Budget sheet for Pete and Sara Smith Monthly Living Expenses Monthly Fixed Expenses Food/Grocery Bill $320.00 Rent/Mortgage Payment Car Payment $528.64 $219.45 Household Expenses Other Installments Electricity $58.40 Student Loans $150.00 Heating Fuel $65.00 Other -0- Telephone $30.50 Regular Savings $20.00 Water/Sewer Fee $38.20 Emergency Fund $40.00 Garbage Fee -0- Total of Fixed $ Other -0- Annual Expenses Transportation Life Insurance $244.00 Gas/Oil $218.82 Home Insurance $357.00 Parking Fees $32.00 Car Insurance $650.60 Tolls $12.00 Real Estate Taxes $1,847.40 Buses -0- Car Registration $90.00 Other Personal Spending Charity Donations $72.00 Other -0- Clothing $114.00 Total of Annual Enter Monthly Value $ $ Credit Card -0- Payments Miscellaneous $27.27 Monthly Balance Sheet Gifts, etc. $25.00 Net Monthly Income $ Pocket Money $25.00 Enter Monthly Budget Sheet Totals Below Entertainment Living Expenses $ Movies/Theater $32.00 Fixed Expenses $ Sporting Events $40.00 Total Annual Expenses $ Recreation -0 (monthly value) Dining Out $57.00 Total of Monthly Expenses $ Total of Living Expenses $ Amount of money left $ over **Total of Annual Expenses divided by 12 to calculate monthly expense Pete and Sara Smith have a combined monthly net income of $2300. Directions: Use their budget sheet to answer the following questions. 1. The Smiths Total of Living Expenses is? Answer is: $ 2. The Smiths Total of Fixed Monthly Expenses is? Answer is: 5, 3. The Smiths Total of Annual Expenses is? Answer is: $ 4. What is the Monthly value of the Smiths annual expenses? Answer is: S 5. What is the Total of Monthly Expenses? Answer is: $ 6. If the Smiths are living within their budget, they would have money left over at the end of the month. Are the Smiths living within their budget? Answer is: S 6. If the Smiths are living within their budget, they would have money left over at the end of the month. Are the Smiths living within their budget? Yes or No 7. The Smiths just received their 6% annual pay increase. What is their new combined net income? Answer is: $ Copyright 2017 Michigan Virtual Revised7/9/2020 Page 2 8. If all of their expenses stay the same, can the Smiths live within their budget with the new monthly income? Yes or No a. If you determine that they can live within their means, where should they apply the excess money? 9. Take a look at the budget sheet. If this was yours, and your net income was $2300, what areas would you change in order to live within your budget? What else could you do?