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Budget Template

The document outlines a monthly budget simulation including income, expenses, and remaining balance. It details various expense categories such as housing, utilities, transportation, food, insurance, and miscellaneous expenses, totaling $2,165.00 in expenses with a negative remaining balance of $(2,165.00), indicating the need for adjustments in spending.

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khalilwhite917
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44 views2 pages

Budget Template

The document outlines a monthly budget simulation including income, expenses, and remaining balance. It details various expense categories such as housing, utilities, transportation, food, insurance, and miscellaneous expenses, totaling $2,165.00 in expenses with a negative remaining balance of $(2,165.00), indicating the need for adjustments in spending.

Uploaded by

khalilwhite917
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd

Monthly Budget

Income
Gross Annual Salary Monthly Net Income After Taxes

Full Time Salary


$ -
Total Monthly Income $ -
Expenses
Category Expense Amount Total

Mortgage/Rent $ 800.00 $ 800.00


Housing
Electric $ 50.00
Gas $ 50.00
Utlities Water $ 50.00 $ 315.00
Cell Phone $ 75.00
Internet $ 90.00
Car Payment $ 300.00
Transporation Gas $ 200.00 $ 500.00
Bus or Public Transit Fees $ -
Groceries $ 200.00
Food $ 300.00
Dining out $ 100.00

Car Insurance $ 50.00

Home Insurance $ 50.00


Insurance $ 200.00
Rental Insurance $ -

Medical Insurance $ 100.00

Extras Miscellaneous Expenses $ 50.00 $ 50.00

Total Expenses $ 2,165.00


Remaining Balance (Total Income - Total Expenses) $ (2,165.00)
Directions
In this simulation, 20% is used to account for taxes to be taken out of your gross annual
salary. In reality, this percentage would vary on a paycheck.
Consider how much you will make. This simulation is calculating monthly income, however
most jobs will be paid twice a month.

You must choose housing. You can select the best fit based on your personal future goals.
You will use the number of bedrooms to determine other expenses in this spreadsheet.

Utilities are an included expense no matter what type of housing you choose. However, the
larger the house, the higher the utility costs are.

Your cell phone and internet costs will depend on the type of plan you choose.

You may choose between a car or public transit, but you will need some form of
transporation.
If you choose a car, you will have to pay for gas and car insurance.
Estimate how many people you expect in your future family as well as how much you plan to
cook at home or dine out.

Car insurance is legally required to drive the vehicle you own in Pennsylvania.
Determine if you bought your home for this simulation (mortgage) or if you are renting:
- Home insurance is required by most mortgage companies. Unless you are renting, you must
choose a number based on the size house you chose above.
- Rental insurance is not required (you can choose $0 if you are renting), but it is
recommended because it can protect you and your belongings.
Medical insurance is highly recommended for basic medical needs and medical emergencies,
but it is not required.

Miscellaneous expenese are costs associated with leisure activities, shopping, hobbies,
outings, movies, and other forms of entertainment.

This is what you have left after all of your expenses are accounted for. If this number is in
parentheses, your balance is negative and you may need to adjust your expenses.

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