Financial Literacy Assessment 4


Financial Future: Learning Assessment Two


Sample Budget Exercise

Part A:  Use the following financial profile to see how much this person will have for “spending money” when all required expenses are accounted for.  Convert all figures to a monthly amount.  Round up to the closest $5


Average NET weekly income:  $950 (taxes deducted)

$950 x 44 weeks (accounts for 8 weeks out of work) = $41,800

$41,800/12 months = $3,483

(Allows for setting aside $635/month to cover 8 weeks out of work)


Monthly Fixed Expenses

Rent: $800/month                                                                                         _________

Car payment: $250/month                                                                           _________

Internet service: $30/month                                                                       _________

Cell phone: $130/month                                                                               _________

Credit card 1: $150/month                                                                           _________

Credit card 2: $75/month                                                                              _________

Total Monthly Fixed Expenses:                                                                                  _________


Monthly Variable Expenses (Usual Spending)

Gas bill: $110/month                                                                                      _________

Electric bill: $120/month                                                                               _________

Gasoline: $250/month                                                                                   _________

Groceries: $200/WEEK                                                                                   _________

Savings: $100/month                                                                                      _________

Total Monthly Variable Expenses                                                                                            _________       


Non-monthly Expenses

Car insurance: $600/six months of coverage                        _________

Water bill: $90/quarter                                                               _________

Auto maintenance: $420/year                                                   _________

Medical out of pocket: $480/year                                             _________

Total Non-monthly Expenses                                                     _________


Total Monthly Expenses:                                                                                                             _________


Monthly Income:                                                             $3,483

Less Total Monthly Expenses:                                     ________

Available Monthly Spending Money        :               ________


Part B: Answer the following questions in response to doing the budget:


  • Do you believe this budget is sufficient?








  • If you feel the need to have more available spending money, where would you make adjustments?