Household Budget

(monthly)

1. What is your primary source of income? Any secondary sources?

2. What are some of your fixed expenses (e.g., rent/mortgage)?

3. What are some of your discretionary expenses (e.g., movies)?

 4. Create a household budget, calculate the percentage of the budget each expense represents, and fill in the pie chart.

• First, decide on a budget amount.
  • For example, you might decide to use a monthly budget of $1500/month.
• Then, calculate the percentage each expense accounts for in the budget.
  • A rent payment of $375 accounts for 25% of the budget in this example
    (i.e., $375 divided by $1500 times 100 = 25%).
• Finally, fill in the percentages on the pie chart below
  • You can lump your discretionary expenses into a few broad categories
    (e.g., entertainment).
  • The percentages should add up to 100 %.

   

5. What are some unexpected expenses you might have?

6. How might you pay for such unexpected expenses?

7. List some of the ways you might be able to increase your income within the next year? within the next five years?