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Budgeting: How much money do you really have?. From foukeffa.org Written by Cara Sue Langley Ag Student Texas A&M. GA Ag Ed Curriculum Office To accompany the Georgia Agriculture Education Curriculum Lesson 01411-4.1 July 2001. What is a budget?. A spending plan

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Budgeting how much money do you really have

Budgeting:How much money do you really have?

From foukeffa.org

Written by Cara Sue Langley

Ag Student Texas A&M

GA Ag Ed Curriculum Office

To accompany the Georgia Agriculture Education Curriculum

Lesson 01411-4.1

July 2001


What is a budget
What is a budget?

  • A spending plan

    • Simple—a college student, single family

    • Complex—a corporation


Advantages
Advantages

  • Establishes goals for money

  • Live on money earned

  • Eliminate wasteful spending habits

  • Achieve long-term goals


Planning a budget
Planning a budget

  • Estimate income

  • Estimate expenses


Types of expenses
Types of expenses:

  • Fixed

  • Variable


Fixed expenses
Fixed expenses

  • Set amount due-

    • Taxes

    • Rent

    • Insurance

    • Utilities

    • Education


Variable expenses
Variable expenses

  • Vary in cost-

    • Food

    • Clothing

    • Gifts

    • Entertainment

    • Medical and dental


Sample budget
Sample Budget

Regular monthly payments

Rent/home payment $350

Car payment $200

Appliance payment $65

Health plan payment $55

Life Insurance $110

Miscellaneous $50

Total $830


Sample budget1
Sample Budget

  • Household operating expenses:

    • Telephone $80

    • Gas/Electricity $140

    • Water $25

    • Repairs, Upkeep $100

      • Total $345


Sample budget2
Sample Budget

  • Food Expenses:

    At home $150

    Away from home $50

    TOTAL $200


Sample budget3
Sample Budget

  • Personal Expenses:

    • Clothing, Shoes $75

    • Cleaning, Laundry $25

    • Doctor/Dentist $75

    • Education $50

    • Auto Gas $150

    • Spending Money $100

      • TOTAL $475


Sample budget4
Sample Budget

  • Total Living Expenses $1,850

  • Net Monthly $2,100

  • Extra Money $250


Hints
Hints

  • Stick it out!!!

  • Keep it simple!!!

  • Be realistic!!!

  • Be flexible!!!

  • Keep organized!!!