Managing Debt
Creating a Budget
Please print this page before you begin.
Next, you will create a budget as one step in managing debt.
1. Type the following URL into your address bar: www.thebeehive.org/money/budget-basics.asp.
- Write a one-sentence definition of a budget.
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- Write three benefits of having a budget.
1) _______________________________________________________________
2) _______________________________________________________________
3) _______________________________________________________________
2. Click on the link: How do I start a budget?
- Write two steps in making a budget.
1) _______________________________________________________________
2) _______________________________________________________________
3. Click on the link: Create Your Own Budget.
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- For the next month, write down all of your income and expenses. Write them on the lines below.
Month/Year ___________________________________
Income:
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Expenses:
Rent or house payment _______________________
Car payment _______________________
Child Care Total: _______________________
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Utilities Total: ______________________
Electricity _______________________
Garbage service _______________________
Heating Oil or Gas _______________________
Phone _______________________
Internet access _______________________
Cable TV _______________________
Groceries Total: _______________________
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Other Expenses Total: ___________________
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Savings: _________________________
4. At the end of one month, add up your expenses in each category and write the totals. Then, type the following URL into your address bar: www.beehive.org/money/budget/default.asp. Use the totals you listed above to create a budget on the computer.
- Click on the link: Click here to begin.
- Follow the steps on the computer screen and enter your totals for the categories.
- When you have entered all of the information, click on “PRINT YOUR BUDGET” at the top of the screen.
- Look at your printed budget. Write the following total amounts.
1) Income Total _________________________________
2) Expenses Total _________________________________
3) GRAND TOTAL _________________________________
(This is the amount you have left after subtracting your expenses from the income. Any amount on this line can be savings.)
- Write what you learned about your income and expenses from creating a budget.
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- Write two ways you will change how you spend your money after creating your budget.
1) _______________________________________________________________
2) _______________________________________________________________