# 3Budgeting: Keeping Track of Your Money

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3 64 Chapter 3 Budgeting: Keeping Track of Your Money 65 Give It a Go Categorizing can be fixed or variable. Think about the expenses listed in the table below. Decide whether each expense would be fixed or variable. Put an X in the appropriate column for each expense in the table. Expense Fixed Variable Cell phone DVD rentals Music downloads Gas for the car Car insurance Movie tickets School lunches Bus pass for school Gifts Clothes Eating out with friends Other entertainment Sports clothing/equipment Haircuts Monthly dues at local gym Do you know where your money goes? If you are like many others, you spend it but do not always remember what you spent it for. If you want to build wealth and have a solid financial plan, you must start paying attention to how you spend your money. The best way to start is to create a daily record of what you spend. If you track your spending for several weeks, you will get an idea of how much you should plan for expenses in your budget. Example 3-1 To create a weekly spending record, write the amounts you spend for fixed and variable expenses each day. Then total the amounts for each day and for the week. The weekly spending record for Carlos Acosta is shown below. Fixed School lunches Bus fare to work Savings deposit Total Fixed Variable Birthday gift for sister School music fee New music CD Lunch with friends Weekly Spending Record Carlos Acosta For the week of September 10, 20-- Amounts Spent Day 1 Day 2 Day 3 Day 4 Day 5 Day 6 Day 7 Total \$2.75 \$2.75 \$2.75 \$2.75 \$2.75 \$ \$ New T-shirt Total Variable Total \$22.75 \$13.05 \$8.25 \$26.10 \$14.20 \$1.35 \$7.29 \$92.99

4 66 Chapter 3 Budgeting: Keeping Track of Your Money 67 You Do the Math 3-1 The weekly spending record for Carlos Acosta for the week ending September 17 is shown below. How much has Carlos spent for the week? Total the amounts for each day and for the week. Fixed Weekly Spending Record Carlos Acosta For the week of September 17, 20-- Amounts Spent Day 1 Day 2 Day 3 Day 4 Day 5 Day 6 Day 7 Total Give It a Go Tracking your Spending It is important to keep track of how you spend your money. Record your expenses from last week in this chart. You will need to write the categories for your expenses. Then total the amounts for each day and for the week. Weekly Spending Record Name: For the Week Ending: _ School lunches Bus fare to work \$2.75 \$2.75 \$2.75 \$2.75 \$ Fixed Amounts Spent Day 1 Day 2 Day 3 Day 4 Day 5 Day 6 Day 7 Total Savings deposit Total Fixed Variable School workbook New music CD Variable Lunch with friends New clothes Total Variable Total Check Your Understanding Are most of your expenses fixed or variable? Give two examples of variable expenses that you may have during a month. Total

6 70 Chapter 3 Budgeting: Keeping Track of Your Money 71 Figure 3-1 Carlos kept track of his income for a month using this table. Monthly Income Carlos Acosta For the Month of September, 20-- Source Amount Pay Part-time job \$ Babysitting Yard work for neighbors Allowance Gifts Total Income \$ Discretionary Income After you total your expenses and subtract from your income, hopefully you will have money left over. This extra money is called discretionary income. Discretionary income is money that remains after you have paid for regular or needed expenses. This is money that you can put in savings or use for leisure or other activities. It is also called disposable income. If you do not track your income and expenses using a budget, you may find that you have no discretionary income. To calculate discretionary income, subtract your total fixed and variable expenses from your income. Example 3-3 Income Fixed and Variable = Discretionary Income In Example 3-1, you learned how to calculate weekly expenses. In the first example, the weekly expense total for Carlos Acosta was \$ Suppose Carlos spends this much every week. Will he have enough money to cover his expenses based on his September income as shown in Figure 3-1? What will be the amount of his discretionary income? Money that remains after expenses are paid is also referred to as a surplus. When there is not enough income to pay all expenses, this is called a deficit. You may recognize the terms surplus and deficit from when government spending is discussed on TV. Give It a Go Tracking your Income Review your income from last month and record the numbers in this chart. Write categories for your income in the first column and amounts in the second column. Total the Amount column. Weekly spending \$92.99 Number of weeks 4 Total monthly expenses \$ Monthly income \$ Monthly expenses Discretionary income \$ Name: For the Month of: Source Monthly Income Amount You Do the Math 3-3 In the You Do the Math 3-1 activity, you found the weekly expenses for Carlos. If Carlos spends this much every week, will he have enough money to cover his expenses based on his September income as shown in Figure 3-1? What will be the amount of his discretionary income? Weekly spending Number of weeks Total monthly expenses Total Income \$ Monthly income Monthly expenses Discretionary income

10 78 79 Apply Your Math Skills Calculate the answers to the following problems. 11. The weekly spending record for Alice Wong for the week ending October 7 is shown below. How much has Alice spent for the week? Total the amounts for each day and for the week. Weekly Spending Record Alice Wong For the week of October 7, 20-- Amounts Spent Day 1 Day 2 Day 3 Day 4 Day 5 Day 6 Day 7 Total Fixed expenses School lunches \$3.00 \$3.00 \$3.00 \$3.00 \$3.00 Bus fare Savings deposit Total fixed expenses \$3.50 \$4.25 \$29.35 \$3.75 \$3.50 Variable expenses School supplies or fees E-book purchases Meals with friends Clothes and shoes Total variable expenses Total expenses 12. You receive weekly paychecks from your job. Your paychecks for three months were for the amounts shown below. What is your average monthly net pay for this time period? Month Net Pay Amounts Totals June \$ July August Total net pay Number of months Average monthly net pay 13. Latoya s monthly income is \$325. Her expenses for a typical week are \$75. If Latoya spends this much each week during the month, will she have enough money to cover her expenses? What will be the amount of her discretionary income? Weekly spending Number of weeks Total monthly expenses Monthly income Monthly expenses Discretionary income

11 After you graduate and get a full-time job, your earnings and expenses will increase. Suppose you have the income and expenses listed below. How much will you have for discretionary income? Monthly Income and Net pay \$3, Savings 12% of net pay Donations to charity Rent Utilities Cable, Internet, and phone services Car payment and insurance Groceries Gas College tuition, fees, and books Health insurance and personal care Payment on a credit card balance Clothes Miscellaneous expenses

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