Monthly Income Budgeting You just accepted your first job at Bojangles!! You were given an hourly rate. You spent some time figuring out what you would make monthly. You are going to make about $1,000 a month. You must

buy something in each category. First decide which ones are NEEDS and which ones are WANTS - circle need or want. Circle the choice you make from each category and subtract the

money. Do you think you will have enough money? Will you have any money for your savings? Emergency fund?

Definitions: Need: __________________________________________

Want: __________________________________________

1. Leisure: Need or Want

a. Hiking, taking walks, visiting friends, going to the library - no

cost $0

b. TV, snacks, picnics, etc. - $10-$15

c. Local sports game, movies - $15-$20

d. Fishing, hunting, hobbies - $25-$50

e. Apple Music/Spotify, books, DVD’s, Apps - $15-$20

f. Concerts, vacations, big league sports - $100+

2. Food: Need or Want

a. Grocery store, eat at home, pack lunch, dinner out once a week - $100

b. Frequent fast food lunches and weekly dinner out; cook other meals at

home - $250

c. All meals away from home - $350

3. Rent: Need or Want

a. Live with parents - no cost $0

b. Rent a two bedroom apartment with roommate - $300

c. Rent an apartment by yourself - $1,000+

d. Rent a house - $1,000+

4. Utilities: Need or Want

a. Share cost of utilities with family - $50

b. Share an apartment with basic utility costs - $100

c. Pay for all utilities on your own - $200

5. Clothing: Need or Want

a. Wear your current wardrobe - no cost $0

b. Buy clothes at consignment store or thrift shop - $25

c. Buy clothes at a discount store (Walmart, Tj maxx, Ross) - $50

d. Buy clothes at a department store/mall - $100+

6. Transportation: Need or Want

a. Walk or ride bike - no cost $0

b. Join a carpool, bus - $25

c. Help with gas for a family car - $35

d. Buy a used car and gas - $100

e. Buy a new car and gas - $500

7. Communications: Need or Want

a. No cell phone - no cost $0

b. Cell phone with caller card - $50

c. Cell phone with limited minutes, texts, and data - $75

d. Cell phone with unlimited everything - $100+

8. Personal Care: Need or Want

a. Basic products for hygiene - soap, shampoo, toothpaste,

etc.- $10

b. Products for hygiene plus some designer makeup and hair

product - $45

c. Products for hygiene, designer makeup and hair products,

appointments for styling hair - $100+

9. Insurance: Need or Want

a. Auto:

i. None if you do not have a car - no cost $0

ii. Liability coverage - $45

iii. Complete coverage - $75+

b. Health

i. No coverage - no cost $0

ii. Fringe benefits of job - $75

iii. Basic Health insurance - $100+

iv. Individual health coverage - $100+

c. Renters

i. None - living at home - no cost $0

ii. Property and liability coverage - $10

10.Furniture: Need or Want

a. Used furniture from friends/family - no cost $0

b. Buy used furniture at yard sale/ thrift shop - $25-$50

c. Buy new furniture - $200+

11.Gifts: Need or Want

a. Make your own with supplies you already have - no

cost $0

b. Purchase card or small gift occasionally - $25

c. Purchase frequent gifts for family and friends - $50

Budget Ledger

Expenses Cost Total

1

2

3

4

5

6

7

8

9

10

11

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