Budget Template

Madison's Budget

Based on the information below, prepare a budget for Madison. Use the template

provided or one similar to it$.$

Income

Madison works part$-$time at a restaurant and part$-$time at her dad's bike shop. The net

monthly income from her first job is $$500.$ The net monthly income from her second job

is $$900.$

Her planned FIXED monthly expenses include:

$$300$ for rent

$$250$ for car insurance

$$50$ for phone, cable, internet

Her planned VARIABLE monthly expenses:

$$150$ food

$$50$ gas

$$150$ for entertainment

$$50$ miscellaneous cash

Here is how Madison's month actually went:

Income

Madison made her usual salary and an extra $$45$ in overtime pay this month.

FIXED Expenses

Her rent was $$300$

Her car insurance was $$260($Her premium, as of this month, went up $$10.)$

Her phone, cable, and internet were $$50$

VARIABLE Expenses

$$110$ on food

$$60$ gas and parking

$$200$ in car repairs

$$50$ for new shoes

$$40$ for a new shirt

$$75$ for entertainment

$$35$ for a birthday gift for her sister

answer the following:

What is the difference between Madison's planned budget and her actual budget?

In what areas did she overspend?

In what areas did she spend less than she thought she would?

How much did she spend for the use of her car this month?

Did she have any money left at the end of the month? If so$,$ how would you advise

her to spend it$?$ If not, where would you advise her to cut back?