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Student Work 3
Student Work 3
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After High School I will attend college on a basketball scholarship to a out of state school or
UGA. I will have a car that my mom bought me in high school or I’ll trade it in for upgrade. For
fun I’ll probably be sleeping or shopping during my few free time from basketball. My financial
goals will be to have enough money to buy whatever I want and need in college. I will probably
get a job in the summer if I have enough time too but during school I’ll be too busy.
Directions…
You will create a monthly budget for all the expenses that you will have the first three months after you graduate.
Your budget must include all the income and expenses that you will have each month. Please carefully read and
follow each step listed below. As we all know, there are always unexpected things that may arise. As you calculate
your monthly budget make sure to account for the unforeseen circumstance listed in red.
Step 9 – Calculate your total monthly expenses by adding all of your monthly expenses. 910.00
Step 10 - Calculate your total monthly savings expenses by adding all of the monthly savings expenses:
• Emergency Fund: Over the next 12 months you must save $1,200 to have in your savings account in case
of an emergency.
o $1,200 / 12 months = $ ___14,400____
• Future Goals: Next year you would like to purchase a car, go on a vacation, attend a concert, or save
money to achieve some other goal.
o What is your Goal? 14,400
o How much money will you need to save? 100 a month
o Over the next year (12 months), how much money should put in your savings account every
month in order to achieve this goal? $100
$ Amount of goal / 12 months = $ _14,000_______
• Additional Savings = $ ___4.00______
Step 11 – Calculate your cash on hand by subtracting your total monthly income from your total monthly expenses.
4.00$
Step 12 – Calculate the checking account deposit by subtracting your cash on hand from your total monthly savings
expenses. 906$
Unforeseen Circumstance - You had time to pick up extra hours at work. After taxes you made an additional $202
Unforeseen Circumstance - Your car got a flat tire. You need to pay an extra $60
Unforeseen Circumstance - You got sick and had to go to the doctor. The bill and medication cost you $125