1) As a working adult, I am employed as a software engineer, earning a monthly salary of $6,000. I am married and have two children, aged 7 and 4. My spouse is a stay-at-home parent, taking care of the kids and managing the household. Our monthly expenses include mortgage payments of $1,500, groceries and household supplies that average around $500, utility bills ranging from $200 to $300, car payments and insurance amounting to $800, childcare costs at $1,000, and miscellaneous expenses like healthcare, entertainment, and savings, which add up to approximately $1,500.
2)
Income: $6,000
Expenses:
- Mortgage: $1,500
- Groceries/Household Supplies: $500
- Utilities: $250
- Car Payments/Insurance: $800
- Childcare: $1,000
- Healthcare: $200
- Entertainment: $200
- Savings: $500
Total Expenses: $4,950
Leftover at the end of the month: $1,050
3) Through this budgeting exercise, I learned the importance of planning and allocating my income to various expenses. Creating a budget not only allows me to keep track of my spending but also helps me make informed financial decisions. It was surprising to see how quickly expenses can add up, and it emphasized the need for careful planning and prioritization. Budgeting has taught me to differentiate between needs and wants, and to make thoughtful choices regarding where my money goes. It has also highlighted the significance of saving for unexpected expenses and future goals such as retirement or education funds for my children. Overall, learning about budgeting has provided me with a sense of control and confidence in managing my finances effectively.
In your head, imagine you are a working adult. Choose a profession, research the associated income (Google Search), and brainstorm all the monthly expenses you can come up with.
For this sample work, you are going to create your own monthly budget. You are going to do three things:
1) Write an intro paragraph. (5 Complete Sentences) Here I want you to write about your situation. You should talk about your profession and your income. Talk about your family and describe your expenses.
2) Create a chart that lists your income and expenses, as well as what’s left at the end of the month. You can use any of the types of budgets discussed in the curriculum or we discussed in Live Lesson. I would recommend a zero-based budget. That is the easiest.
3) Write a second paragraph (5 Complete Sentences) where you summarize what you learned about budgeting, what surprised you, and anything else you can take away from learning about budgeting.
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