My Budget: 1 Year After High School: Name

Name ______________________________
My Budget: 1 Year After High School

Directions: Create a monthly budget for each month between July 2022 and
June 2023 (12 in total).
You need to plan for all of the income and expenses that you
will have over the next year. You also need to save money for future goals (Pay Yourself First).
Points Possible
Date Due Assignment
Earned Points
10
Initial Plan
July Spending Plan 15
August Spending Plan 15
September Spending Plan 15
October Spending Plan 15
November Spending Plan 15
December Spending Plan 15
January Spending Plan 15
February Spending Plan 15
March Spending Plan 15
April Spending Plan 15
May Spending Plan 15
June Spending Plan 15
10
All checkpoints completed by due date
10
Work is neat and easy to read
15
Final Reflection
TOTAL 225
Rubric for Monthly Spending Plan Points

Include all required income, expenses, and pay yourself first 4
Income calculated correctly 3
Expenses calculated correctly 4
Includes monthly “unforeseen circumstance” 2
Correctly calculates ending balance in savings and checking 2
Total 15
Initial Plan
What are your plans for right after you graduate? Where will you live? Will you get a job? How
many hours will you work? How will you get around? What will you do for fun? What are your
financial goals?
Write a 6-8 sentence paragraph addressing the following:
● Where to live After high school, I will live _____________________________________

● Transportation For transportation I will ________________
● College and work I plan / do not plan on going to college to study ______________.
I will get a job at _____________________. I will work ________ hours per week.
● Entertainment (school appropriate)
For fun I will ________________________________
INCOME:
Income: Assume you will make minimum wage $10.50 and work part time (20 hours per week).
(If already have a job that pays more, talk to me)
● Gross income: $10.50 x 20 = __________
● Net income (after taxes): __________ x 0.85 = _____________
Additional Income: Anything you make on the side ( babysitting, side jobs, etc) _____________
PAY YOURSELF FIRST

1. Emergency Fund: You must save $1,000 for an emergency in 12 months
$1,000 = $ _______ per month
12 months
2. Your choice. You may save up for a car, trip, concert or something else.
Goal: ______________________ Amount _______________ Months _________
$_____________ = $ ___________ per month

____ months
EXPENSES:
● RENT
o Where are you going to live? Live at home or Live on your own
o If you live at home, you may put $0 for rent and utilities
o Rent on an apartment $ __________________ ( Divide by number of
roommates. Maximum of 2 people per bedroom)
o Utilities: $135 living alone or $80 if you have a roommate
o Internet $__________
● FOOD
o Groceries $300 per month
o Eating out (restaurants, Starbucks, 7-11) $_____________
● TRANSPORTATION
o Own a car or take the bus
o College Student Bus Pass $45
o Car Payment $ __________
o Car Insurance $ __________
o Gas $ _____________
o Car Maintenance / Repair $ ____________
o Registration $ __________
● PERSONAL
o Clothing $ __________
o Health Insurance $ 50
o Personal Care (Shampoo, toothpaste Haircuts, etc.) $ _______
o Laundry Mat $25
● Other
o Cell phone $ ______
o Travel $ _______
o Gifts $ ________
o ________________________________ $ __________
o ________________________________ $ __________
o ________________________________ $ __________
● ENTERTAINMENT
o Movies $ ___________
o Cable / Netflix / Hulu $ __________
o Going out $ _________
Checking
● If you already have a checking account, you can use that amount as your starting
balance.
● If you don’t have a checking account, your starting balance is zero
Savings
● This is where you are going to put your Pay Yourself First money
● If you already have a savings account, you can use that amount as your starting balance.
● If you don’t have a savings account, your starting balance is zero.
College – We are going to assume that Financial Aid covers the cost of tuition and books.
Spending Plan Worksheet - Practice
Starting Balance: Checking Account $ ___________________ Savings Account$ _______________
INCOME Amount
Paycheck
Total Income
EXPENSES Name Amount
PAY YOURSELF FIRST Emergency Fund
PAY YOURSELF FIRST
RENT Rent
Utilities
Internet
FOOD Groceries
Eating Out
TRANSPORTATION Bus Pass
Car Payment
Gas
Car Maintenance/ Repair
Car Insurance
Car Registration
PERSONAL Clothing
Health Insurance $50
Personal Care
Laundry Mat $25

