Create a Simple Budget Essay Paper Available

Create a Simple Budget
            Create a Simple Budget

Create a Simple Budget

A budget, also called a spending plan, can help you prioritize expenses, save for your future and stay out of debt, all which contribute to a happy and healthy life. What steps do you need to take to set up a budget?

Create a realistic spending plan by listing your expenses, which are all your costs. To figure out what you actually spend, you have to track it — sometimes, it’s easy to forget or overlook spending — but all those little expenses add up. For one week, write down what you spend your money on, right to the last penny.

Identify your income. Income is all money coming in from allowances, part-time jobs or birthday money. It’s important to have a clear picture of the money you earn. Include all income for this week.
Plan for your expenses into two categories: fixed or variable. Fixed expenses are always the same (e.g. cellular phone plan), while variable expenses are those you have more control over such as entertainment, magazines or extracurricular activities.

Set aside 10% of what you earn for savings. For example, if you have a $1.00 in your pocket, set aside 10 cents for savings. This counts as an expense — you are “paying” yourself and the money is not available for you to spend on other things!
Ensure that you balance your budget and do not let expenses exceed income

Part 1: Prepare a simple personal budget using a spreadsheet. Alternatively, you can make up your own chart, and do the calculations manually for this assignment.

List what you earn (allowance, part-time work, odd jobs, cash gifts) for one week.

List what you spend and how (e.g. entertainment, snacks, gifts, games, hobbies?) for one week.
Put aside at least 10% into savings (this counts as an expense). Include a balance (income minus expenses).

Alternative option: Don’t currently have an income or expenses? Look to the future. Imagine: You have earned $100 through your first week of part-time work (or $400 for the month). What would you spend your money on? What would you put aside for savings?

Think about things you might spend money on in the future: bus fare, gifts, cell phone, food, snacks, hobbies, entertainment, clothing, saving for a trip or car, gifts, etc. — and include in your budget. Make sure your budget balances.

Part 2: Reflective response – are you living within your means? Explain why or why not. How could you improve your budget and spending habits? Complete this below your spreadsheet.


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