1. Create a Spreadsheet that breaks down and adds up all the income for each situation.  Then use the spreadsheet to list and total all the expenses.  Create a balanced budget.  Do the budgets one at a time.
2. Make sure you create a balanced budget for each person.
3. Set up the spreadsheet by listing income and calculating the TOTAL MONTHLY INCOME on top, then the TOTAL MONTHLY EXPENSES on bottom.  There are no official RULES on how you have to set up a budget, but this format makes sense to me.  Feel free to experiment with other formats. 
4. Use the built in functions of a spreadsheet to calculate the TOTAL MONTHLY INCOME, TOTAL MONTHLY EXPENSES, and SAVINGS.
5. Save the budgets and I will be around to review your solutions.
6. You may have to make some assumptions to complete the budget.  For example, where it says Jerome's phone bill is between $90 - 105, you'll want to pick a number.
7. Notice how after you create a budget using a spreadsheet,

He makes $15.00 an hour working 45 hours a week. and has a bonus structure where he usually makes between $100 and $200 extra per month.

He lives in an apartment.  The Rent is $685 a month.  He pays the water bill ($15), the electric bill ($80-140) and the cable bill ($60).

He eats out a lot and spends about $250 on restaurants and entertainment per month.

He smokes cigarettes, about a pack a day ($4.50 a pack)

He is currently paying $250 a month for his car and also pays $108 for car insurance.  He is currently paying back a student loan for $242 a month. He also recently became engaged and is paying the $105 a month to Alvin's Jewelers to pay off the engagement ring.

His goal is to save enough money to buy a house.  He would like to have $12,000 in savings.

Based on his current income and expenses, when can he expect to move into a house?

He makes his money based on a monthly base salary, plus monthly commission.  His monthly base salary is $1000 a month.  His monthly commission is usually between $400 and $850.

He still lives at home, but contributes $200 a month to his parents for rent.  He just purchased a new Chevy and the payments are $445 a month.  The car insurance is $135 a month.

Erick likes to go out with his buddies and usually spends about $100 in entertainment per weekend.  Erick also likes to shop and spends an average of $200 a month on clothing and other merchandise.  He spends about $130 a month on his lunches.  He has been paying off his credit cards, usually putting $150 towards the balance. 

Erick would like to one day be a store manager, but he would need to go back to school.  How much could he afford to pay for schooling if he did not want to reduce spending in other areas?

What about if he chose to reduce spending in certain areas?  What's the most he could spend per month on school without going broke?

She’s a Manager at a local Hotel.

She makes $12.00 an hour, working on average 35 hours a week. 
 

She also usually gets a bonus once a month for $100 - $180.

She lives in a House, where her mortgage payment is $800 a month.

Her cell phone bill is anywhere from $90 – 100 per month. 

Her electric bill is $120 a month. 

She has a car that is paid for, but her insurance is $80 / month. 

She spends about $75 a month on gas.  

She spends about $180 per trip to the grocery store and goes twice a month

She likes to go to movies for fun.  She also likes to shop for clothes.

She really wants to go back to school.

Her goals are to save up money for a new car, maybe go back to school and put away some money for a summer vacation