Life 101 Project
Number rolled on dice ______

1. Yearly Income: ______

2. Monthly Gross Income (before taxes) ______

3. Amount deducted from income for taxes ______

4. Monthly Net Income (after taxes) ______

5. Weekly Net Income (after taxes) ______

Budget Items / Amounts / Total / Running Total (add up all expenses as you create your budget)
Rent
  • Deposit (one month’s rent – one time charge)
  • First month’s rent
/ First month_
After the first month_
Phone
  • Land line
  • Cell
(You may choose to only have a cell phone.)
Utilities
  • Gas
  • Electric
(See PPT slide)
Cable
  • Internet service
  • Basic cable
  • Other
(See PPT slide)
Car payment (it is up to you if you want to have a new or used car. (A new Honda Civic with no money down would cost you $294 a month for 5 years, if you have good credit.)
Car insurance (How much do you pay now for insurance?)
Food
(Up to you as to how much you budget – see PPT for ideas)
Clothing/shoes (Up to you as to how much you want to budget)
Gas/car maintenance
($1700 a year for your new Civic..$2000 for a used 2005 Civic)
Entertainment (Up to you)
Emergencies (Experts say you should have at least 3 months pay in an emergency account so you need to start setting some money aside for this…how much is up to you.)
Savings and Investing
(You should try and save at least $50 a month)
Student loans ($184 a month) For all who attended college
Doctor/Dentist/Rx/Medical Insurance ($120 a month for medical insurance plus the cost of any prescriptions you take on a regular basis) You should try and set aside some money for unexpected doctor/medicine costs either here or in your savings account.
Credit Cards
(Average student credit card debt is $2700. Minimum monthly payment is $67.50)
If you only pay the minimum it will take you 21 years to pay off this credit card. You will have paid $3,365 of interest on your $2700.
Other Expenses?
Write the running total of / all expenses / here 

5. Add up your expenses

  • Subtract expenses from your monthly net income
  • Amount remaining______

6. Life Happens Scenarios

Scenario / Cost
.

7. Subtract these costs from the amount remaining in your monthly budget.

Amount remaining after these unexpected expenses :______

8. How did you do? Do you have any savings? What could you do differently?