Name _____________________________________________________

My Budget: I’ve Graduated…Now What???

Life After High School
My Future Plans…
Using the space below write about your plans after you graduate High School. Where will you
live? Will you get a job? How many hours will you work? Or Will you go to college? How will
you get around? What will you do for fun? What are your financial goals? Etc.?
Directions…
You will create a monthly budget for all the expenses that you will have the first three months after you graduate.
Your budget must include all the income and expenses that you will have each month. Please carefully read and
follow each step listed below. As we all know, there are always unexpected things that may arise. As you calculate
your monthly budget make sure to account for the unforeseen circumstance listed in red.

Step 1 - Calculate your checking and savings accounts starting balances:

• The starting balance for your checking and savings accounts on your June Monthly Budget will be $0
• After the first month, your checking and savings account beginning balances will be the same as the
previous months ending balance.

Step 2 - Calculate your monthly income:

Assume you start off working part-time (20 hours per week) making $10.50 per hour.
• Weekly Gross Income: $10.50 x 20 = $__________
• Weekly Net Income (income after taxes): $ (Gross income) x 0.85 = $_____________
• Additional Income (any other income that you make babysitting, side jobs, etc.):
$ _________
✓ Total Monthly Income: $ ______________
($ Weekly Net Income * 4) + $ Additional Income

Step 3 - Calculate your monthly living expenses:

• Monthly Rent: Where are you going to live?
o Live at home: $0
or
o Live on your own: $ 750
(If you will have roommates, divide by the number of people)
• Monthly Utility Bill (water, gas, electricity, and electricity):
o Live at home: $0
or
o Live on your own: $ 175
(If you will have roommates, divide by the number of people)

Step 4 – Calculate your monthly food expenses:

• Groceries $300 per month
• Eating out (restaurants, Starbucks, 7-11) $_____________

Step 5 – Calculate your monthly transportation expenses:

• How will you get around?
o Public Transportation: $45 (Bus/Train Pass)
or
o Own a Car:
▪ Car Payment $ __________
▪ Gas $ __________
▪ Car Maintenance / Repair $ 75
▪ Car Insurance $ 185

Step 6 – Calculate your monthly personal expenses:

• Clothing $ __________
• Health Insurance $ 50
• Personal Care/Hygiene (Shampoo, toothpaste Haircuts, etc.) $ _______
• Laundry $ __________
Step 7 – Calculate any miscellaneous monthly expenses:
• Cell phone, data plan, internet, etc. $ ______
• Travel $ _______
• Gifts $ ________
• Additional miscellaneous expense 1 $ __________
• Additional miscellaneous expense 2 $ __________

Step 8 – Calculate monthly entertainment expenses:

• Movies, bowling, etc. $ ___________
• Cable / Netflix / Hulu $ __________
• Going out $ _________
• Additional entertainment expense 1 $ __________
• Additional entertainment expense 2 $ __________

Step 9 – Calculate your total monthly expenses by adding all of your monthly expenses.

Step 10 - Calculate your total monthly savings expenses by adding all of the monthly savings expenses:
• Emergency Fund: Over the next 12 months you must save $1,200 to have in your savings account in case
of an emergency.
o $1,200 / 12 months = $ _______
• Future Goals: Next year you would like to purchase a car, go on a vacation, attend a concert, or save
money to achieve some other goal.
o What is your Goal?
o How much money will you need to save?
o Over the next year (12 months), how much money should put in your savings account every
month in order to achieve this goal?
$ Amount of goal / 12 months = $ ________
• Additional Savings = $ __________

✓ Total monthly savings expenses = $ ________

($Emergency Fund + $Future Goals + $ Additional Savings)

Step 11 – Calculate your cash on hand by subtracting your total monthly income from your total monthly expenses.

Step 12 – Calculate the checking account deposit by subtracting your cash on hand from your total monthly savings
expenses.

