Chapter 3
Budgeting: Keeping Track of Your Money
73
Budget for Carlos Acosta
Figure
3-2
Carlos Acosta
Budget
For the Month of June, 20--
Income
Pay from part-time job $268.42
Babysitting 25.00
Yard work for neighbors 50.00
Allowance 30.00
Gifts 25.00
Total Income $398.42
Expenses
Fixed Expenses
Savings 100.00
Bus fare to work 16.20
School lunches 55.00
Total Fixed Expenses 171.20
Variable Expenses
Miscellaneous 40.00
School fees 18.00
Entertainment 40.00
Clothing 50.00
Eating out with friends 45.00
Total Variable Expenses 193.00
Total Expenses 364.20
Discretionary Income $34.22
Check
Yo ur
Understanding
Why is it important to create a budget? How will a budget help you in creating
a fi nancial plan?