Sample Budget
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Sample Budget
Your budget is starting to miss you. After all, you spent all that time to develop one. The first thing that most people learn after creating a budget is that the first one rarely works. See, budgets aren't concrete things. They aren't written in stone. They are adapted over time. They change. They evolve.A budget won't work unless you make it. It isn't magic. It won't change your life overnight. There are no secret formulas and no fast ways out of the poor house. You simply have to get to work. You have to take that budget and wrangle it until it works for your finances. It shouldn't seem so hard. You know what you want your money to do. But you can't make it do it without the help of a budget.
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Sample Budget - Sample Household Budget Forms
Sample Budget
Jane Doe earns $10 an hour and works 40 hours a week. Her weekly income, after taxes, is approximately $287. Jane's goal is to save enough money to pay for a vacation at the end of the year and to still have some extra money left over in case of an emergency. Below is a sample of her monthly budget, which shows her income, her monthly expenses, and how much money she will be saving.
Monthly Income After Taxes ($287/week x 4 weeks) $1,148
*(The budget categories listed here are to demonstrate a budgeting concept and are not meant to represent a complete list of budget categories for an actual budget. The list you use will be indicative of your unique expenses.)
Monthly Expenses
Rent - - - - - - - - - - - - - - - $350
Gas and Electric - - - - - - - - $50
Phone - - - - - - - - - - - - - - $40
Cable - - - - - - - - - - - - - - $30
Food - - - - - - - - - - - - - - - $100
Prescriptions/Medical - - - - - - $100
Car Insurance - - - - - - - - - - $35
Car Upkeep (gas, etc.) - - - - - $50
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Total Monthly Expenses - - - - $755
Money Available After Expenses $393
Entertainment Money Movies, eating out, etc. $160
Monthly Savings $233
Savings by the End of One Year $ 2,796
As you can see from the above, Jane first figured out how much she earned each month and how much she had to spend on necessities like rent, utilities, food and medicine. This left her with $393 to spare after necessities. Jane decided that she could spend up to $40 a week on entertainment (movies, books, eating out, etc.), which added up to $160 dollars a month, but still left Jane with savings of almost $250 dollars a month. Over the course of one year (12 months) these savings added up to almost $2,800 (even more, if Jane is putting her money in a savings account with interest), so now she can take a vacation for $800 and still have $2,000 for emergencies, big purchases, or to set aside for retirement.
Not everyone will have as simple a budget as Jane's or be able to set aside as much money each year, but once you create a budget for yourself and become comfortable managing your money, you may be surprised at how much you can save.
Free Printable Budget Worksheets
Free Budget Worksheets
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