Step 13 – Calculate the ending balance bank accounts:

• Calculate your checking account ending balance by adding your checking account deposit to your
checking account starting balance.
• Calculate your savings account ending balance by adding your total monthly savings account deposit
to your savings account starting balance.
 My June Monthly Budget

Starting Balance: Checking Account $ ___________________ Savings Account$ _______________

MONTHLY INCOME… AMOUNT

Paycheck (Net Income)
Additional Income
TOTAL MONTHLY INCOME

MONTHLY EXPENSES… AMOUNT

LIVING
Rent
Utility Bill
FOOD
Groceries
Eating Out
TRANSPORTATION
Public Transportation
Car Payment
Gas
Car Maintenance/ Repair
Car Insurance
PERSONAL
Clothing
Health Insurance
Personal Care/Hygiene
Laundry
MISCELLANEOUS
Cell phone, data plan, internet, etc.
Travel
Gifts
Additional miscellaneous expense 1
Additional miscellaneous expense 2
ENTERTAINMENT
Movies, bowling, etc.
Cable / Netflix/ Hulu
Going Out
Additional entertainment expense 1
Additional entertainment expense 2
TOTAL MONTHLY EXPENSES

MONTHLY SAVINGS EXPENSES… AMOUNT

Emergency Fund
Future Goals
Additional Savings
TOTAL MONTHLY SAVINGS EXPENSES

Unforeseen Circumstance - You had time to pick up extra hours at work. After taxes you made an additional $202

CASH ON HAND
CHECKING ACCOUNT DEPOSIT
SAVINGS ACCOUNT DEPOSIT = TOTAL MONTHLY SAVINGS EXPENSES

Ending Balance: Checking Account $ ___________________ Savings Account$ _______________

 My July Monthly Budget

Starting Balance: Checking Account $ ___________________ Savings Account$ _______________

MONTHLY INCOME… AMOUNT

Paycheck (Net Income)
Additional Income
TOTAL MONTHLY INCOME

MONTHLY EXPENSES… AMOUNT

LIVING
Rent
Utility Bill
FOOD
Groceries
Eating Out
TRANSPORTATION
Public Transportation
Car Payment
Gas
Car Maintenance/ Repair
Car Insurance
PERSONAL
Clothing
Health Insurance
Personal Care/Hygiene
Laundry
MISCELLANEOUS
Cell phone, data plan, internet, etc.
Travel
Gifts
Additional miscellaneous expense 1
Additional miscellaneous expense 2
ENTERTAINMENT
Movies, bowling, etc.
Cable / Netflix/ Hulu
Going Out
Additional entertainment expense 1
Additional entertainment expense 2
TOTAL MONTHLY EXPENSES

MONTHLY SAVINGS EXPENSES… AMOUNT

Emergency Fund
Future Goals
Additional Savings
TOTAL MONTHLY SAVINGS EXPENSES

Unforeseen Circumstance - Your car got a flat tire. You need to pay an extra $60

CASH ON HAND
CHECKING ACCOUNT DEPOSIT
SAVINGS ACCOUNT DEPOSIT = TOTAL MONTHLY SAVINGS EXPENSES

Ending Balance: Checking Account $ ___________________ Savings Account$ _______________

 My August Monthly Budget

Starting Balance: Checking Account $ ___________________ Savings Account$ _______________

MONTHLY INCOME… AMOUNT

Paycheck (Net Income)
Additional Income
TOTAL MONTHLY INCOME

MONTHLY EXPENSES… AMOUNT

LIVING
Rent
Utility Bill
FOOD
Groceries
Eating Out
TRANSPORTATION
Public Transportation
Car Payment
Gas
Car Maintenance/ Repair
Car Insurance
PERSONAL
Clothing
Health Insurance
Personal Care/Hygiene
Laundry
MISCELLANEOUS
Cell phone, data plan, internet, etc.
Travel
Gifts
Additional miscellaneous expense 1
Additional miscellaneous expense 2
ENTERTAINMENT
Movies, bowling, etc.
Cable / Netflix/ Hulu
Going Out
Additional entertainment expense 1
Additional entertainment expense 2
TOTAL MONTHLY EXPENSES

MONTHLY SAVINGS EXPENSES… AMOUNT

Emergency Fund
Future Goals
Additional Savings
TOTAL MONTHLY SAVINGS EXPENSES

Unforeseen Circumstance - You got sick and had to go to the doctor. The bill and medication cost you $125

CASH ON HAND
CHECKING ACCOUNT DEPOSIT
SAVINGS ACCOUNT DEPOSIT = TOTAL MONTHLY SAVINGS EXPENSES

Ending Balance: Checking Account $ ___________________ Savings Account$ _______________

 Reflection
What was the hardest part of the project? What was the most interesting part of the project? Has your
opinion changed about the importance of a budget? Do you think that you would be able to live by a
budget? Any additional comments about the assignments…