You will need to turn in (1) an Excel spreadsheet detailing a personal monthly budget for the next 24 months (we will be making one up of a college student working a regular job as his only source of income.  and (2) a written explanation and detailed account of each section of the budget. The budget will contain a mix of past expenses and revenue along with future projections to help make it as realistic as possible.

Paper: The paper portion of this assignment should include two or three paragraphs per topic (the various revenue and expense categories you listed). Thus, the paper should be three to six pages, 12 point, Times New Roman, double spaced. You should focus on explaining the rationale for the numbers you used, how you might try to increase revenue, how you might try to reduce expenses, and so on. The paper should explain how you established your budget. Will it be sufficient to meet your needs? For instance, explain where your food budget will be spent (going out often or cooking at home). Do the same for the other expense categories. Wrap up your paper with a well-written conclusion that ties everything together. Include at least one paragraph, after the conclusion, that addresses your feelings about the value of this assignment to you.

Budget: The budget must be done as a spreadsheet (Excel or Quicken). It should include the following: Short descriptions of all expense items in separate rows, Gross income, Health insurance, Taxes, Net income per month on its own row, Savings accumulated per month (for fixed interest, the interest should be calculated in), Columns indicating the months of the year for the next 24 months.

To the extent possible, this budget should show some progress toward making your way out of the student loan and credit card debt you¥ accumulated, as well as toward putting away money (savings and retirement) for those rainy days or even for buying a house or new car.

This sample Excel budget worksheet shows you how to set up your budget. Use this sample as a master for your own budget. This is only to be used as a guide and students should develop their own customized budget.