Directions: You are a hard working individual making $60,000 per year. That is $46,800 after taxes,...

  

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Directions: You are a hard working individual making $60,000 per year. That is $46,800 after taxes, $900 per week. This may sound like a lot but the money goes fast. You have bills to pay and life goals to save for. The following scenarios will challenge you to budget your limited resources and allocate money in the way you best see fit. Hints: . . . ● . . Keep in mind there are wants and needs. Keep in mind not all bills happen every week, and some require saving for. Treat this like real-life and try to create a functional budget. Larger goals require long term saving and planning. You never want to have $0 in your Checking Account incase something comes up. Don't forget to eat! Weekly Expenses: Groceries - $ Going out to eat - $ Going out/Fun- $ Miscellaneous - $100 Monthly expenses: Rent - $1300 Electric - $40 Gas- $26 Water - $60 Internet - $100 Streaming Services - $60 Spotify - $20 Quarterly Expenses: Sewer - 560 Every 6 Month Expenses: Car Insurance - $500 Current Life Goals Your sister is getting married in November, you want to save about $2000 dollars to cover all expenses you will have to pay for that. You work hard and want to take a vacation. You're thinking Thailand this year and need to save $3000 • . . You are reaching 100,000 miles on your car and drive 50 miles to and from work each day. You! assume you will need a new car in a few years and want to save $15,000 as a down payment over the next 4 years. You want to have a $10,000 dollar emergency fund by the end of next year. You are currently at $3100 M kudanti Now break down your budget: 1. What is your Weekly Budget? 2. What is your Monthly Budget? 3. What is your Yearly Budget? 4. Justify (explain) you budget allocations. Directions: You are a hard working individual making $60,000 per year. That is $46,800 after taxes, $900 per week. This may sound like a lot but the money goes fast. You have bills to pay and life goals to save for. The following scenarios will challenge you to budget your limited resources and allocate money in the way you best see fit. Hints: . . . ● . . Keep in mind there are wants and needs. Keep in mind not all bills happen every week, and some require saving for. Treat this like real-life and try to create a functional budget. Larger goals require long term saving and planning. You never want to have $0 in your Checking Account incase something comes up. Don't forget to eat! Weekly Expenses: Groceries - $ Going out to eat - $ Going out/Fun- $ Miscellaneous - $100 Monthly expenses: Rent - $1300 Electric - $40 Gas- $26 Water - $60 Internet - $100 Streaming Services - $60 Spotify - $20 Quarterly Expenses: Sewer - 560 Every 6 Month Expenses: Car Insurance - $500 Current Life Goals Your sister is getting married in November, you want to save about $2000 dollars to cover all expenses you will have to pay for that. You work hard and want to take a vacation. You're thinking Thailand this year and need to save $3000 • . . You are reaching 100,000 miles on your car and drive 50 miles to and from work each day. You! assume you will need a new car in a few years and want to save $15,000 as a down payment over the next 4 years. You want to have a $10,000 dollar emergency fund by the end of next year. You are currently at $3100 M kudanti Now break down your budget: 1. What is your Weekly Budget? 2. What is your Monthly Budget? 3. What is your Yearly Budget? 4. Justify (explain) you budget allocations.

Answer rating: 100% (QA)

SOLUTION Weekly Budget Groceries 100 assuming an average of 100 per week Going out to eat 50 assuming dining out once a week Going outFun 50 for enter... View the full answer