Junior Achievement $ave, USA
High School Module Financial Plan

Expenses

 

Amount

Expenses are any goods or services you spend money on. A good rule of thumb is to list potential expenses for an entire month. Expenses are itemized by category, w1th a negative dollar value column.  
HOUSEHOLD GOODS AND SERVICE
This category includes groceries, the cost of eating out, household goods, telephone/cell phone/text plan, cable, and Internet charges.
 
HOUSING AND UTILITIES
This category includes rent and utilities (for example, gas, electricity, water, trash).
 
INSURANCE
This category includes car, life, or rentersĀ· insurance. RentersĀ· insurance protects personal possessions in case of theft or disaster at a rental property, such as an apartment.
 
TRANSPORTATION
This category includes car expenses for repair and maintenance, public transportation, car payments, and gas.
 
CLOTHING AND SCHOOL SUPPLIES
This category includes the cost of new clothing (work uniforms or business suits), dry cleaning, text books, printer paper, or a computer and printer.
 
MEDICAL EXPENSES
This category includes the cost of health insurance premiums or deductions from privately held or employer plan, drugstore out-of-pocket expenses for health and beauty products, and preventative care expenses (for example, gym membership or yoga class).
 
CHARITY / DONATION
A gift of money given to an organization or school fundraiser is a charitable donation. Charitable donations can be tax deductible.
 
RECREATION / ENTERTAINMENT / GIFTS
This category includes any expense for personal entertainment or social gatherings (for example, the cost of eating out, concert tickets, and/or gifts for family members).
 
SAVINGS / INVESTMENT
Consider saving 10% of each paycheck. You can put this money in an interest-bearing savings account or invest in the stock market, mutual funds, or other investment options offered either privately or through an employer.
 
OTHER
This category includes miscellaneous expenses depending on your individual circumstances-this could include college loan payments, tuition, or student fees for college.
 
EXPENSES CATEGORY TOTAL  
     

Earnings

   

Earned income is Income that is anticipated at specific inteJVals 1n exchange for the performance of a specific task or job. Uneatned or unexpected Income is income that arrives at non-specific times and IS not necessarily tied to the completion of a task such as a job or chore.
Earnings are itemized by category, w1th a positive dollar value column. A good rule of thumb IS to summarize earnings for an entire month.

   
EMPLOYMENT
This category includes a part-time job or full-time career which generates a paycheck, or other task for which you receive compensation (for example, babysitting).
 
GIFTS
An example of unearned or unexpected income, a gift is a form of income that arrives at non-specific times (for example, an inheritance or cash in a birthday card).
 
ALLOWANCE
This category includes money received automatically without conditions (unearned income) or in exchange for a specific set of tasks completed (earned income).
 
EARNINGS CATEGORY TOTAL  
     

Balance

   
The difference between your earnings and your expenses for the month is your balance. Your monthly balance can be used to determine how much money you have left to make additional financial decisions. For example, if you find that you have excess income at the end of the month, you might increase your savings that month.    
EXPENSES CATEGORY TOTAL  
EARNINGS CATEGORY TOTAL  
FINANCIAL PLAN BALANCE  
 
 
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