Glencoe Accounting

Chapter 14: Accounting for Sales and Cash Receipts

Making It Personal

Money Advise Budget Form

Taking charge of your finances means understanding where your money goes, which is difficult, unless you make an effort to track it as it disappears from your wallet. The Budget Form at Money Advise provides an online tool that you can use to create a budget and then see how your actual spending compares.

Destination Title: Money Advise Budget Form

Guided Activity

Start at the Money Advise Budget Form site. Record your answers to these questions separately.

  1. Use this form to create a sample budget. Imagine you work as the manager of a sporting goods store. You have take-home pay of $2,720. First enter amounts in the "Your Plan" column. Assume you pay $800 in rent. Make reasonable estimates for all other monthly expenses. What do your monthly expenses total?
  2. Does your income cover your monthly expenses?
  3. The "Actual" column can be filled in as your actual expenses are paid during the month. How can the use of this column be helpful to a person trying to keep spending under control?
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