Managing Money

Managing money means keeping income and outgo balanced. It means putting some money aside for that proverbial rainy day. It means living on a budget.

Creating a Budget

Use this form to create a budget for yourself

1. Determine monthly income
a. allowance ………………………………………………………………………….	$ ________
b. money from job(s)……………………………………………………………	$ ________
c. other money (scholarship, interest on money in bank)…	$ ________
Total income	$ ________
2. Identify fixed expenses
a. transportation to school or job ……………………………………	$ ________
b. lunch money ………………………………………………………………….	$ ________
c. other (e.g. school expenses / fees)………………………………	$ ________
Total expenses	$ ________
3. Subtract #2 from #1
Total Income	$ ________
- Total Expenses	$ ________
= Before-Savings Money	$ ________
4. Decide on an amount to save each month	$ ________
This is important! You may have to have to buy someone a present if you are invited to a birthday party. If you drive, your car might break down. You might lose a library book and have to pay for it. Everyone should have some money put aside – just in case!
5. Subtract #4 from # 3
Before-savings money	$ ________
- Savings	$ ________
= discretionary income	$ ________
What is left is discretionary income which is money you can spend on things you want.