1) I am currently working as a software engineer and have a stable income of $80,000 per year. My family consists of my spouse and two young children. We are a middle-class household and strive to ensure financial stability for our family. Our monthly expenses include mortgage payments of $1,500, utilities totaling around $300, groceries amounting to $500, childcare costs of $800, car payments and insurance adding up to $400, and miscellaneous expenses averaging to $300. We also contribute $500 towards savings each month to build an emergency fund and plan for our children's education.
2) Here is a zero-based budget chart for my monthly income and expenses:
Income: $6,666.67
Expenses:
Mortgage: $1,500
Utilities: $300
Groceries: $500
Childcare: $800
Car payments and insurance: $400
Miscellaneous: $300
Savings: $500
Total Expenses: $4,300
Leftover: $2,366.67
3) Learning about budgeting has been an eye-opening experience for me. I was surprised to see how much money we have leftover at the end of each month, which could potentially be redirected towards savings or investments. It highlighted the importance of tracking and managing our expenses to ensure we are optimizing our financial resources. Additionally, budgeting has provided us with a clear roadmap to achieve our financial goals, such as saving for emergencies and our children's education. Overall, budgeting has taught me the importance of being proactive and intentional with our finances, and I am confident that implementing these strategies will lead to long-term financial stability and peace of mind.
1) Write an intro paragraph. (5 Complete Sentences) Here I want you to write about your situation. You should talk about your profession and your income. Talk about your family and describe your expenses.
2) Create a chart that lists your income and expenses, as well as what’s left at the end of the month. You can use any of the types of budgets discussed in the curriculum or we discussed in Live Lesson. I would recommend a zero-based budget. That is the easiest.
3) Write a second paragraph (5 Complete Sentences) where you summarize what you learned about budgeting, what surprised you, and anything else you can take away from learning about budgeting.
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