Create a monthly budget for a family of four. After taxes, your yearly income is $40,000.
Budget
Amount
Construction worker income
$30,000/year (after income tax)
Retail Associate income
$10,000/year (after income tax)
Personal Savings
$15,000
Electricity
$800/year
Water bill
$500/year
Food
$2,500/year
Heating
$2,500/year
Mortgage
$9,000/year
Property taxes
$5,000/year
Clothing
$500/year
Homeowner's insurance
$800/year
Car
Cost per year
Landscaping
Cost per year
Cell phones for family of four
Cost per year
Television
Cost per year
1. Calculate all of your assets and liabilities below.
2. Calculate the net amount
3. You need a new car. Find any car and make it work in your budget. You can also finance the car if you'd like to. Post the link below and explain your rationale.
4. Your grass needs to be cut. Find a landscaper or lawn mower. Post the link below and explain your rationale.
5. Your child is a senior in high school. Find a school or allocate the amount of money you will provide your child. Post the link of tuition and explain how much you will contribute.
6. Your family of four needs a cell phone. Choose a plan and carrier and calculate the cost for the entire year. Post the link below and explain.
7. You enjoy watching television. Choose a cable plan, direct tv/dish plan, netflix, hulu, etc. Post the link below and calculate the cost for the year.
8. After analyzing the budget and completing 3-7, would you eliminate anything from your budget? If so, what and be sure to explain why? If you wouldn't eliminate anything, why not?
9. Did you allocate anything to your savings? Assume you had to contribute $2,000/year to your savings, what would you eliminate? Explain.
Print out and submit on due date.
Budget
Amount
Construction worker income
$30,000/year (after income tax)
Retail Associate income
$10,000/year (after income tax)
Personal Savings
$15,000
Electricity
$800/year
Water bill
$500/year
Food
$2,500/year
Heating
$2,500/year
Mortgage
$9,000/year
Property taxes
$5,000/year
Clothing
$500/year
Homeowner's insurance
$800/year
Car
Cost per year
Landscaping
Cost per year
Cell phones for family of four
Cost per year
Television
Cost per year
1. Calculate all of your assets and liabilities below.
2. Calculate the net amount
3. You need a new car. Find any car and make it work in your budget. You can also finance the car if you'd like to. Post the link below and explain your rationale.
4. Your grass needs to be cut. Find a landscaper or lawn mower. Post the link below and explain your rationale.
5. Your child is a senior in high school. Find a school or allocate the amount of money you will provide your child. Post the link of tuition and explain how much you will contribute.
6. Your family of four needs a cell phone. Choose a plan and carrier and calculate the cost for the entire year. Post the link below and explain.
7. You enjoy watching television. Choose a cable plan, direct tv/dish plan, netflix, hulu, etc. Post the link below and calculate the cost for the year.
8. After analyzing the budget and completing 3-7, would you eliminate anything from your budget? If so, what and be sure to explain why? If you wouldn't eliminate anything, why not?
9. Did you allocate anything to your savings? Assume you had to contribute $2,000/year to your savings, what would you eliminate? Explain.
Print out and submit on due date.