OTHER Cell phone
Travel
Gifts
ENTERTAINMENT Cable / Netflix/ Hulu
Going Out
TOTAL EXPENESE
TOTAL INCOME
TOTAL EXPENSES
DIFFERENCE
Unforeseen Circumstances
July August
You had time to pick up extra You got sick and had to go
hours at work. After taxes you to the doctor. The bill and
made an additional
medication cost you
$202 $125
September October
Your car got a flat tire. You Your mom got sick and needs
need to pay an extra help with this month’s rent.
You give her
$60 $250
November December
You have your family over for It’s Christmas time and you
Thanksgiving and need to buy didn’t budget enough. You
extra groceries. You spend an paid extra for gifts
extra
$50 $150
January February
You get a yearend bonus at You lost your cell phone and
work and make an extra need to buy a new one
$100 $125
March April
You had time to pick up extra You have a small car accident
hours at work. After taxes you and need to pay for repairs
made an additional
$175 $300
May June
You have family visiting from You had time to pick up extra
out of town and go out more hours at work. After taxes you
than you’d planned made an additional
$80 $75
Spending Plan - July
INCOME Amount
Paycheck
Total Income
PAY YOURSELF FIRST
RENT Rent
Utilities
Internet
FOOD Groceries
Eating Out
Car Payment
Gas
Car Insurance
Car Registration
PERSONAL Clothing
Personal Care
Laundry Mat $25

OTHER Cell phone
Travel
Gifts
Going Out
TOTAL EXPENESE
TOTAL INCOME
TOTAL EXPENSES
DIFFERENCE
Ending Balance: Checking Account $ ___________________ Savings Account$ _______________

(Starting Checking Balance + Difference) (Starting Savings Balance + Both Pay Yourself First)
Spending Plan - August

INCOME Amount
Paycheck
Total Income
PAY YOURSELF FIRST
RENT Rent
Utilities
Internet
FOOD Groceries
Eating Out
Car Payment
Gas
Car Insurance
Car Registration
PERSONAL Clothing
Personal Care
Laundry Mat $25
OTHER Cell phone
Travel
Gifts
Going Out
TOTAL EXPENESE
TOTAL INCOME
TOTAL EXPENSES
DIFFERENCE

Spending Plan - September

INCOME Amount
Paycheck
Total Income
PAY YOURSELF FIRST
RENT Rent
Utilities
Internet
FOOD Groceries
Eating Out
Car Payment
Gas
Car Insurance
Car Registration
PERSONAL Clothing

Personal Care
Laundry Mat $25
OTHER Cell phone
Travel
Gifts
Going Out
TOTAL EXPENESE
TOTAL INCOME
TOTAL EXPENSES
DIFFERENCE

Spending Plan - October
INCOME Amount
Paycheck
Total Income
PAY YOURSELF FIRST
RENT Rent
Utilities
Internet
FOOD Groceries
Eating Out
Car Payment
Gas
Car Insurance
Car Registration
PERSONAL Clothing
Personal Care
Laundry Mat $25
OTHER Cell phone

Travel
Gifts
Going Out
TOTAL EXPENESE
TOTAL INCOME
TOTAL EXPENSES
DIFFERENCE

Spending Plan - November

INCOME Amount
Paycheck
Total Income
PAY YOURSELF FIRST
RENT Rent
Utilities
Internet
FOOD Groceries
Eating Out
Car Payment
Gas
Car Insurance
Car Registration
PERSONAL Clothing
Personal Care
Laundry Mat $25
OTHER Cell phone
Travel
Gifts
Going Out
TOTAL EXPENESE
TOTAL INCOME
TOTAL EXPENSES
DIFFERENCE

