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FLECO Unit 6 Portfolio Budget Buster

Part 1
Complete the budget chart below by filling in numbers on the right hand side columns. Pretend you are 25 and use reasonable numbers. You do not have to have exact numbers, but a quick Google search will give you an estimate based on where you intend to live. Rural areas will cost differently than urban areas. Do some research to find this information. For your Dream Job annual income, use Occupational Outlook Handbook.

Annual Income
Variable Monthly Expenses
Dream Job Title: (Your answer here)
Groceries
$
D. Dream Job Annual Income
$
Eating Out
$
Monthly Income
Entertainment, Video Games, etc.
$
Financial Aid
$
Clothing, Hair, Nails, etc.
$
Family Contributions
$
Travel
$
Job
$
Transfer to Savings
$
Savings
$
Tuition
$
Miscellaneous Income
$
Textbooks, Supplies, Fees
$
Total Monthly Income
$
Total Variable Expenses
$

Fixed Monthly Expenses
Rent
$
Utilities
$
Streaming / Internet
$
Cell Phone
$
Car Insurance, Rental Insurance
$
Gas / Parking
$
Student Loan Payments
$
Credit Card Payments
$
Total Fixed Expenses
$

Complete A, B, and C below:
A.
Total Variable Monthly Expenses
Total Fixed Monthly Expenses
= Total Expenses (Your # here)

B.
Total Monthly Income
Total Expenses (answer from A above)
= Total $ (Your # here, can be + or -)

C.
Total Expenses from A above
X 12 months
= Total Annual Expenses (Your # here)

1 answer

Sure! Let's create a hypothetical budget for a 25-year-old with a dream job based on reasonable estimates.

Budget Chart

| Category | Amount (Monthly) | |-----------------------------------|------------------| | Annual Income | | | Dream Job Title: Software Engineer | | | D. Dream Job Annual Income | $85,000 | | | | | Variable Monthly Expenses | | | Groceries | $300 | | Eating Out | $150 | | Entertainment, Video Games, etc. | $100 | | Financial Aid | $0 | | Family Contributions | $200 | | Travel | $100 | | Job | $0 | | Transfer to Savings | $400 | | Savings | $0 | | Tuition | $0 | | Miscellaneous Income | $50 | | Total Monthly Income | $1,000 | | Total Variable Expenses | $1,300 |

| Fixed Monthly Expenses | | | Rent | $1,200 | | Utilities | $150 | | Streaming / Internet | $100 | | Cell Phone | $70 | | Car Insurance, Rental Insurance | $100 | | Gas / Parking | $80 | | Student Loan Payments | $250 | | Credit Card Payments | $100 | | Total Fixed Expenses | $2,130 |

A. Calculating Totals

  1. Total Variable Monthly Expenses: $1,300
  2. Total Fixed Monthly Expenses: $2,130
  3. Total Expenses:
    • Total Variable Monthly Expenses + Total Fixed Monthly Expenses
    • $1,300 + $2,130 = $3,430

B. Monthly Income vs. Monthly Expenses

  1. Total Monthly Income: $4,083.33 (Calculated as Annual Income of $85,000 divided by 12)
  2. Total Expenses: $3,430
  3. Total:
    • Total Monthly Income - Total Expenses
    • $4,083.33 - $3,430 = $653.33

C. Annual Expenses

  1. Total Expenses from A: $3,430
  2. Multiply by 12 months:
    • $3,430 * 12 = $41,160

Final Summary

  • Annual Income: $85,000
  • Variable Monthly Expenses: $1,300
  • Fixed Monthly Expenses: $2,130
  • Total Monthly Income: $4,083.33
  • Total Monthly Expenses: $3,430
  • Remaining Monthly Balance: $653.33
  • Annual Expenses: $41,160

Feel free to adjust any of the numbers based on your unique situation or location!