Budget Worksheet

This worksheet contains suggested ranges for most expenses not directly addressed in the activity, based on common
amounts for a single person. Use them to estimate your own expenses or research the median values for your area.

Career _________________________________________

Income Gross Net

Total income from job or career $57600 $32742

for one year

Entertainment Yearly Cost

Movies and subscription service $200 Utilities Yearly Cost

($120–$400)
Phone and/or cell phone $480
Vacation ($1,000–$5,000) $300 ($900–$1,200)

Other ($500–$1,000) $0 Cable or satellite and internet $600

($1,000–$3,600)
Subtotal $500
Electric and gas ($1,000–$3,000) $1800

Other Credit Debt or Taxes Yearly Cost Water and sewer ($800–$1,500) $0

Student loan payment $0 Waste removal ($150–$300) $0

(10% of gross income per year)
Subtotal $2880
Credit card payment $0
(varies based on balance—$0 if Gifts and Donations Yearly Cost
no credit card debt)
Holidays and birthdays $400
Total estimated taxes besides $0 ($500 or more)
federal income tax (state and
local sales taxes, property taxes, Charity donations (varies) $250
state income taxes if applicable)
Other $250
Other $0
Subtotal $900
Subtotal $0

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FlexPoint Education Cloud™ is a trademark of Florida Virtual School.
 Transportation Yearly Cost

Personal Care Yearly Cost Auto loan payment $0

Health insurance ($2,000–$4,000) $0 Bus and taxi fare (varies) $0

Other medical costs ($500 or $0 Auto insurance $1200

more)
Licensing and registration fees $45
Professional grooming, such as $200 ($30–$150)
hair or nails ($120–$1,500)
Gasoline (typical use) $1200
Clothing and laundry $480
($500 or more) Maintenance and repairs $500

Health club/gym membership $0 Other $0

($600–$1,200)
Subtotal $2945
Organization dues or fees (varies) $0

Other $0 Food Yearly Cost

Subtotal $680 Groceries ($1,500 or more) $9600

Dining out ($600 or more) $2000

Housing Yearly Cost
Subtotal $11600
Mortgage or rent $6000

Maintenance and repairs $250 Pets Yearly Cost

Supplies ($600 or more) $1200 Food ($300 or more) $0

Homeowner’s or renter’s insurance $0 Medical ($200 or more) $0

Furnishings and upkeep $500 Grooming $0

($500 or more)
Toys $0
Property tax $0
(if you own property) Other $0
varies—estimate 1% of home value
Subtotal $0
Subtotal $7950

Unless Otherwise Noted All Content © 2022 Florida Virtual School.

FlexPoint Education Cloud™ is a trademark of Florida Virtual School.
 Savings and Investments Yearly Cost

Retirement account $2000

Investment account $1000

Emergency savings $1000

Subtotal $4000

Totals Year

Net income from job or career for one year $32742

(From top section of worksheet)

Total Yearly Expenses $31455

(Add all subtotals in worksheet)

Difference $1287
(net income minus total expenses)

Reflecting on this Activity

Answer the following questions in complete sentences.

1. Why is budgeting important to your life?

Budgeting is important because you wouldn't spend your money on anything dumb and waste the money. Which will
help with financial stability.

2. Describe your experience with this process. Was it easy, difficult, or somewhere in the middle? What factors
contributed to your feelings?
This assignment was quite easy because I already budget my weekly checks.

3. How might the use of credit for a large purchase affect your budget? Discuss which type of credit plan you would
use, and how your budget can help you protect your credit score.

It would affect my budget because I'd have to put money towards paying back the money which will mess it all up.
Instead of using credit to buy it I can save up for this large purchase and pay in cash.

4. What adjustments did you have to make to your budget? How did you decide where to make changes?

I spent less on eating out and ended up putting that money on doing other things that will help me or help make more
money.

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FlexPoint Education Cloud™ is a trademark of Florida Virtual School.
 5. Will you begin using a budget regularly now? Why or why not?

Yes,because I have been around budgeting my whole life and I am now using a budget with my own money.

Unless Otherwise Noted All Content © 2022 Florida Virtual School.

FlexPoint Education Cloud™ is a trademark of Florida Virtual School.