitting, side jobs, etc.):
$ 228.50___
✓ Total Monthly Income: $ __914____
($ Weekly Net Income * 4) + $ Additional Income
Step 2 - Calculate your monthly living expenses:

• Monthly Rent: Where are you going to live? Live at home.
o Live at home: $0
or
o Live on your own: $ 750
(If you will have roommates, divide by the number of people)
• Monthly Utility Bill (water, gas, electricity, and electricity):
o Live at home: $0
or
o Live on your own: $ 175
(If you will have roommates, divide by the number of people)
Step 3 – Calculate your monthly food expenses:

• Groceries $300 per month
• Eating out (restaurants, Starbucks, 7-11) $_450_
Step 4 – Calculate your monthly transportation expenses:

• How will you get around?
o Public Transportation: $45 (Bus/Train Pass)
or
o Own a Car:
▪ Car Payment $ $19,420
▪ Gas $ __60.00____
▪ Car Maintenance / Repair $ 75
▪ Car Insurance $ 185
Step 5 – Calculate your monthly personal expenses:

• Clothing $ ___150______
• Health Insurance $ 50
• Personal Care/Hygiene (Shampoo, toothpaste Haircuts, etc.) $ __150__
• Laundry $ ____0______
Step 6 – Calculate any miscellaneous monthly expenses:

• Cell phone, data plan, internet, etc. $ ___60___
• Travel $ __50_____
• Gifts $ __40___
• Additional miscellaneous expense 1 $ __0________
• Additional miscellaneous expense 2 $ __0__
Step 7 – Calculate monthly entertainment expenses:

• Movies, bowling, etc. $ _0____
• Cable / Netflix / Hulu $ _____40_____
• Going out $ ___60___
• Additional entertainment expense 1 $ _____0_____
• Additional entertainment expense 2 $ ____0______
Step 8 – Calculate your total monthly expenses by adding all of your monthly expenses.
Step 9 - Calculate your total monthly savings expenses by adding all of the monthly savings expenses:
• Emergency Fund: Over the next 12 months you must save $1,200 to have in your savings account in case
of an emergency.
o $1,200 / 12 months = $ ___100____
• Future Goals: Next year you would like to purchase a car, go on a vacation, attend a concert, or save
money to achieve some other goal.
o What is your Goal? Purchase a car
o How much money will you need to save? 20,000$
o Over the next year (12 months), how much money should put in your savings account every
month in order to achieve this goal?
$ Amount of goal / 12 months = $ _1,666.7____
• Additional Savings = $ _500_____
✓ Total monthly savings expenses = $ __2,167.7______
($Emergency Fund + $Future Goals + $ Additional Savings)
Step 10 – Calculate your cash on hand by subtracting your total monthly income from your total monthly expenses.
Step 12 – Calculate the checking account deposit by subtracting your cash on hand from your total monthly savings
expenses.
Step 13 – Calculate the ending balance bank accounts:

• Calculate your checking account ending balance by adding your checking account deposit to your
checking account starting balance.
• Calculate your savings account ending balance by adding your total monthly savings account deposit
to your savings account starting balance.
My Monthly Budget Example
Starting Balance: Checking Account $ 1,500 Savings Account $ 2,167.7
MONTHLY INCOME… AMOUNT

Paycheck (Net Income) 3,000
Additional Income 1,500
TOTAL MONTHLY INCOME
MONTHLY EXPENSES… AMOUNT

LIVING
Rent 0
Utility Bill 0
FOOD
Groceries 75
Eating Out 75
TRANSPORTATION
Public Transportation 200
Car Payment 900
Gas 60
Car Maintenance/ Repair 60
Car Insurance 1,000
PERSONAL
Clothing 40
Health Insurance 100
Personal Care/Hygiene 100
Laundry 0
MISCELLANEOUS
Cell phone, data plan, internet, etc. 150
Travel 50
Gifts 30
Additional miscellaneous expense 1 0
ENTERTAINMENT
Movies, bowling, etc. 30
Cable / Netflix/ Hulu 20
Going Out 25
Additional entertainment expense 1 0
TOTAL MONTHLY EXPENSES 3015
MONTHLY SAVINGS EXPENSES… AMOUNT

