Question
Managing your finances is an important part of your life, both personally and professionally. Knowing your finances are under control can ease stresses in our
Managing your finances is an important part of your life, both personally and professionally. Knowing your finances are under control can ease stresses in our everyday lives. This week you will create a budget for yourself. To avoid sharing personal information, we have set a salary for you to work within. You can also do this for yourself with all of your personal income information.
Complete sample budget (see link below) your new job pays $32,000 gross per year, remember to include your payment to student loans (use avg. of $150 per month), allow for groceries, transportation and entertainment, in addition to regular monthly needs. If you have children, include child care.
Here is a link to a website that should assist you with this assignment:
http://us.thesalarycalculator.co.uk/salary.php
| CATEGORY | MONTHLY BUDGET AMOUNT | YOUR ACTUAL MONTHLY AMOUNT | DIFFERENCE |
| INCOME: | 2667 | 2667 | 2667.00 |
| Wages and Bonuses | 2667 | 2667 | 2667.00 |
| Interest Income | 0 | 0 | 0 |
| Investment Income | 0 | 0 | 0 |
| Miscellaneous Income | 0 | 0 | 0 |
| Income Subtotal | 2667 | 2667 | 2667.00 |
| INCOME TAXES WITHHELD: | |||
| Federal Income Tax | 182.81 | 180 | 2487.00 |
| State and Local Income Tax | 160.00 | 160 | 2327.00 |
| Social Security/Medicare Tax | 204.00 | 204 | 2123.00 |
| Income Taxes Subtotal | 547.81 | 544 | 2123.00 |
| Spendable Income | 2119.19 | 2123 | 3.81 |
| EXPENSES: | |||
| HOME: | |||
| Mortgage or Rent | 600.00 | 600.00 | 1523.00 |
| Homeowners/Renters Insurance | 25.00 | 25.00 | 1498.00 |
| Property Taxes | 0 | 0 | 1498.00 |
| Home Repairs/Maintenance/HOA Dues | 0 | 0 | 1498.00 |
| Home Improvements | 0 | 0 | 1498.00 |
| UTILITIES: | |||
| Electricity | 100.00 | 100.00 | 1398.00 |
| Water and Sewer | 25.00 | 25.00 | 1373.00 |
| Natural Gas or Oil | 50.00 | 50.00 | 1323.00 |
| Telephone (Land Line, Cell) | 150.00 | 150.00 | 1173.00 |
| FOOD: | |||
| Groceries | 200.00 | 200.00 | 973.00 |
| Eating Out, Lunches, Snacks | 100.00 | 100.00 | 873.00 |
| FAMILY OBLIGATIONS: | |||
| Child Support | 0 | 0 | 873.00 |
| Alimony | 0 | 0 | 873.00 |
| Day Care, Babysitting | 0 | 0 | |
| HEALTH AND MEDICAL: | |||
| Insurance (medical, dental, vision) | 125.00 | 125.00 | 748.00 |
| Unreimbursed Medical Expenses, Copays | 50.00 | 50.00 | 698.00 |
| Fitness (Yoga, Massage ,Gym) | 10.00 | 10.00 | 688.00 |
| TRANSPORTATION: | |||
| Car Payments | 0 | 0 | 0 |
| Gasoline/Oil | 100.00 | 100.00 | 588.00 |
| Auto Repairs/Maintenance/Fees | 0 | 0 | 0 |
| Auto Insurance | 55.00 | 55.00 | 533.00 |
| Other Transportation (tolls, bus, subway, taxis) | 0 | 0 | 0 |
| DEBT PAYMENTS: | |||
| Credit Cards | 50.00 | 50.00 | 483.00 |
| Student Loans | 150.00 | 150.00 | 333.00 |
| Other Loans | 0 | 0 | 0 |
