Your task is to a monthly budget for a family of four.Assume that this is a married two parent family with two children, ages 2 and 6.If both adults work full time earning the New Mexico minimum wage of $9.00 per hour, the family has, after paying 20% in taxes, $2,304 to budget.If one adult works, there is $1,152 to budget.If one adult works full time and the other part time, estimate a budget of $1,728.(Note: The federal minimum wage is even lower)

Fill in the chart below. Clearly indicate which budget you are using.Your total expenses MUST be at or below the monthly budget you have chosen.You may have to get creative to make it all fit.For the costs of each category you should use estimates that are realistic for Albuquerque.If your estimates are lower than what one would reasonable expect, you must explain how/why in question three.(Example: You can choose a less expensive apartment in a bad neighborhood but will need to address the possible ramifications.You can skip child care if you explain how.)

After completing the chart below, respond to the questions at the end of this document.

Allocate money to each of the following:Income: $________1,728 ____

Housing (rent or house payment)$_____600_______

Utilities (i.e., electricity, natural gas, telephone)$____138________

Food$_________300___

Transportation and related costs (repairs, insurance, etc.)$_______200_____

Health insurance and health care$_______150_____

Clothing$______100______

Child care$_____100_______

Entertainment$______100______

Other:______________$________40____

1)If your figures are lower than one would reasonable expect, how do you justify the deviations? (Example: If you spent only $10 on food, how? If you spent only $20 on health insurance, how?)