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Sample Budget

Lesson Plan: Budgeting Your Financial Resources

Sonny Cruz, a full-time tour guide, has an annual salary of $15,000. After he pays his taxes and health insurance, his annual salary is $12,000. This is what Sonny's monthly budget looks like:

Income (after tax & health insurance) $1000
Savings interest earned $      4
Total Income $1004
   
Fixed Expenses  
   Housing/Utilities $350
   Telephone $  30
   Transportation $200
   Credit/Student Loan $100
   Savings $  71
Total Fixed Expenses $751
   
Variable Expenses  
   Clothing/Personal Care $  50
   Food $110
   Household Supplies $  25
   Medicine/Health Supplies $  18
   Entertainment $  50
Total Variable Expenses $253
   
Total Expenses $1004
   
Comparison  
   Total Cash Available $1004
   Less Total Expenses $1004
   Cash Balance $      0

 
Did you know?

Keep a money diary that tracks what you save and spend. It will tell you about when, why, and how you use money.