Budget Worksheet
Use this worksheet to complete the assignment. It contains suggested ranges for most expenses based
on common amounts for a single person. Feel free to use them to estimate your costs, or to use your
own experience or research.
Part One–Calculate Your Budget
Step 1: Net Annual Income
Choose one of the following entry-level positions for this budgeting exercise. If you would like to use
another career, please check with your instructor and provide the website where you found your
information regarding entry-level salary.
Career Choice Lawyer
Starting Net Annual Income 60000
Step 2: Calculate Your Monthly Net Income
Enter your starting net income from Step 1 and divide by 12 to determine your monthly net
income.
Yearly Net Income Divide by 12 Monthly Net Income
60,000 (Yearly Net Income ÷ 12) 5000
Step 3: Calculate Expenses
Fill out the expenses in the table. Choose a realistic amount considering your needs and wants
in your area. You can also do additional research or talk to family members about the best costs
to include. If you choose $0 for an expense, explain why. Please note that some expenses
cannot be $0, even with an explanation. Be realistic according to your needs and wants.
Needs Monthly Cost
Rent (be sure to research living on your own vs. living with roommates) $2500
Auto insurance (research based on age and driving record what the average is) $289
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of Florida Virtual School.
Gasoline (typical use for your chosen vehicle) $196
Utilities (this includes your electricity, water, and sanitation) $200
Groceries $200
Internet service $90
Cell phone $35
Subtotal $3510
Wants Monthly Cost
Streaming services $10
Dining out (be sure to include delivery services) $50
Clothes and other shopping $100
Entertainment (movies, concerts, hobbies) $100
Other (gym membership, travel, games, salon/spa, etc.) $58
Subtotal $318
Savings (aim for at least 10-20% of your net income—if under 10%, explain why) Monthly Cost
Retirement fund $100
Emergency savings $100
Other $100
Subtotal $300
Step 4: Balance Your Budget
Fill in the monthly net income from step 2. Next, add up the subtotals from step 3 and fill in the
amount for total monthly expenses. Subtract the expenses from the net income. If your
difference is a negative amount, adjust your expenses to balance your budget.
Unless Otherwise Noted All Content © 2023 Florida Virtual School. FlexPoint™ is a trademark
of Florida Virtual School.
Total Monthly Net Income (Take it from Step 2 at the top) 5000
Total Monthly Expenses (add up all your subtotals) 4128
Difference (“Total Monthly Net Income” minus “Total Monthly Expenses”) 872
Part Two–Reflect on Your Budget
Write responses to the following questions. Be sure that your responses are well organized, easy to read
and comprehend, and use correct spelling and grammar.
1. Why should you create and maintain a budget as an adult?
Because as you get older you receive more and more bills and taxes. With a budget you would
be able to control how much money you are using. This will help you not run out of money as
well as control your spending.
2. What was the most challenging part of this process and why?
Finding out how much everything cost
3. What adjustments did you have to make to your budget? How did you decide where to make
changes?
I did not have to make any.
4. Has completing this assignment changed your perspective on your future career, salary, or
spending? Why or why not?
A little bit on spending, because all of your needs are expensive, but so are all of your wants.
5. What is one thing you learned while completing this assignment that you will take with you into
the future?
Making and maintaining a budget is important in order to save and spend your money.
Unless Otherwise Noted All Content © 2023 Florida Virtual School. FlexPoint™ is a trademark
of Florida Virtual School.