Emergency Fund 5,000
Future Goals 3,000
Additional Savings 1,000
TOTAL MONTHLY SAVINGS EXPENSES
CASH ON HAND 500

CHECKING ACCOUNT DEPOSIT 1,000
SAVINGS ACCOUNT DEPOSIT = TOTAL MONTHLY SAVINGS EXPENSES 1,500
Ending Balance: Checking Account $ ___2,500_____ Savings Account$ ____5,000___________
Unforeseen Circumstances
June July
You had time to pick up extra You got sick and had to go
hours at work. After taxes to the doctor. The bill and
you made an additional
medication cost you
$202 $125
August September
Your car got a flat tire. You Your mom got sick and needs
need to pay an extra help with this month’s rent.
You give her
$60 $250
October November
You have your family over for It’s Christmas time and you
Thanksgiving and need to buy didn’t budget enough. You
extra groceries. You spend an paid extra for gifts
extra
$50 $150
December January
You get a yearend bonus at You lost your cell phone and
work and make an extra need to buy a new one
$100 $125
February March
You had time to pick up extra You have a small car accident
hours at work. After taxes and need to pay for repairs
you made an additional
$175 $300
April May
You have family visiting from You had time to pick up extra
out of town and go out more hours at work. After taxes
than you’d planned you made an additional
$80 $75
My June Monthly Budget
Starting Balance: Checking Account $ ___5,000________________ Savings Account$ ______5,000_________

Additional Income 500

LIVING
Rent 0
Utility Bill 0
FOOD
Groceries 75
Eating Out 50
TRANSPORTATION
Car Payment 70
Gas 40
Car Insurance 500
PERSONAL
Clothing 40
Health Insurance 70
Laundry 0
MISCELLANEOUS
Travel 45
Gifts 65
ENTERTAINMENT
Going Out 40
TOTAL MONTHLY EXPENSES

Emergency Fund 500
Future Goals 100
TOTAL MONTHLY SAVINGS EXPENSES 1,410
CASH ON HAND 500

Ending Balance: Checking Account $ __________2,000________ Savings Account$ ______5,000_________

My July Monthly Budget
Starting Balance: Checking Account $ ___________



LIVING
Rent 0
Utility Bill 0
FOOD
Groceries 75
Eating Out 50
TRANSPORTATION
Car Payment 70
Gas 40
Car Insurance 500
PERSONAL
Clothing 40
Health Insurance 70
Laundry 0
MISCELLANEOUS
Travel 45
Gifts 65
ENTERTAINMENT
Going Out 40

Emergency Fund 500
Future Goals 100
CASH ON HAND 500


My August Monthly Budget


LIVING
Rent 0
Utility Bill 0
FOOD
Groceries 75
Eating Out 50
TRANSPORTATION
Car Payment 70
Gas 40
Car Insurance 500
PERSONAL
Clothing 40
Health Insurance 70
Laundry 0
MISCELLANEOUS
Travel 45
Gifts 65
ENTERTAINMENT
Going Out 40

Emergency Fund 500
Future Goals 100
CASH ON HAND 500


My September Monthly Budget


LIVING
Rent 0
Utility Bill 0
FOOD
Groceries 75
Eating Out 50
TRANSPORTATION
Car Payment 70
Gas 40
Car Insurance 500
PERSONAL
Clothing 40
Health Insurance 70
Laundry 0
MISCELLANEOUS
Travel 45
Gifts 65
ENTERTAINMENT
Going Out 40

Emergency Fund 500
Future Goals 100
CASH ON HAND 500


My October Monthly Budget
Starting Balance: Checking Account $ ___



LIVING
Rent 0
Utility Bill 0
FOOD
Groceries 75
Eating Out 50
TRANSPORTATION
Car Payment 70
Gas 40
Car Insurance 500
PERSONAL
Clothing 40
Health Insurance 70
Laundry 0
MISCELLANEOUS
Travel 45
Gifts 65
ENTERTAINMENT
Going Out 40

