Using a budget calculator, develop a personal budget for your current income and expenses. Consider any large upcoming purchases such as attending college or purchasing a car.
You will need to research each of the following in your area:
The average cost of renting a house in your area
Cost of utilities (Utility Bills 101)
Transportation (gas, bus pass, vehicle insurance, etc)
Answer the following questions in essay format. Then use a spreadsheet by inserting a table in word (instructions on how to do so can be found here) or a picture of the budget calculator provided above to format your budget. Your final project will be no less than 500 words answering the following questions and a budget. You will use your answers for section 1 to help you respond to the other sections.
What is the minimum wage in your state? How much money would you make working 40 hours a week at minimum wage? Multiply your weekly income by 4 weeks to find your monthly income. Multiply your weekly income by 52 weeks to find your annual income. Were you surprised by the amount? Why or why not?
Calculate 10% of your monthly income to give to your local church and set aside for taxes. What is your income after giving and taxes (net income)?
Research the average cost of renting an apartment or house where you live, in addition to the cost for utilities (ex.electricity, gas, water, cable, internet, phone). Based on your monthly income, will you need to split the cost with roommates to afford your rent and utilities? What are some ways in which you might be able to save costs?
Consider the main form of transportation that you use. How much money do you spend to travel (ex: gas each month, bus pass, metro card, etc.)? What ways could you reduce this expense?
Based on your monthly expenses, will you have money leftover for savings? Can you adjust any of your expenses so that you are able to save? What is one item or goal that you would like to save for?
The post Using a budget calculator, develop a personal budget for your current income and appeared first on Skilled Papers.
