Create Your Monthly Family/ Personal Budget Worksheet

Needs & Wants Assignment Worksheet

Planning a budget may seem difficult when you first begin budgeting, but after you learn the seven steps of budgeting, you will become more financially well informed!

Instructions: This worksheet was created to help you learn how to set up a budget.
There is one goal in budgetingspending less than you earn! The remaining funds are placed into a savings account. Fill in the blanks below with the correct expenses you found in the Handouts your received prior to this assignment.

Step One: Fill in the blanks with the income earned from your assigned paycheck
stub.

Income earned $__________ Other income $_______ Total monthly income $________

Step Two: Add all of the funds you have earned each month to receive the total
monthly income

Income earned$__________+ Other income $_______=Total monthly income $________

Step Three: I need it! -- You have received a Handout titled Needs & Wants
Excel Spreadsheet Complete the tables below with the expenses from the Needs & Wants Excel Spreadsheet. List all of the needs into the need column and its
costs into the cost column.

Needs
Mortgage Gas Electric Telephone Car Payment Car Insurance Water/Recycling/Sanitation Clothing Medical Care Home Insurance Credit Cards Total Needs Rent Renter's Insurance

Cost
$ $ $ $ $ $ $ $ $ $ $ $ Cost $ $

Some of this lesson is adapted from the Vivian Bernsteins Life Skills Money & Consumers Textbook, st 1994, 1 edition, Steck-Vaughn Publisher

Create Your Monthly Family/ Personal Budget Worksheet

Gas Electric Children's medical Bus Fare Clothing Water/Recycling/Sanitation Total

$ $ $ $ $ $ $

Wants vs. Needs

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Step 4: I want it! -- You have received a Handout titled Needs & Wants Excel
Spreadsheet Complete the table below with the expenses from the Needs & Wants Excel Spreadsheet. List all of the wants into the want column and its costs
into the cost column.

Wants
Movies Movie Refreshments Restaurant Hobby- (Model Cards) Satellite Total

Cost
$ $ $ $ $ $

Wants
Movie Rental Restaurant Cable TV Extra

Cost
$ $ $ $

Some of this lesson is adapted from the Vivian Bernsteins Life Skills Money & Consumers Textbook, st 1994, 1 edition, Steck-Vaughn Publisher

Create Your Monthly Family/ Personal Budget Worksheet

Total

----------------------------------------------------------------------------------------------------------Step 5: Add of the needs and the wants together to calculate the total expenses.
1. Total Needs: $__________ + Total Wants:$___________=$_______(Total Expenses) Total Needs+ Total Wants=Total Expenses

Wants vs. Needs

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(Wants vs. Needs) Images courtesy of Microsoft Clip Art

Step 6: Subtract the total expenses from the total income.

Total Expenses (from step 4) $_______- Total Income (from step 1) $_______
Total Expenses - Total Income=Savings/Debt

Step 7: Determine if you are saving money or if you are in debt.

Some of this lesson is adapted from the Vivian Bernsteins Life Skills Money & Consumers Textbook, st 1994, 1 edition, Steck-Vaughn Publisher