ACTIVITY SHEET 1

Name: ALEXIS A. SUACILLO Date//Section: MAY 20, 2021 / Y27

Rework A Budget
Directions:
Use one of the attached budget sheets to set up and maintain Gabrielle’s budget. Then, use the
other sheet to rework Gabrielle’s budget into one that fits your personal lifestyle.

Her planned income and expenses

Gabrielle is a First -Year college student of CSU. She works part-time at CSU Arcade and part-
time at an online record store. The net monthly income from her first job is P1,200. The net
monthly income from her second job is P1,500. She is also receiving monthly allowance of
2,400 from her parent.

Her planned fixed monthly expenses include:

■ P1,000 for rent (she shares a boarding house with two friends)

Her planned flexible expenses include:

■ P 500 for college fees
■ P 2000 for food
■ P 200 for school supplies
■ P 350 shared internet connection
■ P 100 for clothes
■ P 60 for entertainment
■ P 50 for personal items

How her month actually went

1. What she made:
■ Gabrielle made P45 in overtime pay this month
2. What she spent on fixed, regular expenses:
■ Rent went up to P225, starting this month
3. What her flexible expenses actually were:
■ P2,500 for food (she had a dinner party for which she hadn’t budgeted)
■ P80 for a new pair of running shoes
■ P100 for entertainment
■ P100 for personal items
■ P 400 (shared internet connection went up)
■ P500 for a birthday present for her mother
4. Her unexpected expenses:
■ Gabrielle got two concert tickets in one week. The total cost of both tickets is P230.
BUDGET SHEET 1
Gabrielle's Budget:
Income Budget Actual Difference
Job #1 P
1,200
P
1,245
P
45

Job #2 P
1,500
P
1,545
P
45

Other P
2,400
P
2,400
P
0

Total Monthly Income 5,100 5,190 90

P P P

Expenses Budget Actual Difference

Fixed Regular Expenses

Rent P
1,000
P
1,225
P
225

Other P
0
P
0
P
0

Fixed Irregular Expenses

Food P
2,000
P
2,500
P
500

Internet Connection P
350
P
400
P
50

Transportation

Other
Clothing P
100
P
0
P
-100

Entertainment P
60
P
100
P
40

Personal items P
50
P
100
P
50

Tuition P
500
P
0
P
-500

School expenses P
200
P
0
P
-200

Others P
0
P
230
P
230
- Ticket 0 500 500
- Birthday present P P P
- Footwear 0 80 80
P P P

Total Monthly Expenses P 4,260 P 5,135 P 875

BUDGET SHEET 2

If it were your budget:

Income Budget Actual Difference

Job #1 P
1,200
P
1,245
P
45

Job #2 P
1,500
P
1,545
P
45

Other P
2,400
P
2,400
P
0

Total Monthly Income 5,100 5,190 90

P P P

Expenses Budget Actual Difference

Fixed Regular Expenses

Rent P
1,000
P
1,000
P
0

Other P
0
P
0
P
0

Fixed Irregular Expenses

Food P
3,000
P
3,000
P
0

Internet Connection P
400
P
550
P
150

Transportation

Other
Clothing P
150
P
0
P
-150

Personal items P
70
P
150
P
80

School expenses P
150
P
300
P
150

Others P
0
P
150
P
150
- Cellular Load

Total Monthly Expenses P 4,770 P 5,150 P -380

How does her budget look now?

1. What is the difference between Gabrielle’s planned expenses and her actual expenses?
Answer: Gabrielle’s planned expenses was Php 4,260 while her actual expenses cost up
to Php 5,135. The difference between Gabrielle’s planned expenses and her actual
expenses amounted to Php 875.
2. In what areas did she overspend?
 Answer: Gabrielle overspent on her fixed expenses such as food, rent, and internet
connection. She also overspent on entertainment and personal items, with an additional
purchase of ticket, birthday present, and footwear.
3. In what areas did she spend less than she planned?
Answer: Based on her budget sheet, there was no area where she spent less than what she
has planned. Meanwhile, she planned on spending a portion for clothing, tuition, and
school fees. However, it was not mentioned that she spent it.
4. How much did she spend for her unexpected expenses this month?
Answer: This month prior to the making of this budget sheet, Gabrielle got two concert
tickets in one week. The total cost of both tickets is Php 230.
5. How much money did she have at the end of the month to put into savings?
Answer: Gabrielle’s actual expenses cost up to Php 5,135 while her total monthly income
to the month prior amounted to Php 5,190 which leaves her a total of Php 55 to put into
savings.

If it were your budget… Budget Sheet 2

1. What did you change about the budget?
Answer: Considering that I’m studying in a state university, I removed tuition in the list
and also removed entertainment as well.
2. How much would you save each month to put toward your personal and financial goals?
Answer: My actual expenses cost up to Php 5,150 while my total monthly income to the
month prior is Php 5,190 which leaves me a total of Php 40 to put into savings.
3. How do you understand personal finance?
Answer: Personal finance is a word that encompasses all aspects of money management,
including saving and investing. Budgeting, banking, insurance, mortgages, investments,
retirement planning, and tax and estate planning are all included under one umbrella.
4. What do you think of when you hear the word “budget”?
Answer: Personally, a budget is just a strategy that allows you to spend less than you
earn rather than more.
5. Why budget? Give at least 5 reasons.
Answer: A budget can assist you in gaining financial control. It assists you in achieving
your objectives. A budget can help you allocate resources to the things that are most
important to you, whether it's putting money aside for emergencies, a trip, or a college
education. Keeping track of your purchases allows you to see where your money is going.
Budgeting aids in the development of good habits. Lastly, budgeting can help you stay
out of debt.