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Budgeting on a Minimum Wage Income: Financial Survival Guide

Learn how to manage a budget on a minimum wage income with an overview and income example. Explore various expenses such as housing, transportation, utilities, and more to make informed financial decisions.

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Budgeting on a Minimum Wage Income: Financial Survival Guide

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  1. Excel Activity #2b Budgeting

  2. Overview & Income Example • Budget -  an estimate of income and expenditure for a set period of time. • Minimum Wage Job – • Washington $9.32 • full time 40 hours a week • 40*9.32 = $372.80 per week • $372.80*4 = $1,491.20 Gross pay • $1,491.20*.15 = $223.68 federal taxes • $1,491.20-$223.69 = $1,267.51 month (without other deductions included)

  3. Expenses • Housing • Electricity • Transportation • Phone • Internet • TV • Food • Clothes • Eating Out • Movies • Video Games • Credit Cards • Car Insurance • Health Insurance • Rental/House Insurance • Gas/Maintenance • Savings/Investments • Shopping/Hanging Out • School • Books • Items Necessary for Job • Housing Incidentals • Miscellaneous • Medicines

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