It’s time to put what you’ve learned into practice!
There are two challenges to complete for this lesson:
- Figuring out your expenses
- Creating a budget based on a scenario
Challenge 1: Identifying Your Expenses
Using the four categories listed on the Identifying Expenses worksheet below, fill in your expenses. Then, mark whether they are fixed expenses or variable expenses. This will help you get a sense of where you’re spending your money.
Challenge 2: Creating a Budget
Your task is to put together a budget for one of the listed scenarios on the Creating a Budget worksheet below (note: you don’t have to do all four, but you can if you’d like more practice). Use the Monthly Budget worksheet (below the Creating a Budget worksheet) to put together the budget. Feel free to make up more details for your scenario if you need to. You can also change or add categories to the budget to match your person’s situation.
Your goals for this process:
- Income and expenses should balance (be equal) or there should be money left over
- Budget must stay realistic
- If you can’t make a realistic, balanced budget, think about the options for changing your person’s situation.