To project your finances for one month’s worth of income and expenses based on the information provided, we’ll break it down step by step.
Step 1: Calculate Gross Income
- Hourly Pay Rate: $10/hour
- Hours Worked Per Day: 8 hours
- Days Worked Per Week: 5 days
Weekly Earnings: \[ \text{Weekly Earnings} = \text{Hourly Pay} \times \text{Hours Per Day} \times \text{Days Per Week} \] \[ \text{Weekly Earnings} = 10 \times 8 \times 5 = 400 ,\text{dollars} \]
Monthly Earnings: (Assuming 4 weeks in a month) \[ \text{Monthly Earnings} = \text{Weekly Earnings} \times 4 \] \[ \text{Monthly Earnings} = 400 \times 4 = 1600 ,\text{dollars} \]
Step 2: Calculate Monthly Expenses
- Phone Bill: $75
- Food/Snacks: $300
- Transportation/Entertainment: $225
- Clothes: $200
Total Monthly Expenses: \[ \text{Total Expenses} = \text{Phone Bill} + \text{Food/Snacks} + \text{Transportation/Entertainment} + \text{Clothes} \] \[ \text{Total Expenses} = 75 + 300 + 225 + 200 = 800 ,\text{dollars} \]
Step 3: Calculate Net Income
Net Income: \[ \text{Net Income} = \text{Monthly Earnings} - \text{Total Expenses} \] \[ \text{Net Income} = 1600 - 800 = 800 ,\text{dollars} \]
Summary
- Gross Income (Total Monthly Earnings): $1600
- Net Income (Income After Deductions): $800
- Total Monthly Expenses: $800
Your finances project that after covering your extra bills, you will have a net income of $800 left for savings or other expenses.