Spending Plan - December

INCOME Amount
Paycheck
Total Income
PAY YOURSELF FIRST
RENT Rent
Utilities
Internet
FOOD Groceries
Eating Out
Car Payment
Gas
Car Insurance
Car Registration
PERSONAL Clothing
Personal Care
Laundry Mat $25
OTHER Cell phone
Travel
Gifts
Going Out
TOTAL EXPENESE
TOTAL INCOME
TOTAL EXPENSES
DIFFERENCE

Spending Plan - January

INCOME Amount
Paycheck
Total Income
PAY YOURSELF FIRST
RENT Rent
Utilities
Internet
FOOD Groceries
Eating Out
Car Payment
Gas
Car Insurance
Car Registration
PERSONAL Clothing
Personal Care
Laundry Mat $25
OTHER Cell phone
Travel
Gifts
Going Out
TOTAL EXPENESE
TOTAL INCOME
TOTAL EXPENSES
DIFFERENCE

Spending Plan - February

INCOME Amount
Paycheck
Total Income
PAY YOURSELF FIRST
RENT Rent
Utilities
Internet
FOOD Groceries
Eating Out
Car Payment
Gas
Car Insurance
Car Registration
PERSONAL Clothing
Personal Care
Laundry Mat $25
OTHER Cell phone
Travel
Gifts
Going Out
TOTAL EXPENESE
TOTAL INCOME
TOTAL EXPENSES
DIFFERENCE

Spending Plan - March

INCOME Amount
Paycheck
Total Income
PAY YOURSELF FIRST
RENT Rent
Utilities
Internet
FOOD Groceries
Eating Out
Car Payment
Gas
Car Insurance
Car Registration
PERSONAL Clothing
Personal Care
Laundry Mat $25
OTHER Cell phone
Travel
Gifts
Going Out
TOTAL EXPENESE
TOTAL INCOME
TOTAL EXPENSES
DIFFERENCE

Spending Plan - April

INCOME Amount
Paycheck
Total Income
PAY YOURSELF FIRST
RENT Rent
Utilities
Internet
FOOD Groceries
Eating Out
Car Payment
Gas
Car Insurance
Car Registration
PERSONAL Clothing
Personal Care
Laundry Mat $25
OTHER Cell phone
Travel
Gifts
Going Out
TOTAL EXPENESE
TOTAL INCOME
TOTAL EXPENSES
DIFFERENCE

Spending Plan - May
INCOME Amount
Paycheck
Total Income
PAY YOURSELF FIRST
RENT Rent
Utilities
Internet
FOOD Groceries
Eating Out
Car Payment
Gas
Car Insurance
Car Registration
PERSONAL Clothing
Personal Care
Laundry Mat $25
OTHER Cell phone

Travel
Gifts
Going Out
TOTAL EXPENESE
TOTAL INCOME
TOTAL EXPENSES
DIFFERENCE

Spending Plan - June
INCOME Amount
Paycheck
Total Income
PAY YOURSELF FIRST
RENT Rent
Utilities
Internet
FOOD Groceries
Eating Out
Car Payment
Gas
Car Insurance
Car Registration
PERSONAL Clothing
Personal Care
Laundry Mat $25
OTHER Cell phone

Travel
Gifts
Going Out
TOTAL EXPENESE
TOTAL INCOME
TOTAL EXPENSES
DIFFERENCE

Reflection
Look back at the Initial Plan that you wrote at the beginning of the My Budget: 1 Year After High School
Project.
● How have your plans for after high school changed since you completed
this project?
● How have your plans stayed the same?
● What was the hardest part of the project?
● What was the most interesting part of the project?
● (8 – 10 sentences)
Changed
€ After completing the budgeting project my plans have changed.

