Budget Worksheet

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INCOME

Monthly Income $_______________

Financial Aid $_______________

Gifts/Other Income $_______________

Total Income $_______________

 

FIXED EXPENSES

Rent $_______________

Savings $_______________ 

Phone service $_______________

Debt #1 $_______________

Debt #2 $_______________

Debt #3 $_______________

Total Fixed Expenses $________________

 

FLEXIBLE EXPENSES

Groceries $_______________

Meals out $_______________

Hygiene/bathroom products $_______________

Clothing/shoes/accessories $_______________

Misc. shopping $_______________

Haircuts $_______________

Entertainment/movies/music $_______________

Newspaper/magazines/books $_______________

School tuition, $_______________

School books and supplies $_______________

Miscellaneous/Other $_______________

Total Flexible Expenses $________________

 

Add your Fixed Expenses and Flexible Expenses $________________

Now, subtract your total Income and total Expenses $________________

This is your disposable income.

 

 

Here is Molly’s example of how she budgets her income:

Molly is a 22-year-old recent graduate with her first job, working in Chicago. She has student loans, but she is still able to meet her student loan payment every month and contribute to her retirement, plus pay all her bills.

Her income: $36,000 a year

Her take-home pay after taxes: $2,250 a month (we’re assuming 25% of her salary goes toward a combination of taxes and her 401(k) contributions)

Fixed Costs:

Rent: $775

Transportation: $115

Utilities (including phone and internet): $135

Gym and subscriptions: $75

Total: $1,100, which is about 49% of her take-home pay
 

Financial Goals:

Student Loan: $150

Retirement contributions: $200

Emergency fund: $75

Backpacking trip fund: $50

Total: $475, which is about 21% of her take-home pay

Flexible Spending: $675, which is 30% of her take-home pay

Because Molly is on a tight budget, her fixed costs are very close to the 50% limit. Still, she is able to make her student loan payment and even put 9% of her take-home pay toward retirement, where the money should have a long time to grow.

Beyond Foster Care: Need for Services Beyond the Age of 21

This survey is for California former foster, Independent Living Program (ILP) eligible probation, and dual status youth ages 22 to 35. The purpose of the study is to explore the experiences and need for services of California former foster, ILP eligible probation, and dual status youth who are between the ages of 22 and 35. Participation in the study would last about 20 to 35 minutes. You may choose to withdraw your participation at any time. Your answers will be confidential. The information will be kept in a secure database with no identifying information for the duration of the study. 

The findings of this study will be used to provide suggestions for programs and services that will improve long-term outcomes for former foster, ILP eligible probation, and dual status youth. 

Visit this link in order to complete the survey! 


 

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