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.