Save Your Money
Taking Care of Your Money (Budgeting)
Assignment # 1
Many people are confused when it comes to budgeting. Budgeting is about studying the past and planning for the future. In order to create a reasonable budget for the coming academic year, you should understand where your money comes from and where it’s being spent now.
For the next two weeks , record your income and spending and fill out weeks 1 & 2 in chart A. For the next two weeks (3&4), try to estimate a realistic budget amount for each category to complete chart A. (Due: Week 5 Oct. 1 -5)
Then for weeks 3 & 4 record everything that you spend in Chart B. See how well you can stick to those budgeted amounts. After, compare the actual weekly amounts to the budgeted amounts and identify your strengths and weaknesses. (Due: Week 7 Oct. 15 - 19) • Try to recognize all your expenses, including the ones you personally don’t pay for, and record the value of the expense as an income source.
• Example: If you are living at home with your parents, include a reasonable amount of about $400 per month as part of your income from parents. This parent income should be expensed as part of your weekly rent & groceries
• Income and Expense categories on charts are standard generic categories. If you feel a need to add or alter, please do so.
• Charts A & B will be available in soft copy and will be emailed to you
• Include your name on both Charts
• Assignment should be submitted through email as an attached file. File name should be ass 1 chartA first initial last name Example: ass1 chartA rfoxall.doc
• Week 7 submission must include a one page typed summary identifying your budgeting strengths and weaknesses
• Marks will reflect the completeness of and thought put into the assignment, not how well you met your budget.
Chart A Student Name:
Income|Week 1|Week 2|Budgeted Week 3|Budgeted Week 4|
Wages – source 1|||||
Wages – source 2|||||
Student Loan|||||
Assignment # 1
Many people are confused when it comes to budgeting. Budgeting is about studying the past and planning for the future. In order to create a reasonable budget for the coming academic year, you should understand where your money comes from and where it’s being spent now.
For the next two weeks , record your income and spending and fill out weeks 1 & 2 in chart A. For the next two weeks (3&4), try to estimate a realistic budget amount for each category to complete chart A. (Due: Week 5 Oct. 1 -5)
Then for weeks 3 & 4 record everything that you spend in Chart B. See how well you can stick to those budgeted amounts. After, compare the actual weekly amounts to the budgeted amounts and identify your strengths and weaknesses. (Due: Week 7 Oct. 15 - 19) • Try to recognize all your expenses, including the ones you personally don’t pay for, and record the value of the expense as an income source.
• Example: If you are living at home with your parents, include a reasonable amount of about $400 per month as part of your income from parents. This parent income should be expensed as part of your weekly rent & groceries
• Income and Expense categories on charts are standard generic categories. If you feel a need to add or alter, please do so.
• Charts A & B will be available in soft copy and will be emailed to you
• Include your name on both Charts
• Assignment should be submitted through email as an attached file. File name should be ass 1 chartA first initial last name Example: ass1 chartA rfoxall.doc
• Week 7 submission must include a one page typed summary identifying your budgeting strengths and weaknesses
• Marks will reflect the completeness of and thought put into the assignment, not how well you met your budget.
Chart A Student Name:
Income|Week 1|Week 2|Budgeted Week 3|Budgeted Week 4|
Wages – source 1|||||
Wages – source 2|||||
Student Loan|||||