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Assignment2 Needs and Wants Assignment Worksheet | PDF | Service Industries | Budgets And Budgeting
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Assignment2 Needs and Wants Assignment Worksheet

The document provides instructions for creating a monthly family or personal budget worksheet. It outlines a 7-step process for budgeting that includes identifying income sources, categorizing expenses as needs or wants, calculating total expenses, determining if total income exceeds expenses thereby allowing for savings, or if expenses are greater resulting in debt. The worksheet is meant to help teach budgeting fundamentals and encourage spending less than one earns in order to save money.

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657 views3 pages

Assignment2 Needs and Wants Assignment Worksheet

The document provides instructions for creating a monthly family or personal budget worksheet. It outlines a 7-step process for budgeting that includes identifying income sources, categorizing expenses as needs or wants, calculating total expenses, determining if total income exceeds expenses thereby allowing for savings, or if expenses are greater resulting in debt. The worksheet is meant to help teach budgeting fundamentals and encourage spending less than one earns in order to save money.

Uploaded by

uarkgradstudent
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Create Your Monthly Family/ Personal Budget Worksheet

Needs & Wants Assignment Worksheet


Planning a budget may seem difficult when you first begin budgeting, but after you learn the seven steps of budgeting, you will become more financially well informed!

Instructions: This worksheet was created to help you learn how to set up a budget.
There is one goal in budgetingspending less than you earn! The remaining funds are placed into a savings account. Fill in the blanks below with the correct expenses you found in the Handouts your received prior to this assignment.

Step One: Fill in the blanks with the income earned from your assigned paycheck
stub.

Income earned $__________ Other income $_______ Total monthly income $________

Step Two: Add all of the funds you have earned each month to receive the total
monthly income

Income earned$__________+ Other income $_______=Total monthly income $________

Step Three: I need it! -- You have received a Handout titled Needs & Wants
Excel Spreadsheet Complete the tables below with the expenses from the Needs & Wants Excel Spreadsheet. List all of the needs into the need column and its
costs into the cost column.

Needs
Mortgage Gas Electric Telephone Car Payment Car Insurance Water/Recycling/Sanitation Clothing Medical Care Home Insurance Credit Cards Total Needs Rent Renter's Insurance

Cost
$ $ $ $ $ $ $ $ $ $ $ $ Cost $ $

Some of this lesson is adapted from the Vivian Bernsteins Life Skills Money & Consumers Textbook, st 1994, 1 edition, Steck-Vaughn Publisher

Create Your Monthly Family/ Personal Budget Worksheet

Gas Electric Children's medical Bus Fare Clothing Water/Recycling/Sanitation Total

$ $ $ $ $ $ $

Wants vs. Needs

___

___

__

__

___

Step 4: I want it! -- You have received a Handout titled Needs & Wants Excel
Spreadsheet Complete the table below with the expenses from the Needs & Wants Excel Spreadsheet. List all of the wants into the want column and its costs
into the cost column.

Wants
Movies Movie Refreshments Restaurant Hobby- (Model Cards) Satellite Total

Cost
$ $ $ $ $ $

Wants
Movie Rental Restaurant Cable TV Extra

Cost
$ $ $ $

Some of this lesson is adapted from the Vivian Bernsteins Life Skills Money & Consumers Textbook, st 1994, 1 edition, Steck-Vaughn Publisher

Create Your Monthly Family/ Personal Budget Worksheet

Total

----------------------------------------------------------------------------------------------------------Step 5: Add of the needs and the wants together to calculate the total expenses.
1. Total Needs: $__________ + Total Wants:$___________=$_______(Total Expenses) Total Needs+ Total Wants=Total Expenses

Wants vs. Needs

___

___

__

__

___

(Wants vs. Needs) Images courtesy of Microsoft Clip Art

Step 6: Subtract the total expenses from the total income.


Total Expenses (from step 4) $_______- Total Income (from step 1) $_______
Total Expenses - Total Income=Savings/Debt

Step 7: Determine if you are saving money or if you are in debt.

Some of this lesson is adapted from the Vivian Bernsteins Life Skills Money & Consumers Textbook, st 1994, 1 edition, Steck-Vaughn Publisher

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