Have you ever written down a budget for yourself? A budget has a lot in common with an income statement. While the income statement shows the money earned by the company minus the money spent to earn that money, a budget anticipates how much money will go in and how much money will go out. Using spreadsheet software (example are MS Excel or Google Sheets), prepare a monthly budget for yourself.
If you do not make or spend money at this stage of your life, talk to your learning coach so they can help you construct the budget. If you are not using real data, the best way to do this is to start with $100 and break down how you might spend that $100 each week or month.
I have not personally created a budget for myself, but I can provide an example of how one might create a budget using a spreadsheet.
Here is a simple example of a monthly budget using $100:
Income:
- Salary: $100
Expenses:
- Rent: $40
- Food: $20
- Transportation: $10
- Entertainment: $10
- Savings: $20
Total Income: $100
Total Expenses: $100
This is just a basic example, but you can customize it to fit your own personal financial situation. You can add more categories for expenses such as utilities, clothing, or any other expenses you may have. The key is to track your income and expenses to ensure you are staying within your budget and saving money for the future.