| ENTERTAINMENT/RECREATION: | |||
| Cable TV/Videos/Movies | INC/W Phone | ||
| Computer Expense | 0 | 0 | |
| Hobbies | 0 | 0 | 0 |
| Subscriptions and Dues | 0 | 0 | 0 |
| Vacations | 0 | 0 | 0 |
| PETS: | |||
| Food | 0 | 0 | 0 |
| Grooming, Boarding, Vet | 0 | 0 | 0 |
| CLOTHING: | |||
| INVESTMENTS AND SAVINGS: | 0 | 0 | 0 |
| 401(K)or IRA | 0 | 0 | 0 |
| Stocks/Bonds/Mutual Funds | 0 | 0 | 0 |
| College Fund | 0 | 0 | 0 |
| Savings | 25.00 | 25.00 | 308.00 |
| Emergency Fund | 50.00 | 50.00 | 258.00 |
| MISCELLANEOUS: | |||
| Toiletries, Household Products | 100.00 | 100.00 | 158.00 |
| Gifts/Donations | 0 | 0 | 0 |
| Grooming (Hair, Make-up, Other) | 100.00 | 100.00 | 58.00 |
| Miscellaneous Expense | 50.00 | 50.00 | 8.00 |
| Total Investments and Expenses | 2115.00 | 2115.00 | |
| Surplus or Shortage (Spendable income minus total expenses and investments) | (2119.19-2115) $4.19 | (2123-2115) $8.00 |
| CATEGORY | MONTHLY BUDGET AMOUNT | MONTHLY ACTUAL AMOUNT | DIFFERENCE |
| INCOME: | |||
| Wages and Bonuses | |||
| Interest Income | |||
| Investment Income | |||
| Miscellaneous Income | |||
| Income Subtotal | |||
| INCOME TAXES WITHHELD: | |||
| Federal Income Tax | |||
| State and Local Income Tax | |||
| Social Security/Medicare Tax | |||
| Income Taxes Subtotal | |||
| Spendable Income | |||
| EXPENSES: | |||
| HOME: | |||
| Mortgage or Rent | |||
| Homeowners/Renters Insurance | |||
| Property Taxes | |||
| Home Repairs/Maintenance/HOA Dues | |||
| Home Improvements | |||
| UTILITIES: | |||
| Electricity | |||
| Water and Sewer | |||
| Natural Gas or Oil | |||
| Telephone (Land Line, Cell) | |||
| FOOD: | |||
| Groceries | |||
| Eating Out, Lunches, Snacks | |||
| FAMILY OBLIGATIONS: | |||
| Child Support | |||
| Alimony | |||
| Day Care, Babysitting | |||
| HEALTH AND MEDICAL: | |||
| Insurance (medical, dental, vision) | |||
| Unreimbursed Medical Expenses, Copays | |||
| Fitness (Yoga, Massage ,Gym) | |||
| TRANSPORTATION: | |||
| Car Payments | |||
| Gasoline/Oil | |||
| Auto Repairs/Maintenance/Fees | |||
| Auto Insurance | |||
| Other Transportation (tolls, bus, subway, taxis) | |||
| DEBT PAYMENTS: | |||
| Credit Cards | |||
| Student Loans | |||
| Other Loans | |||
| ENTERTAINMENT/RECREATION: | |||
| Cable TV/Videos/Movies | |||
| Computer Expense | |||
| Hobbies | |||
| Subscriptions and Dues | |||
| Vacations | |||
| PETS: | |||
| Food | |||
| Grooming, Boarding, Vet | |||
| CLOTHING: | |||
| INVESTMENTS AND SAVINGS: | |||
| 401(K)or IRA | |||
| Stocks/Bonds/Mutual Funds | |||
| College Fund | |||
| Savings | |||
| Emergency Fund | |||
| MISCELLANEOUS: | |||
| Toiletries, Household Products | |||
| Gifts/Donations | |||
| Grooming (Hair, Make-up, Other) | |||
| Miscellaneous Expense | |||
| Total Investments and Expenses | |||
| Surplus or Shortage (Spendable income minus total expenses and investments) |
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