COPYRIGHTED MATERIAL
LET’S PRACTICE
Name: _____________________________________________________________________________
JUNE DISCRETIONARY EXPENSES
BUDGETED ACTUAL
DIRECTIONS
Movies/Concerts
50
OMG Adele again? You busted the concert budget this month by spending $100 for a ticket. You couldn’t have worn the same outfit to the concert? Fear of being an outfit repeater put you 25% over your clothing budget.
Clothes/shoes/shopping
100
Gym membership
25 75
This is a fixed amount.
Sports games
You saved $25 by watching the fight on Pay-per-View instead of buying an expensive ticket. Good job.
85 50 PRODUCT PREVIEW Right on target this month! 50 125 65 0 50 675
Entertainment/clubs
Tech equipment
You upgraded your headphones. It would have cost $50, but you’re a smart shopper and used a 25% off coupon! Money is tight, but you declined your BFF’s offer to cut your hair. Good decision. You stayed on budget. You’re clearly in denial about how much your hatred of cooking is costing you. Your actual restaurant meal are 30% over- budget! It’s June (aka Wedding Season). Two college roommates are headed down the aisle. $50 per roommate, please. “Officer, I swear that stop sign was not there yesterday!” Traffic violations are expensive. Pay The Man $100. You may think you can’t live without these, but they’re actually considered discretionary expenses. Add up your actual discretionary expenses and write the total here.
Hair Salon/Barber
Restaurant Meals
Gifts
Fees or penalties
Internet/TV/Netflix
TOTAL DISCRETIONARY EXPENSES
TOTAL MONTHLY INCOME 2725
What’s your actual income? Write it here!
TOTAL MONTHLY EXPENSES (MANDATORY + DISCRETIONARY)
2620
Actual expenses + mandatory expenses = Total Monthly Expenses. Write it here!
VARIANCE
105
Subtract your total monthly expenses from your total monthly income. Is there a variance between what you budgeted and what you actually spent? _____________________________________________ _____________________________________________
You’re not done yet! Complete 1-10 and the Bonus activity, on the following pages.
THE 21st CENTURY STUDENT’S GUIDE TO FINANCIAL LITERACY 275
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