Maya is in her last year of high school. She earns $8 per hour working approximately 25 hours per week at the local grocery store. Approximately 30 percent of her salary is tax deductible. Maya also earns about $15 each month in interest on her savings.

Maya still owes money on her used car ($235 a month), but she doesn't pay the rent because she lives with her parents. She is responsible for the following expenses each month: cell phone ($35–$45), gas ($40–$60), and car insurance ($50). Maya likes to play video games and listen to music, so she often buys games and music. Maya normally buys her own clothes and electronics, but she also receives gifts from her family for special occasions.

One of Maya's short-term goals is to take a trip to visit her grandparents right after she graduates. She expects this to cost $1,000 and has already saved $500. A long-term goal is to attend college for the next four to five years at the local state school. She plans to pay part of the tuition with the scholarship money and her savings. So far she has set aside $7,000 for her college fund.

Addresses:

Create a monthly spending plan for Maya using the information provided. Use what you have learned to build the plan.

Step 1: List Maya's anticipated monthly income sources and amounts. Calculate the total income you expect to receive in a month.

Step 2 – Add expense categories and insert projected amounts for each category. Remember to include “pay yourself first” or savings amounts to create Maya's travel fund and college fund. Calculate the total expected amount needed to cover expenses and savings goals.

Step 3: Compare the total income with the total expenses. Make adjustments to the expense amounts to ensure that Maya can cover her expenses with the income she expects each month.

You can use Word, Excel or any other application to present your work.