Budgeting Worksheet
Instructions: Use this worksheet to calculate your monthly budget for essential expenses based
on different income scenarios. For each scenario, determine your monthly income, then allocate
funds for rent, food, car payment, miscellaneous expenses, and savings. Remember, budgeting
helps you balance your income with your expenses to achieve your financial goals!
Scenario 1: Monthly Salary of $3000
1. Monthly Income: $3000
2. Budget Categories:
○ Rent: Budget 30% of your income monthly - 900$
○ Food: Budget 15% of your income monthly - 450$
○ Car Payment: 10% of your monthly - 300$
○ Miscellaneous Expenses: Budget 10% of your income for other needs (e.g.,
entertainment, clothes). - 300$
○ Savings: Aim to save 15% of your income. - 450$
3. Remaining Budget: Subtract the amounts for rent, food, car payment, miscellaneous,
and savings from your total income.
Remaining money: 600$
Scenario 2: Monthly Salary of $2000
1. Monthly Income: $2000
2. Budget Categories:
○ Rent: Budget 30% of your income..monthly - 600$
○ Food: Budget 15% of your [Link] - 300$
○ Car Payment: 10% of your monthly - 200$
○ Miscellaneous Expenses: Budget 10% of your income for other needs. - 200$
○ Savings: Aim to save 15% of your income. - 300$
3. Remaining Budget: Subtract the amounts for rent, food, car payment, miscellaneous,
and savings from your total income.
Remaining money: 400$
Scenario 3: Hourly Rate of $23.50 for 40 Hours per week
1. Calculate Monthly Income:
○ Weekly Income: Multiply $23.50 by 40 hours.
i. 940$ per week
○ Monthly Income: Multiply weekly income by 4 weeks.
i. 3760$ per month
2. Budget Categories:
○ Rent: Budget 30% of your income .monthly - 1128$
○ Food: Budget 15% of your income .monthly - 564$
○ Car Payment: Budget 10% of your income .monthly - 376$
○ Miscellaneous Expenses: Budget 10% of your income for other needs. - 376$
○ Savings: Aim to save 15% of your income. - 564$
3. Remaining Budget: Subtract the amounts for rent, food, car payment, miscellaneous,
and savings from your total income.
Remaining money: 752$
Scenario 4: Hourly Rate of $20 for 40 Hours per week
1. Calculate Monthly Income:
○ Weekly Income: Multiply $20 by 40 hours.
i. 800$ per week
○ Monthly Income: Multiply weekly income by 4 weeks.
i. 3200$ per month
2. Budget Categories:
○ Rent: Budget 30% of your income monthly - 960$
○ Food: Budget 15% of your income monthly - 480$
○ Car Payment: 10% of your monthly - 320$
○ Miscellaneous Expenses: Budget 10% of your income for other needs. - 320$
○ Savings: Aim to save 15% of your income. - 480$
3. Remaining Budget: Subtract the amounts for rent, food, car payment, miscellaneous,
and savings from your total income.
Remaining money: 640$
Scenario 5: Hourly Rate of $15 for 40 Hours per week
1. Calculate Monthly Income:
○ Weekly Income: Multiply $15 by 40 hours.
i. 600$ per week
○ Monthly Income: Multiply weekly income by 4 weeks.
i. 2400$ per week
2. Budget Categories:
○ Rent: Budget 30% of your income monthly - 720$
○ Food: Budget 15% of your income .monthly - 360$
○ Car Payment: 10% of your monthly - 240$
○ Miscellaneous Expenses: Budget 10% of your income for other needs. - 240$
○ Savings: Aim to save 15% of your income. - 360$
3. Remaining Budget: Subtract the amounts for rent, food, car payment, miscellaneous,
and savings from your total income.
Remaining money: 1920$
Reflection Questions
1. Which income scenario do you feel is most manageable? I feel the most manageable
income scenario is the 3rd one.
2. How did budgeting for miscellaneous expenses and savings impact your remaining
budget? It lowered it more than required, not that saving/budgeting for those
expenses isn’t a good thing to do.
3. What adjustments would you make to your budget if you wanted to save more each
month? I would have to reduce how much I spend on food each month, or reduce the
amount of miscellaneous expenses I have.