Name ____________jabri_________________________________________

My Budget: I’ve Graduated…Now What???

Life After High School
My Future Plans…
Using the space below write about your plans 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 I graduate, I want to go to college. I’ve decided on my top 5 schools and I’m going to apply
to all 5 and hope that all my hard work min school will pay off. I want to go to either UCLA,
Stanford, Spelman, LSU, or Ohio state. If I get to go to the school of my dreams (UCLA) I aspire
to play volleyball for them and major in sports medicine and minor or double major in business.
I will stay on campus and get a job on or near campus as well. Freshman year I won’t be able to
drive so ill walk or uber, but every other year after that I plan to still be driving the same car ill
be gifted on my 16 birthday. I will try to work as many hours as possible but ill need a flexible
job schedule because my days will be busy all the time. For fun I may go to a party or two every
now and then and if I end up going to Spelman, which is a bit more local than my other options,
I will try to come hoe every weekend or as much as I can when I’m free. I want to be debt free
or close to it and financially stable by the middle of my senior year in college. I want to be able
to move into a nice apartment or condo and afford my lifestyle. I don’t want to have to ask my
mom for money, ever, even though I know her and my grandma will want to help me as much
as they can because of the kind of people they are. Not too far in the future after I get settled in
my own home I want to be able to buy my mom things she’s always wanted but couldn’t afford
because she was providing for me and my brother every day.
Directions…
You will create a monthly budget for all the expenses that you will have the first three months after you graduate.
Your budget must include all the income and expenses that you will have each month. Please carefully read and
follow each step listed below. As we all know, there are always unexpected things that may arise. As you calculate
your monthly budget make sure to account for the unforeseen circumstance listed in red.

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 2 - 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.):
$ ___20______
✓ Total Monthly Income: $ ___198.5___________
($ Weekly Net Income * 4) + $ Additional Income

Step 3 - Calculate your monthly living expenses:

• Monthly Rent: Where are you going to live?
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 4 – Calculate your monthly food expenses:

• Groceries $300 per month
• Eating out (restaurants, Starbucks, 7-11) $_______450______

Step 5 – Calculate your monthly transportation expenses:

• How will you get around?
o Public Transportation: $45 (Bus/Train Pass)
or
o Own a Car:
▪ Car Payment $ ____190______
▪ Gas $ ____120______
▪ Car Maintenance / Repair $ 75
▪ Car Insurance $ 185

Step 6 – Calculate your monthly personal expenses:

• Clothing $ ____330_____
• Health Insurance $ 50
• Personal Care/Hygiene (Shampoo, toothpaste Haircuts, etc.) $ ___40____
• Laundry $ ____0______
Step 7 – Calculate any miscellaneous monthly expenses:
• Cell phone, data plan, internet, etc. $ ___50___
• Travel $ ___20___
• Gifts $ ___0_____
• Additional miscellaneous expense 1 $ __________
• Additional miscellaneous expense 2 $ ___6_______

Step 8 – Calculate monthly entertainment expenses:

• Movies, bowling, etc. $ _____0______
• Cable / Netflix / Hulu $ ______0____
• Going out $ ___12______
• Additional entertainment expense 1 $ _____0_____
• Additional entertainment expense 2 $ ___0_______

Step 9 – Calculate your total monthly expenses by adding all of your monthly expenses.

Step 10 - 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? Save money
o How much money will you need to save? 1200
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 = $ ___100_____
• Additional Savings = $ ____50______

✓ Total monthly savings expenses = $ __250______

($Emergency Fund + $Future Goals + $ Additional Savings)

Step 11 – Calculate your cash on hand by subtracting your total monthly income from your total monthly expenses.
2,242
Step 12 – Calculate the checking account deposit by subtracting your cash on hand from your total monthly savings
expenses.
1,992
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.
1992
• Calculate your savings account ending balance by adding your total monthly savings account deposit
to your savings account starting balance.
250
 My June Monthly Budget

Starting Balance: Checking Account $ ______1,992_____________ Savings Account$ _________250______

MONTHLY INCOME… AMOUNT

Paycheck (Net Income) 946
Additional Income 20
TOTAL MONTHLY INCOME

MONTHLY EXPENSES… AMOUNT

LIVING
Rent 750
Utility Bill 175
FOOD
Groceries 150
Eating Out 150
TRANSPORTATION
Public Transportation 0
Car Payment 180
Gas 40
Car Maintenance/ Repair 20
Car Insurance 40
PERSONAL
Clothing 100
Health Insurance 50
Personal Care/Hygiene 40
Laundry 0
MISCELLANEOUS
Cell phone, data plan, internet, etc. 30
Travel 20
Gifts 0
Additional miscellaneous expense 1
Additional miscellaneous expense 2
ENTERTAINMENT
Movies, bowling, etc. 0
Cable / Netflix/ Hulu 0
Going Out 12
Additional entertainment expense 1
Additional entertainment expense 2
TOTAL MONTHLY EXPENSES 832

