Budgetworksheet

Budget Worksheet This worksheet contains suggested ranges for most expenses not directly addressed in the activity, based on common amounts for a single person. Use them to estimate your own expenses or research the median values for your area. Career Paramedic Income Gross Net Total income from job or career for one year $45,000 $ 38,250 Entertainment Yearly Cost Movies and subscription service ($120-$400) $ 300 Vacation ($1,000-$5,000) $ 2,000 Other ($500-$1,000) $ 500 Subtotal $ 2,800 Other Credit Debt or Taxes Yearly Cost Student loan payment (10% of gross income per year) $ 4,500 Credit card payment (varies based on balance — $0 if no credit card debt) $0 Total estimated taxes besides federal income tax (state and local sales taxes, property taxes, state income taxes if applicable) $ 2000 Other Subtotal $ 6,500 Utilities Yearly Cost Phone and/or cell phone ($900- $1,200) $ 900 Cable or satellite and internet ($1,000-$3,600) $ 1,000 Electric and gas ($1,000-$3,000) $ 1,000 Water and sewer ($800-$1,500) $ 1,000 Waste removal ($150-$300) $ 150 Subtotal $ 4,050 Gifts and Donations Yearly Cost Holidays and birthdays ($500 or more) $ 500 Charity donations (varies) $ 0 Other Subtotal $500 Personal Care Yearly Cost Unless Otherwise Noted All Content © 2022 Florida Virtual School. FlexPoint Education Cloud™ is a trademark of Florida Virtual School.

Health insurance ($2,000-$4,000) $ 1,500 (Since I'll be in the medical field most of my health expenses will be covered for) Other medical costs ($500 or more) $ 500 Professional grooming, such as hair or nails ($120-$1,500) $ 500 Clothing and laundry ($500 or more) $ 500 Health club/gym membership ($600-$1,200) $ 1,000 Organization dues or fees (varies) $ 0 Other Subtotal $ 4,000 Housing Yearly Cost Mortgage or rent $ 8,000 Maintenance and repairs $ 1,000 Supplies ($600 or more) $ 600 Homeowner's or renter's insurance $ 3,000 Furnishings and upkeep ($500 or more) $ 500 Property tax (if you own property) varies— estimate 1% of home value $ 1,000 Subtotal $ 15,100 Transportation Yearly Cost Auto loan payment $ 1,000 Bus and taxi fare (varies) $ 0 Auto insurance $ 150 Licensing and registration fees ($30-$150) $ 100 Gasoline (typical use) $ 3,000 Maintenance and repairs $ 500 Other Subtotal $ 4,750 Food Yearly Cost Groceries ($1,500 or more) $ 4,000 Dining out ($600 or more) $ 1,000 Subtotal $ 5,000 Pets Yearly Cost Food ($300 or more) $ 300 Medical ($200 or more) $ 200 Grooming $ 50 Toys $ 50 Other Subtotal $ 600 Unless Otherwise Noted All Content © 2022 Florida Virtual School. FlexPoint Education Cloud™ is a trademark of Florida Virtual School.

Savings and Investments Yearly Cost Retirement account $ 1,000 Investment account $ 1,000 Emergency savings $ 2,000 Subtotal $ 4,000 Totals Year Net income from job or career for one year (From top section of worksheet) $ 38, 250 Total Yearly Expenses (Add all subtotals in worksheet) $ 47,300 Difference (net income minus total expenses) $ -9,050 Reflecting on this Activity Answer the following questions in complete sentences. 1. Why is budgeting important to your life? Budgeting is a very important and useful tool to your everyday life because it allows your money and finances to remain within an amount that is realistic and is fits in your yearly net income. 2. Describe your experience with this process. Was it easy, difficult, or somewhere in the middle? What factors contributed to your feelings? For me, this process was a little bit challenging. I struggled in deciding how much of everything I'd estimate to spend in a year. Every day is different, and sudden things can happen that can cause my budget and income to change. 3. How might the use of credit for a large purchase affect your budget? Discuss which type of credit plan you would use, and how your budget can help you protect your credit score. Unless Otherwise Noted All Content © 2022 Florida Virtual School. FlexPoint Education Cloud™ is a trademark of Florida Virtual School.