Personal Budget Project

By Cameron Moon
 My Salary and Lifestyle

• Yearly Gross Salary: $35,000

• State where I live and work: GA
• Income taxes I will pay:$2,495.00
• Total net income: $32,505.00
• Total monthly income: $2,708.75
 Where I Will Live

• Location: Douglasville, Georgia

30311
• Renting/Buying: Rent
• Address: Douglasville, Georgia 30311
• Monthly rent or mortgage payment:
$553
• Yearly housing cost:$6,636
 Transportation

• Buying a car? Yes

• Monthly car payment? $247
• Yearly car payment?$2,964
• Monthly gas cost? $183.22
 Additional Living Expenses
• Cell phone- $100
• Power Bill- $100
• Water Bill- $45
• Cable/Intern- $91.98
• Health Insurance- $183
• Car Insurance - $175
• Groceries/Eating Out- $480
• Saving- $450.56
• Gym- $19.99
• Movies- $30
• Clothes- $50
 Questions
• 1. Was the lifestyle you chose (the size of your house, the car you bought) reasonable for
the salary you were given? Why or why not?
• 2. After completing the budget, would you change any of your spending choices? Think
about fixed vs. variable expenses and wants vs. needs.
• 3.What makes a budget an effective money management tool?
• 4. Are you able to meet the SMART goal you set in Step 1? Why or why not?
• 5.What are 3 things you learned in doing this project? Explain thoroughly!
 Answers
• 1. My lifestyle was reasonable for the salary I was given because I didn’t spend to much money and have a
lot of money to save at the end.

• 2. After completing the budget, I would not change any of my spending choices.
• 3. What makes a budget an effective money management tool is it allows you to plan how much you will
spend or save each month and allows you to track your spending habits.

• 4. I was able to meet the SMART goal I set in Step 1 because I didn’t spend money, I didn’t have to spend
like on video games and a ps5.

• 5. 3 things I learned in doing this project was the important of spending right, making a SMART goal, and
make good spending chooses. I learn the first and last one from not going over the budget I had. I learn
how to make a SMART goal form Mis. Ross and that help me when making my goal.