5
In small groups, develop a ‘typical’ household budget, looking for average costs for each of the
following for a family of four:
SAVINGS AND EXPENSES
Based on this ‘typical’ budget, what might this household’s combined net income need to be?
Talk about tradeoffs this household might need to make to keep its expenses lower than the
income it brings in.
Monthly Salary Pre-tax
$
Federal Withholding
$
Social Security Tax
$
Medicare Tax
$
Take Home Pay (net)
$
Your goal: pay your bills and increase your savings!
Set your savings goal
$
Monthly Expenses
Amount
Savings
$
Rent
$
Utilities
$
Internet
$
Auto Loan
$
Auto Insurance
$
Gas
$
Bus
$
Food
$
Clothing
$
Phone/Mobile Plan
$
Entertainment
$
Cable
$
Credit Card Payment
$
Pets
$
Personal Care
$
Charity
$
Total Monthly Expenses
$
Summary
Total Monthly Income (net)
$
Total Monthly Expenses
- $
Your Money After Bills
$
