Budgeting for Life After High School

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Budgetinglor Life After HighSchoolCHAPTER 2, LESSON 6NAME(S)DATE15 Sep 2023Andrea BujandaDIRECTIONSUse the budget forms i n this activity t o create a zero-based budget for each of these three scenarios.Scenario OneLisais a third-year college student living alone in an apartment. She works 2 0 hours a weekata local bank, making $10 per hour. Usa hasa savings account that shebuilt u p during highschool and by working full-time summer jobs. During the school year, she withdraws $350per month to help cover her living expenses. Lisa s college tuition and books are coveredb y her scholarships. Her parents help b y providing an additional $500 a month and alsoprovide her health insurance. Lisa's fixed monthly expenses are:1Rent:$600• Insurance (renter Sand identity theft):$25• Car insurance:$110• Utilities:$60• Cell phone:$60• Streaming services:$40* Lisds budget should include giving and saving. It could also include spending categorieslike the following; food, gas, entertainment and personal.1Gross monthly income from part-time job:8002.Net monthly income from part-time job:Deduct 20% of the income for payroll taxes (gross income x . 8 0 = net income)640□F O U N D A T I O N S I N PERSONAL FINANCEPAGE 1 OF 3

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Lisa'sBudgeting FormEXPENSESPlannedSpendingrent600insurance ( renter* kMityl$25car insurance$110Utffities560ceil phone$60streaming service$40food$200$100enteitammcnt$30personal570Total |1295EXPENSES1PlannedGivingIdonating$95Total I $95Savingemergency fund100Total100Giving TotalSaving TotalSpending Total*TOTAL EXPENSES9 5+IDO+1295=1490FOUNDATIONS I N PERSONAL FINANCEPAGE 2 O F 5

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rBudgeting for Life After High SchoolCHAPTER 2 , LESSON 6DIRECTIONSAnswer the following questionsand b e ready to discuss your answers with the class.3.What transportation alternatives might Lisa consider to allow more room in her budget?bus or walking4.What changes, if any, could Lisamake to her income?trying to have one more income in order tn pay for college debt quicker5,What alternatives might Lisa consider to cut her streaming services expense?use freeIxit with ods like v*x or peacock, or cut to one streaming service6,WhatotherchangescouldLisamaketopositively affect her budget?try to cut expenses for eating, try cooking at home or use couponsQFOUNDATIONS I N PERSONAL F I N A N C EPAGE

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