MONTHLY SAVINGS EXPENSES… AMOUNT

Emergency Fund 50
Future Goals 150
Additional Savings
TOTAL MONTHLY SAVINGS EXPENSES 200

Unforeseen Circumstance - You had time to pick up extra hours at work. After taxes you made an additional $202

CASH ON HAND 114

CHECKING ACCOUNT DEPOSIT 50
SAVINGS ACCOUNT DEPOSIT = TOTAL MONTHLY SAVINGS EXPENSES 200
/5
Ending Balance: Checking Account $ _______120____________ Savings Account$ ______200_________
 My July Monthly Budget

Starting Balance: Checking Account $ ____________1,992_______ Savings Account$ ______250_________

MONTHLY INCOME… AMOUNT

Paycheck (Net Income) 946
Additional Income 20
TOTAL MONTHLY INCOME

MONTHLY EXPENSES… AMOUNT

LIVING
Rent 750
Utility Bill 175
FOOD FOOD
Groceries 150
Eating Out 150
TRANSPORTATION TRANSPORTATIO
Public Transportation 0
Car Payment 180
Gas 40
Car Maintenance/ Repair 20
Car Insurance 40
PERSONAL PERSONAL
Clothing 100
Health Insurance 50
Personal Care/Hygiene 40
Laundry 0
MISCELLANEOUS MISCELLANEOUS
Cell phone, data plan, internet, etc. 30
Travel 20
Gifts 0
Additional miscellaneous expense 1
Additional miscellaneous expense 2
ENTERTAINMENT ENTERTAINMEN
Movies, bowling, etc. 0
Cable / Netflix/ Hulu 0
Going Out 12
Additional entertainment expense 1
Additional entertainment expense 2
TOTAL MONTHLY EXPENSES 832

MONTHLY SAVINGS EXPENSES… AMOUNT

Emergency Fund 60
Future Goals 150
Additional Savings
TOTAL MONTHLY SAVINGS EXPENSES

Unforeseen Circumstance - Your car got a flat tire. You need to pay an extra $60

CASH ON HAND 54
CHECKING ACCOUNT DEPOSIT 50
SAVINGS ACCOUNT DEPOSIT = TOTAL MONTHLY SAVINGS EXPENSES 200

Ending Balance: Checking Account $ _______60____________ Savings Account$ _____200__________

 My August Monthly Budget

Starting Balance: Checking Account $ __________1,992_________ Savings Account$ ________250_______

MONTHLY INCOME… AMOUNT

Paycheck (Net Income) 946
Additional Income 20
TOTAL MONTHLY INCOME

MONTHLY EXPENSES… AMOUNT

LIVING
Rent 750
Utility Bill 175
FOOD FOOD
Groceries 150
Eating Out 150
TRANSPORTATION TRANSPORTATIO
Public Transportation 0
Car Payment 180
Gas 40
Car Maintenance/ Repair 20
Car Insurance 40
PERSONAL PERSONAL
Clothing 100
Health Insurance 50
Personal Care/Hygiene 40
Laundry 0
MISCELLANEOUS MISCELLANEOUS
Cell phone, data plan, internet, etc. 30
Travel 20
Gifts 0
Additional miscellaneous expense 1
Additional miscellaneous expense 2
ENTERTAINMENT ENTERTAINMEN
Movies, bowling, etc. 0
Cable / Netflix/ Hulu 0
Going Out 12
Additional entertainment expense 1
Additional entertainment expense 2
TOTAL MONTHLY EXPENSES 832

MONTHLY SAVINGS EXPENSES… AMOUNT

Emergency Fund 125
Future Goals 120
Additional Savings
TOTAL MONTHLY SAVINGS EXPENSES 200

Unforeseen Circumstance - You got sick and had to go to the doctor. The bill and medication cost you $125

CASH ON HAND -102

CHECKING ACCOUNT DEPOSIT 50
SAVINGS ACCOUNT DEPOSIT = TOTAL MONTHLY SAVINGS EXPENSES 200

Ending Balance: Checking Account $ ___________0________ Savings Account$ _______200________

 Reflection
What was the hardest part of the project? What was the most interesting part of the project? Has your
opinion changed about the importance of a budget? Do you think that you would be able to live by a
budget? Any additional comments about the assignments…

The hardest part was filling out the budget in general because it makes no sense the amount of money, I earn from my job

isn’t a sufficient amount. The most interesting part was to see how expense life is when you add all the little things

together. Yes, I feel budgets are important, so you don’t overspend and become deeply in debt like me. I do think I could

live by a budget, but it’d be hard because I’m not so sure about how much I spend on certain things every month. I think it

was important to do this assignment now because when I get to the point in my life when I really need a budget ill know

how to do it and create an accurate one.