Emergency Fund 500
Future Goals 100
CASH ON HAND 500


My November Monthly Budget
Starting Balance: Checking Account $ ____________



LIVING
Rent 0
Utility Bill 0
FOOD
Groceries 75
Eating Out 50
TRANSPORTATION
Car Payment 70
Gas 40
Car Insurance 500
PERSONAL
Clothing 40
Health Insurance 70
Laundry 0
MISCELLANEOUS
Travel 45
Gifts 65
ENTERTAINMENT
Going Out 40

Emergency Fund 500
Future Goals 100
CASH ON HAND 500


My December Monthly Budget
Starting Balance: Checking Account $ __



LIVING
Rent 0
Utility Bill 0
FOOD
Groceries 75
Eating Out 50
TRANSPORTATION
Car Payment 70
Gas 40
Car Insurance 500
PERSONAL
Clothing 40
Health Insurance 70
Laundry 0
MISCELLANEOUS
Travel 45
Gifts 65
ENTERTAINMENT
Going Out 40

Emergency Fund 500
Future Goals 100
CASH ON HAND 500


My January Monthly Budget
Starting Balance: Checking Account $ _______



LIVING
Rent 0
Utility Bill 0
FOOD
Groceries 75
Eating Out 50
TRANSPORTATION
Car Payment 70
Gas 40
Car Insurance 500
PERSONAL
Clothing 40
Health Insurance 70
Laundry 0
MISCELLANEOUS
Travel 45
Gifts 65
ENTERTAINMENT
Going Out 40

Emergency Fund 500
Future Goals 100
CASH ON HAND 500


My February Monthly Budget


LIVING
Rent 0
Utility Bill 0
FOOD
Groceries 75
Eating Out 50
TRANSPORTATION
Car Payment 70
Gas 40
Car Insurance 500
PERSONAL
Clothing 40
Health Insurance 70
Laundry 0
MISCELLANEOUS
Travel 45
Gifts 65
ENTERTAINMENT
Going Out 40

Emergency Fund 500
Future Goals 100
CASH ON HAND 500


My March Monthly Budget
Starting Balance: Checking Account $ _____



LIVING
Rent 0
Utility Bill 0
FOOD
Groceries 75
Eating Out 50
TRANSPORTATION
Car Payment 70
Gas 40
Car Insurance 500
PERSONAL
Clothing 40
Health Insurance 70
Laundry 0
MISCELLANEOUS
Travel 45
Gifts 65
ENTERTAINMENT
Going Out 40

Emergency Fund 500
Future Goals 100
CASH ON HAND 500


My April Monthly Budget
Starting Balance: Checking Account $ _______



LIVING
Rent 0
Utility Bill 0
FOOD
Groceries 75
Eating Out 50
TRANSPORTATION
Car Payment 70
Gas 40
Car Insurance 500
PERSONAL
Clothing 40
Health Insurance 70
Laundry 0
MISCELLANEOUS
Travel 45
Gifts 65
ENTERTAINMENT
Going Out 40

Emergency Fund 500
Future Goals 100
CASH ON HAND 500


My May Monthly Budget
Starting Balance: Checking Account $ ______



LIVING
Rent 0
Utility Bill 0
FOOD
Groceries 75
Eating Out 50
TRANSPORTATION
Car Payment 70
Gas 40
Car Insurance 500
PERSONAL
Clothing 40
Health Insurance 70
Laundry 0
MISCELLANEOUS
Travel 45
Gifts 65
ENTERTAINMENT
Going Out 40

Emergency Fund 500
Future Goals 100
CASH ON HAND 500


Reflection
What was the hardest part of the project?
What was the most interesting part of the project?
Trying to budget my money so I don’t go broke was the hardest thing of this project. The most interesting part was figuring
out how much I can spend on each thing.

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Name ______McKenzie R.

My Budget: I’ve Graduated…Now What???

