Question

Have you ever written down a budget for yourself? A budget has a lot in common with an income statement. While the income statement shows the money earned by the company minus the money spent to earn that money, a budget anticipates how much money will go in and how much money will go out. Using spreadsheet software (example are MS Excel or Google Sheets), prepare a monthly budget for yourself.

If you do not make or spend money at this stage of your life, talk to your learning coach so they can help you construct the budget. If you are not using real data, the best way to do this is to start with $100 and break down how you might spend that $100 each week or month.

Answer 1

Here is an example of a monthly budget using $100 as an example:

| Category | Amount in $ |
|----------------|------------|
| Income (Total) | $100 |
| Utilities | $20 |
| Rent | $30 |
| Food | $25 |
| Transportation | $10 |
| Entertainment | $10 |
| Savings | $5 |

In this example, the total income is $100, with allocated amounts for various categories of expenses such as utilities, rent, food, transportation, entertainment, and savings. It is important to adjust these amounts based on your actual income and expenses, and to track your spending to make sure you stay within your budget.