Budgeting Activity

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Budgeting Activity

Okay. Time to bring budgeting principles to life. You are about to take on the profile of a young adult with an annual income of $40,000.

You will complete the following during this activity:

Review and understand gross income, tax deductions and net income.
Make real-life fixed and variable spending decisions.
Make decisions between needs and wants when allocating your spending.
Create a savings plan for short, intermediate and long term goals and see how your money has the potential to grow over time.
Revise your initial budget to ensure you have the savings plan you want in place.

Time to get started. You have two options for completing the activity.

Click on the link below to use an Excel worksheet to complete the activity. This is the easiest way to build your budget. You simply review each expense and saving category, enter an amount directly into the spreadsheet for each, and the spreadsheet will do the math. Once you complete a first draft, you can easily revise your budget by changing any of the amounts in any of the categories. The worksheet will automatically recalculate your budget.

Alternatively, print out a copy of the budget and use a pencil to enter your expenses and savings amounts. Then use a calculator to do the math. Revise your budget by changing amounts in any category and then recalculate your budget.

>>> CLICK HERE: BUDGETING ACTIVITY