Chris just graduated college and is starting a new job. He needs help making his budget for the next 3 months: June, July, and August. He currently rents a house with a friend. He pays a flat utility bill every month as part of the rental agreement. The beginning of his budget is below and includes his semimonthly take-home pay and his fixed expenditures. He currently makes the minimum contribution to his employer-sponsored retirement account. Help him finish his budget. Note that not every item has to be the same every month. It is common to have some fluctuation.

Consider Chriss wants listed below. It is up to you to decide how important an item is. You decide how much money should go to each category, if any. In addition, include at least 3 additional categories of expenses and/or savings that could help him be more organized/detailed in achieving financial success.

Chris is taking a family vacation at the end of July. He has to have $1,000 for required travel, food, and lodging, which he already has saved. However, he would like to have more money for the vacation so he can splurge on what he wants.

Chris needs new glasses and has an eye doctor appointment the first week of July. He estimates the appointment and glasses together will be $200.

Chris really enjoys shopping for the latest Nike shoes

Chris wants to purchase a new-to-him used car at the end of the year and would like to save up for a down payment

Chris loves to cook high-quality food more than he enjoys eating out

Chris currently has $1,655 in credit card debt

Chris would love to get a puppy at some point, but he recognizes they can be expensive up front with all the puppy shots, food, and new supplies

Discuss why you choose different amounts for different categories. There should be an explanation for each category. You do not have to repeat the explanation across the months if a category stays the same. If you change amounts across the months, explain why you make the change.

You are welcome to use the Internet as an aid. For example, the average single adult in Arkansas in 2022 had an annual grocery bill of $2,988. (Cost of Living in Arkansas, movingist.com)

June

Income

Paycheck __$1,789___

Paycheck __$1,789___

Expenses

Rent ____600___

Utilities ____100___

Internet _____60____

Insurance _____91____

Groceries ____________

Recreation ____________

Clothes ____________

Medical ____________

________________ ____________

________________ ____________

________________ ____________

________________ ____________

________________ ____________

Savings

Emergency Fund ______________

Car ______________

_________________ ______________

_________________ ______________

_________________ ______________

_________________ ______________

July

Income

Paycheck __$1,789___

Paycheck __$1,789___

Expenses

Rent ____600___

Utilities ____100___

Internet _____60____

Insurance _____91____

Groceries ____________

Recreation ____________

Clothes ____________

Medical ____________

________________ ____________

________________ ____________

________________ ____________

________________ ____________

________________ ______________

Savings

Emergency Fund ______________

Car ______________

_________________ ______________

_________________ ______________

_________________ ______________

_________________ ______________

August

Income

Paycheck __$1,789___

Paycheck __$1,789___

Expenses

Rent ____600___

Utilities ____100___

Internet _____60____

Insurance _____91____

Groceries ____________

Recreation ____________

Clothes ____________

Medical ____________

________________ ____________

________________ ____________

________________ ____________

________________ _____________

________________ ______________

Savings

Emergency Fund ______________

Car ______________

_________________ ______________

_________________ ______________

_________________ ______________

_________________ ______________