Budget Activity

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My Budget

Creating a Budget

1. Gross Income: income before deductions (deduction vary per person)

2. Net Income: take home income after deductions

*Items with an asterisk are usually deducted straight out of your gross income and remaining money is your net income.

Job Title: Detective


Mean Annual Wage (Gross Income)

Annually:$51,648 Monthly:$4,304


Category

Percentage

Monthly Amount


Housing

34%

$1463.36


Food

12%

$516.48


Transportation

(including insurance)

16%

$668.64


­­­­­*Healthcare

6%

$258.24


Entertainment

5%

$215.2


*Pensions/Savings

13%

$559.52


Other

10%

$430.4


Apparel & Service

4%

$172.16


*Tax

15%

$645.6


1. What are the benefits of setting up a budget? You find out how much your life costs.

2. what are the disadvantages? Aren’t any.

3. What did your learn from completing a budget? I learned that a detective makes a lot of money.