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Budgeting: How much money do you really have?

Budgeting: How much money do you really have?. What is a budget?. A spending plan Simple—a college student, single family Complex—a corporation. Advantages. Establishes goals for money Live on money earned Eliminate wasteful spending habits Achieve long term goals. Planning a budget.

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Budgeting: How much money do you really have?

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  1. Budgeting:How much money do you really have?

  2. What is a budget? • A spending plan • Simple—a college student, single family • Complex—a corporation

  3. Advantages • Establishes goals for money • Live on money earned • Eliminate wasteful spending habits • Achieve long term goals

  4. Planning a budget • Estimate income • Estimate expenses

  5. Types of expenses: • Fixed • Variable

  6. Fixed expenses • Set amount due- • Taxes • Rent • Insurance • Utilities • Education

  7. Variable expenses • Vary in cost- • Food • Clothing • Gifts • Entertainment • Medical and dental

  8. Sample Budget Regular monthly payments Rent/home payment $350 Car payment $200 Appliance pymt $65 Health plan pymt $55 Life Insurance $110 Miscellaneous $50 Total $830

  9. Sample Budget • Household operating expenses: • Telephone $80 • Gas/Electricity $140 • Water $25 • Repairs, Upkeep $100 • Total $345

  10. Sample Budget • Food Expenses: At home $150 Away from home $50 TOTAL $200

  11. Sample Budget • Personal Expenses: • Clothing, Shoes $75 • Cleaning, Laundry $25 • Doctor/Dentist $75 • Education $50 • Auto Gas $150 • Spending Money $100 • TOTAL $475

  12. Sample Budget • Total Living Expenses $1,850 • Net Monthly $2,100 • Extra Money $250

  13. Hints • Stick it out!!! • Keep it simple!!! • Be realistic!!! • Be flexible!!! • Keep organized!!!

  14. Assignment • Go to the Gold/In Folder and find the Budget. Looking at the budget, start a new excel document of a budget for yourself. Use any and all expenses that you can think of and any income that you have. Put in estimated amounts for every category. • Assignment is due tomorrow at class time.

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