Step 1 Calculate your checking and savings accounts starting balances:

Step 1 - Calculate your monthly income:

Step 2 - Calculate your monthly living expenses:

Step 3 – Calculate your monthly food expenses:

Step 4 – Calculate your monthly transportation expenses:

Step 5 – Calculate your monthly personal expenses:

Step 6 – Calculate any miscellaneous monthly expenses:

Step 7 – Calculate monthly entertainment expenses:

Step 13 – Calculate the ending balance bank accounts:

My Monthly Budget Example

Starting Balance: Checking Account $ 1,500 Savings Account $ 2,167.7

MONTHLY INCOME… AMOUNT

MONTHLY EXPENSES… AMOUNT

MONTHLY SAVINGS EXPENSES… AMOUNT

CASH ON HAND 500

Ending Balance: Checking Account $ ___2,500_____ Savings Account$ ____5,000___________

Starting Balance: Checking Account $ ___5,000________________ Savings Account$ ______5,000_________

MONTHLY INCOME… AMOUNT

MONTHLY EXPENSES… AMOUNT

MONTHLY SAVINGS EXPENSES… AMOUNT

CASH ON HAND 500

Ending Balance: Checking Account $ __________2,000________ Savings Account$ ______5,000_________

Starting Balance: Checking Account $ ___________

MONTHLY INCOME… AMOUNT

MONTHLY EXPENSES… AMOUNT

MONTHLY SAVINGS EXPENSES… AMOUNT

CASH ON HAND 500

Ending Balance: Checking Account $ __________2,000________ Savings Account$ ______5,000_________

MONTHLY INCOME… AMOUNT

MONTHLY EXPENSES… AMOUNT

MONTHLY SAVINGS EXPENSES… AMOUNT

CASH ON HAND 500

Ending Balance: Checking Account $ __________2,000________ Savings Account$ ______5,000_________

Starting Balance: Checking Account $ ___5,000________________ Savings Account$ ______5,000_________

MONTHLY INCOME… AMOUNT

MONTHLY EXPENSES… AMOUNT

MONTHLY SAVINGS EXPENSES… AMOUNT

CASH ON HAND 500

Ending Balance: Checking Account $ __________2,000________ Savings Account$ ______5,000_________

Starting Balance: Checking Account $ ___

MONTHLY INCOME… AMOUNT

MONTHLY EXPENSES… AMOUNT

MONTHLY SAVINGS EXPENSES… AMOUNT

CASH ON HAND 500

Ending Balance: Checking Account $ __________2,000________ Savings Account$ ______5,000_________

Starting Balance: Checking Account $ ____________

MONTHLY INCOME… AMOUNT

MONTHLY EXPENSES… AMOUNT

MONTHLY SAVINGS EXPENSES… AMOUNT

CASH ON HAND 500

Ending Balance: Checking Account $ __________2,000________ Savings Account$ ______5,000_________

Starting Balance: Checking Account $ __

MONTHLY INCOME… AMOUNT

MONTHLY EXPENSES… AMOUNT

MONTHLY SAVINGS EXPENSES… AMOUNT

CASH ON HAND 500

Ending Balance: Checking Account $ __________2,000________ Savings Account$ ______5,000_________

Starting Balance: Checking Account $ _______

MONTHLY INCOME… AMOUNT

MONTHLY EXPENSES… AMOUNT

MONTHLY SAVINGS EXPENSES… AMOUNT

CASH ON HAND 500

Ending Balance: Checking Account $ _2,500_ Savings Account$ 5,000_________

Starting Balance: Checking Account $ _5,000____ Savings Account$ 5,000_

Ending Balance: Checking Account $ 2,000 Savings Account$ 5,000_

Ending Balance: Checking Account $ 2,000 Savings Account$ 5,000_

Ending Balance: Checking Account $ 2,000 Savings Account$ 5,000_

Starting Balance: Checking Account $ _5,000____ Savings Account$ 5,000_

Ending Balance: Checking Account $ 2,000 Savings Account$ 5,000_

Ending Balance: Checking Account $ 2,000 Savings Account$ 5,000_

Ending Balance: Checking Account $ 2,000 Savings Account$ 5,000_

Ending Balance: Checking Account $ 2,000 Savings Account$ 5,000_

Ending Balance: Checking Account $ 2,000 Savings Account$ 5,000_

Starting Balance: Checking Account $ _5,000____ Savings Account$ 5,000_

Ending Balance: Checking Account $ 2,000 Savings Account$ 5,000_

Ending Balance: Checking Account $ 2,000 Savings Account$ 5,000_

Ending Balance: Checking Account $ 2,000 Savings Account$ 5,000_

Ending Balance: Checking Account $ 2,000 Savings Account$ 5,000_