Professional Documents
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Fill out the per month amount. You need to fill out amounts for the (*) items.
Income
Employment income (NET income after deductions)
Other income
Allowance from Grandparents
Total Income
Expenses
Fixed Expenses
*Housing
2 bedroom apartment with roommate, utilities included at 1000 a month
*Transportation
Volkswagen Jetta, including maintinance, insurance and miscellaneous costs per
month.
Tuition
Books
Per Year
Per Year
$0.00
$3,300.00
$3,300.00
$40,000.00
$39,600.00
$0.00
$0.00
$0.00
$500.00
$6,000.00
$0.00
$576.33
$6,915.96
$0.00
$478.28
$83.33
$5,379.33
$999.96
$0.00
$0.00
$0.00
$1,800.00
$0.00
$21,455.28
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$435.00
$2,400.00
$300.00
$0.00
$0.00
$1,800.00
$0.00
$360.00
$240.00
$120.00
$0.00
$0.00
$0.00
$0.00
$5,220.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$2,222.94
$26,675.28
$0.00
$0.00
$150.00
$1,787.94
$200.00
$25.00
$150.00
$30.00
$20.00
$10.00
$1,077.06
$0.00
$12,924.72
$0.00
2.) EXPENSES Have you spent everything you have earned? If you have a deficit, how difficult do
you think it would be to lower your expenses to balance your budget? What expenses could you
lower to increase your savings? If you have extra money left over at the end of the month, what
would you do with that money?
Answer: I have a surplus of $24 a month, and $288 a year. I would save this money for rainy days.
3.) Does this seem like a realistic budget (or was this a useful exercise)? Please explain your
answer. Do you think you are the type of person who could follow a budget? What makes you
think this?
Answer: This excercise was extremely useful, because budgetting helps you realize what finances
will be like in the real world. I am the type of person who can follow a budget, because my family
has always taught me to be wise with money, and I have learned to be.
4.) On the Internet, research three reasons why you should save money.
Answer: Three reasons why money should be saved is for happiness, to save for your dreams, and
in case of emorgencies.
in case of emorgencies.
5.) Did you know that if you save $50 a month starting when you are 15 you will be a millionaire
when you retire! Do you think its reasonable for a young person to start saving money in high
school? What categories of items are you willing to go without/cut back on to free-up some
money for savings? When do you think you will begin to save? What are the advantages of
starting now?
Answer: I think it is completely reasonable to start saving money in high school. I am willing to cut
back on spending money on unnecessary clothing and going out for meals. I have already began to
save money. The advantages of starting now are that the sooner you start saving, the more money
you could have when your older.
Visit http://www.inspiredtosave.com/ to play around with the numbers if you would like to save
more (or less) per month.