Financial Literacy Project BUS275 Purpose: Students will develop a personal budget. Directions: Read the assignment below. Create a budget for Mr. John Smith that meets the goals/criteria below. Then, answer the questions below in Microsoft Excel. All questions must be answered in order to earn credit. John Smith's goal Eliminate debt by this time next year, travel to Hawaii within next 2 years John Smith, single, is 23 and just earned his Associates degree in Business Management He took a position as a Business Analyst, earning $33,000 per year annually His take-home pay is $2,200 per month, plus $75 per month babysitting a neighbors toddler He owns a 2014 Honda Civic (paying $200 a month for 10 more months) He pays $100 per month for car insurance John Smith uses his VISA (limit of $3000); carrying a balance of $2,300 He shares a 2 BDR apartment in New Castle; his share of rent and utilities is $800 per month He enjoys dining out, shopping, and travel He puts $75 per month in a Roth 401(k) savings plan at work; his health benefits cost $250 per month (high option plan withdrawn by the company from his pre-tax earnings) John pays about $150 for gas; $50 per month for dry cleaning/laundry; cable of $70 per month; cell phone $75 per month Other likely expenses? Runs out of money regularly Income what is John's monthly income? Total monthly income Total take-home pay Expenses - what are Johns expenses in the following categories? Fixed expenses (specify) Known variable expenses (specify) Other likely monthly expenses (specify) What is John's current debt ($)? Identify amount and type of debt. Explain at least three measurable, specific actions that John can take to reduce and eventually eliminate his debt, so that hes able to realize his dream of a Hawaiian vacation? I'm not sure who posted it but I would love to see the answer to this post