Note to Educators: This budgeting assignment is for educational purposes to
be used as a supplement to SFEFCU’s free in-class financial literacy
presentations. To schedule a presentation, email [email protected]
We l c o m e t o t h e w o r l d o f V i o l e t H a r r i s .
SFEFCU Copyright 2012©
Violet is a recent college graduate and she needs your
help. Although Violet is a fictional person, her
circumstances are based on real-world numbers.
Your job is to create a budget for Violet using the
information you have learned through South Florida
Educational Federal Credit Union’s budgeting workshop,
your class lectures and your own personal experiences.
___________________________________________
7800 SW 117 Avenue, Miami, Florida 33183 • 305-270-5200 • www.sfefcu.org/budgeting
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SFEFCU Copyright 2012©
To h e l p c o m p l e t e y o u r a s s i g n m e n t , y o u ’ v e
been provided with a budgeting tool kit.
The tool kit includes samples of:
Pay Stubs
Utility Bills
Visa Statement
Account Statement
Excel Budgeting Worksheet
Use the contents of the tool kit to identify and infer information
about Violet’s income and expenses. Then, using the budgeting
worksheet, streamline her lifestyle and create a budget that fits
within her means. Remember to keep a close eye on needs
versus wants and variable versus fixed expenses.
Note to Educators: This budgeting assignment is for educational purposes to be used as a supplement to
SFEFCU’s free in-class financial literacy presentations. To schedule a presentation, email [email protected]
___________________________________________
7800 SW 117 Avenue, Miami, Florida 33183 • 305-270-5200 • www.sfefcu.org/budgeting
th
SFEFCU Copyright 2012©
Step 1: Calculate Income
How often does Violet earn per paycheck?
How much does Violet earn per paycheck?
What is her gross pay?
What is her net pay?
What is the difference between gross and net pay?
Step 2: Pay Yourself First
What percentage should Violet
save out of each paycheck?
How much money should Violet
save each month?
Note to Educators: This budgeting assignment is for educational purposes to be used as a supplement to
SFEFCU’s free in-class financial literacy presentations. To schedule a presentation, email [email protected]
___________________________________________
7800 SW 117 Avenue, Miami, Florida 33183 • 305-270-5200 • www.sfefcu.org/budgeting
th
SFEFCU Copyright 2012©
Step 3: Prioritize and Map Out Expenses
Use the quadrant to identify Violet’s expenses in the following four
categories: fixed needs, fixed wants, variable needs, variable wants.
Note to Educators: This budgeting assignment is for educational purposes to be used as a supplement to
SFEFCU’s free in-class financial literacy presentations. To schedule a presentation, email [email protected]
___________________________________________
7800 SW 117 Avenue, Miami, Florida 33183 • 305-270-5200 • www.sfefcu.org/budgeting
th
SFEFCU Copyright 2012©
Step 3: Prioritize and Map Out Expenses
August 2011
Sunday
Monday
Tuesday
Wednesday
Thursday
Friday
Saturday
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5
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7
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10
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Use the calendar to map out Violet’s due dates for the following expenses:
Electrical Bill, Netflix, Water Bill, Credit Card, Cell Phone, Rent, Comcast, Car Insurance
Note to Educators: This budgeting assignment is for educational purposes to be used as a supplement to
SFEFCU’s free in-class financial literacy presentations. To schedule a presentation, email [email protected]
___________________________________________
7800 SW 117 Avenue, Miami, Florida 33183 • 305-270-5200 • www.sfefcu.org/budgeting
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SFEFCU Copyright 2012©
Step 4: Identify and Kick Bad Habits
A Quick Assessment of Account
Statements
Saving Account
Spending VS Saving
(Prime Share 01)
Checking Account
(Share Draft 70)
Starting account balance
Deposits into account (+)
Transfers out of account (-)
ATM Withdrawals (-)
ACH Withdrawals & Payments (-)
Fees (-)
Ending account balance
Difference between starting
balance and ending balance( =)
Note to Educators: This budgeting assignment is for educational purposes to be used as a supplement to
SFEFCU’s free in-class financial literacy presentations. To schedule a presentation, email [email protected]
___________________________________________
7800 SW 117 Avenue, Miami, Florida 33183 • 305-270-5200 • www.sfefcu.org/budgeting
th
SFEFCU Copyright 2012©
Step 5: Take Action
Create a budget for Violet based on her current expenses and
spending habits. The budget should fit within Violet’s means.
To help, use the Excel Budgeting Worksheet provided to you as
part of your budgeting tool kit.
Note to Educators: This budgeting assignment is for educational purposes to
be used as a supplement to SFEFCU’s free in-class financial literacy
presentations. To schedule a presentation, email [email protected]
___________________________________________
7800 SW 117 Avenue, Miami, Florida 33183 • 305-270-5200 • www.sfefcu.org/budgeting
th