Reviewing Your Budget
Time for a reality check! At this point, you will need to trade budgets with your partner or another student. Once you have someone else’s worksheet, you will need to do two things:
Now, write a recommendation to the other student explaining how realistic their budget is, and make suggestions on any necessary changes. Your writing doesn’t need to be very long, just 2-4 sentences to help them out.
- Double-check their calculations
- Check with Mrs. Jefferson to see how realistic the budget is
Now, write a recommendation to the other student explaining how realistic their budget is, and make suggestions on any necessary changes. Your writing doesn’t need to be very long, just 2-4 sentences to help them out.
Your Budget
The next step is to set up your budget. This will entail the following steps:
- Figure out your monthly mortgage payment or rent amount and your monthly transportation cost.
- Some budget experts recommend that a housing expense should be no more than 30% of your gross monthly income and that your transportation cost should be no more than 12% of your gross monthly income.
- Decide if your net income will make it possible for you to afford your house and transportation. If not, you will need to go back and find a home and transportation that you can afford.
- Examine your budget to see how much money you should budget for the remainder of your household expenses. Make sure to double-check your calculations. Then enter those household expenses into your worksheet.