CONNECTIONS LA102

MONTHLY BUDGET WORKSHEET

NAME: Meghan Milanak OCCUPATION:Physician Assistant
The first step to building a budget is to write down all of your income and expenses. Use this worksheet to see how much you plan
to spend each month after you graduate. Use O*NET (https://www.onetonline.org) to determine an average salary for an occupation
you are considering. If given a salary range, use the midpoint of the range. Divide an annual salary by 12 in order to obtain the
monthly salary. Use Google in order to determine the average costs for monthly expenses in the city/town that you plan to live. Go
through the list of options available for you to spend your hard earned money on. Highlight the monthly “needs” in red and the
monthly “wants” in blue.

INCOME MONTHLY TOTAL

Paycheck (your salary after deducting 30% for taxes) $94,420-$28,326=$66,094/12=$5,507.83
(Pennsylvania)
Other income $0
TOTAL MONTHLY INCOME $5,507.83

EXPENSES MONTHLY TOTAL

SAVINGS TOTAL: $500
Savings/Emergency Fund $500
HOUSING/LIVING EXPENSES TOTAL: $1572.80
Mortgage or Rent $1,250 (apartment rent)
Home or Renter Insurance $30
Utilities (electric, gas, water, sewage) $169.80
Phone $73
Trash Removal $0
Maintenance $50
FOOD EXPENSES TOTAL:$350
Groceries $250
Dining Out $100
TRANSPORTATION EXPENSES TOTAL: $600
Car payment or payment for public transportation $300
Gas $120
Parking and Tolls $20
Car Insurance $118
Car Maintenance $42
PERSONAL/FAMILY/SCHOOL EXPENSES TOTAL: $995
Clothing and Shoes $175
Toiletries $75
Hair Cuts and Manicures/Pedicures $25
Pets $0
Gifts $100
Laundry/Dry Cleaning $20
School Loans $600
HEALTH EXPENSES TOTAL: $384
Medication (OTC and Prescription) $50
Health Insurance $321
Life Insurance $13
ENTERTAINMENT EXPENSES TOTAL: $450
Cable and Internet $70
Movies/Concerts/Sporting Events $150
Vacation $200
Alcohol/Tobacco/Lottery $30

TOTAL OF ALL EXPENSES: $4851.80

 Monthly Income - Monthly Expenses = Disposable Income or a Deficit

_____$5,507.83____ - _____$4851.80________ = _____$655.20_____

After completing the monthly budget worksheet, what actions will you need to take upon
graduation, and what actions can you do while attending Seton Hill University that will help
prepare you for the necessary spending habits once you graduate?

While at Seton Hill, I should consider the money I am spending to ensure financial stability in
the future. I should establish a monthly budget for right now, so I can limit and control how
much I spend. This would help prevent me from beginning mindless spending habits and to
help in establishing savings. Also, I should consider either a work-study or getting a part-time
job. I can then try to work more when classes are not in session to start “cushioning” my
savings account. After I graduate, I should initially consider living at home or getting a
roommate to save money. Also, I should plan out an even more detailed, adapted budget to
start healthy spending habits.