Budget Performance Task

You will be creating a budget for a family of 3 (2 adults and one child). You must follow
the family’s budget provided below. You will be given scenarios along the way and you
must adjust your budget accordingly. At the end, you will discuss the budget choices and
why you and your partner made them.

You will need to calculate your leftover money each month after paying bills.

Typical Monthly Expenses Price

Rent $700
Phone $60
Groceries $500
Childcare $700
Utilities
Electricity $110
Water and other services $40
Transportation: Car $200
maintenance, gas, etc.
Medical Insurance $300
Clothing $100
Other $100
Total Expenses: type the answer here
Monthly Income $3000
Leftover money each month type the answer here

How will you handle the following situations:

Situation 1: Your child gets sick. The doctor visit and medication cost will be an extra
$300 this month. How will you pay for the extra expense?

Situation 2: Your hours get cut at your job. Your monthly income will be decreased by
$600 each month. How will you balance your budget?

Situation 3: Your childcare provider has decided to raise the daily rate of watching your
child. It will now cost $850 a month for childcare. What will you spend less on to pay
for this bill?