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Published byDouglas Chapman Modified over 8 years ago
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Budgeting: How much money do you really have? From foukeffa.org Written by Cara Sue Langley Ag Student Texas A&M GA Ag Ed Curriculum Office To accompany the Georgia Agriculture Education Curriculum Lesson 01411-4.1 July 2001
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What is a budget? A spending plan –Simple—a college student, single family –Complex—a corporation
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Advantages Establishes goals for money Live on money earned Eliminate wasteful spending habits Achieve long-term goals
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Planning a budget Estimate income Estimate expenses
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Types of expenses: Fixed Variable
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Fixed expenses Set amount due- –Taxes –Rent –Insurance –Utilities –Education
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Variable expenses Vary in cost- –Food –Clothing –Gifts –Entertainment –Medical and dental
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Sample Budget Regular monthly payments Rent/home payment$350 Car payment$200 Appliance payment$65 Health plan payment$55 Life Insurance$110 Miscellaneous$50 Total$830
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Sample Budget Household operating expenses: Telephone $80 Gas/Electricity$140 Water$25 Repairs, Upkeep$100 »Total$345
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Sample Budget Food Expenses: At home$150 Away from home$50 TOTAL$200
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Sample Budget Personal Expenses: –Clothing, Shoes$75 –Cleaning, Laundry$25 –Doctor/Dentist$75 –Education$50 –Auto Gas$150 –Spending Money$100 »TOTAL$475
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Sample Budget Total Living Expenses$1,850 Net Monthly$2,100 Extra Money$250
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Hints Stick it out!!! Keep it simple!!! Be realistic!!! Be flexible!!! Keep organized!!!
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