Names:
Financial Future: Learning Assessment Two
Sample Budget Exercise
Part A: Use the following financial profile to see how much this person will have for “spending money” when all required expenses are accounted for. Convert all figures to a monthly amount. Round up to the closest $5
Income:
Average NET weekly income: $950 (taxes deducted)
$950 x 44 weeks (accounts for 8 weeks out of work) = $41,800
$41,800/12 months = $3,483
(Allows for setting aside $635/month to cover 8 weeks out of work)
Monthly Fixed Expenses
Rent: $800/month _________
Car payment: $250/month _________
Internet service: $30/month _________
Cell phone: $130/month _________
Credit card 1: $150/month _________
Credit card 2: $75/month _________
Total Monthly Fixed Expenses: _________
Monthly Variable Expenses (Usual Spending)
Gas bill: $110/month _________
Electric bill: $120/month _________
Gasoline: $250/month _________
Groceries: $200/WEEK _________
Savings: $100/month _________
Total Monthly Variable Expenses _________
Non-monthly Expenses
Car insurance: $600/six months of coverage _________
Water bill: $90/quarter _________
Auto maintenance: $420/year _________
Medical out of pocket: $480/year _________
Total Non-monthly Expenses _________
Total Monthly Expenses: _________
Monthly Income: $3,483
Less Total Monthly Expenses: ________
Available Monthly Spending Money : ________
Part B: Answer the following questions in response to doing the budget:
- Do you believe this budget is sufficient?
- If you feel the need to have more available spending money, where would you make adjustments?