€ Living At first I thought that I would live ________________, but now I think that I will live
________.
€ Transportation For transportation I thought that I would ______________, but now
________________ .
€ College and work I plan / do not plan on going to college to study ______________.
I will get a job at _____________________. I thought that I would work ________ hours per
week, but now _____________________________.
€ Entertainment (school appropriate)
I thought that I would be able to________________, but now_______________.
€ The hardest part of this project was ________________.
€ The most interesting part of this project was ________________.
Did not change
€ After completing the budgeting project my plans have not changed.

€ Living: I still plan on ___________________.
€ Transportation For transportation I still plan on ___________________.
€ College and work I plan / do not plan on going to college to study ______________.
I will get a job at _____________________. I still think that I would work ________ hours per
week.
€ Entertainment (school appropriate)
I still plan on _________________.
€ The hardest part of this project was ________________.
€ The most interesting part of this project was ________________.

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Name ______________________________

My Budget: 1 Year After High School

July Spending Plan 15

August Spending Plan 15

September Spending Plan 15

October Spending Plan 15

November Spending Plan 15

December Spending Plan 15

January Spending Plan 15

February Spending Plan 15

March Spending Plan 15

April Spending Plan 15

May Spending Plan 15

June Spending Plan 15

Rubric for Monthly Spending Plan Points

Income calculated correctly 3

Expenses calculated correctly 4

Includes monthly “unforeseen circumstance” 2

Correctly calculates ending balance in savings and checking 2

Write a 6-8 sentence paragraph addressing the following:

● Where to live After high school, I will live _____________________________________

PAY YOURSELF FIRST

$_____________ = $ ___________ per month

EXPENSES Name Amount

PAY YOURSELF FIRST Emergency Fund

PAY YOURSELF FIRST

TRANSPORTATION Bus Pass

Car Maintenance/ Repair

Health Insurance $50

Laundry Mat $25

ENTERTAINMENT Cable / Netflix/ Hulu

Starting Balance: Checking Account $ ___________________ Savings Account$ _______________

EXPENSES Name Amount

PAY YOURSELF FIRST Emergency Fund

PAY YOURSELF FIRST

TRANSPORTATION Bus Pass

Car Maintenance/ Repair

Health Insurance $50

Laundry Mat $25

ENTERTAINMENT Cable / Netflix/ Hulu

Ending Balance: Checking Account $ ___________________ Savings Account$ _______________

Spending Plan - August

EXPENSES Name Amount

PAY YOURSELF FIRST Emergency Fund

PAY YOURSELF FIRST

TRANSPORTATION Bus Pass

Car Maintenance/ Repair

Health Insurance $50

Laundry Mat $25

OTHER Cell phone

ENTERTAINMENT Cable / Netflix/ Hulu

Ending Balance: Checking Account $ ___________________ Savings Account$ _______________

Spending Plan - September

EXPENSES Name Amount

PAY YOURSELF FIRST Emergency Fund

PAY YOURSELF FIRST

TRANSPORTATION Bus Pass

Car Maintenance/ Repair

Health Insurance $50

Laundry Mat $25

OTHER Cell phone

ENTERTAINMENT Cable / Netflix/ Hulu

$___ = $ _ per month

Starting Balance: Checking Account $ _____ Savings Account$ _

Ending Balance: Checking Account $ _____ Savings Account$ _

Ending Balance: Checking Account $ _____ Savings Account$ _

Ending Balance: Checking Account $ _____ Savings Account$ _

Ending Balance: Checking Account $ _____ Savings Account$ _

Ending Balance: Checking Account $ _____ Savings Account$ _

Ending Balance: Checking Account $ _____ Savings Account$ _

Ending Balance: Checking Account $ _____ Savings Account$ _

Ending Balance: Checking Account $ _____ Savings Account$ _

Ending Balance: Checking Account $ _____ Savings Account$ _