Current Spending YOUR Suggested Budget Rent $950 Rent Electricity, Water 120 Electricity, Water Phone 55 Phone Cable,
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Question:
Current Spending | YOUR Suggested Budget | ||
Rent | $950 | Rent | |
Electricity, Water | 120 | Electricity, Water | |
Phone | 55 | Phone | |
Cable, Internet | 125 | Cable, Internet | |
Food (at home) | 385 | Food (at home) | |
Food (away) | 230 | Food (away) | |
Auto Payment | 410 | Auto Payment | |
Gas, oil changes | 140 | Gas, oil changes | |
Insurance | 125 | Insurance | |
Clothing | 200 | Clothing | |
Personal, gifts | 185 | Personal, gifts | |
Donations | 50 | Donations | |
Savings | 35 | Savings | |
Total spending | $3,010 | Total spending | |
Total monthly amount available | $2,800 | Total monthly amount available | $2,800 |
Surplus or Deficit | ($210) | Surplus or Deficit |
Answer the following question and post your revised budget as directed below.
- What situations might have created the budget deficit for the Constantine family?
- What amounts would you suggest for the various categories for the family budget? Remember, financial obligations that are contractual in nature cannot be easily changed. For example, the amount a person pays for rent or mortgage is typically stipulated in a lease or mortgage agreement. Consequently, there is limited discretionary freedom to change the amount. So, as you revise the budget take care of what the Constantine family has the ability to change. At the end of the month, budgets should at a minimum balance; that is, the income coming in should be enough to pay for the monthly expenses. Budgets should not be planned with a deficit. Show your revisions on the budget shown above. Do not submit an attachment. Show your budget in the Reply box. Be sure it is legible.
- Describe at least three additional actions for the Constantine family related to their budget or other money management activities. In other words, what advice would you give the members of Constantine family to aid their budgetary efforts.
Related Book For
International Marketing And Export Management
ISBN: 9781292016924
8th Edition
Authors: Gerald Albaum , Alexander Josiassen , Edwin Duerr
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