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Question … The Student Budget (1/ 3) Part 1 Directions: Use the attached budget form or the budgeting tool located on foundatio...Question
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…
The Student Budget (1/ 3)
Part 1
Directions: Use the attached budget form or the budgeting tool located on foundationsU.com to cre- ate three zero-based budgets: one for each student described below and a personal one based on your income (this may include a regular allowance from your parents) and expenses. Fill in all income and expenses on the form with the information provided. Remember to compute net pay by taking 20% out for taxes.
1 Marcus, a high school student, works at a lumber yard ma king $10.50 an hour. With his academic and
sports schedule, he is able to work 25 hours a week. He can pick up extra hours, but not consistently.
Marcus lives at home, so he has very few bills. He is responsible for his cell phone bill, which is $65 a
month. He pays for his auto insurance, which is $1,200 a year, and he pays for gas, maintenance and
repairs on his car. Lastly, Marcus is responsible for his spending money. He has a fully funded emergency
fund of $500 but has a goal of saving additional money for new tires. (As a high school student, assume that
groceries, health insurance and utilities are expenses covered by his parents.)
2
Jenna works at the grocer y store and earns $9 an hour. She is busy with extracurricular activities and only works 20 hours during the week. However, she picks up an eight-hour Sunday shift once a month, for which she earns time and a half. Jenna also lives at home and has health insurance under her mom’s plan. She is expected to pay for her own car repairs, maintenance and gas, as well as her auto insurance, which costs $1,000 a year. Jenna wants to take a trip to Mexico with her friends next year, which will cost $1,500.
3
Create a zero-based budget based on your own income (may include allowance or part-time job).
MAKE 3 COPIES OF THE STUDENT BUDGET ON PAGE 2.!!!!!
Start Here to begin your journey toward financial success
Giving
Charity:
Other:
Giving total:
Transportation
Gas:
Car Insurance:
Oil Changes:
License & Taxes:
Transportation total:
Saving
Emergency Fund:
College:
Car & Repairs:
Computer:
Other:
Saving total:
Personal
Cosmetics/Hair Care:
Music/Technology:
Gifts:
Pocket Money:
Cell Phone:
Other:
Personal total:
Food
Restaurants/Eating Out:
School Lunch/Snacks:
Food total:
Clothing
Clothes:
Sports Jerseys / Apparel
Clothing total:
Recreation
Movies:
Concerts:
Sporting Events:
Other:
Recreation Total:
$Monthly Income - $Monthly Outgo = $Zero!
…
…
The Student Budget (1/ 3)
Part 1
Directions: Use the attached budget form or the budgeting tool located on foundationsU.com to cre- ate three zero-based budgets: one for each student described below and a personal one based on your income (this may include a regular allowance from your parents) and expenses. Fill in all income and expenses on the form with the information provided. Remember to compute net pay by taking 20% out for taxes.
1 Marcus, a high school student, works at a lumber yard ma king $10.50 an hour. With his academic and
sports schedule, he is able to work 25 hours a week. He can pick up extra hours, but not consistently.
Marcus lives at home, so he has very few bills. He is responsible for his cell phone bill, which is $65 a
month. He pays for his auto insurance, which is $1,200 a year, and he pays for gas, maintenance and
repairs on his car. Lastly, Marcus is responsible for his spending money. He has a fully funded emergency
fund of $500 but has a goal of saving additional money for new tires. (As a high school student, assume that
groceries, health insurance and utilities are expenses covered by his parents.)
2
Jenna works at the grocer y store and earns $9 an hour. She is busy with extracurricular activities and only works 20 hours during the week. However, she picks up an eight-hour Sunday shift once a month, for which she earns time and a half. Jenna also lives at home and has health insurance under her mom’s plan. She is expected to pay for her own car repairs, maintenance and gas, as well as her auto insurance, which costs $1,000 a year. Jenna wants to take a trip to Mexico with her friends next year, which will cost $1,500.
3
Create a zero-based budget based on your own income (may include allowance or part-time job).
MAKE 3 COPIES OF THE STUDENT BUDGET ON PAGE 2.!!!!!
Start Here to begin your journey toward financial success
Giving
Charity:
Other:
Giving total:
Transportation
Gas:
Car Insurance:
Oil Changes:
License & Taxes:
Transportation total:
Saving
Emergency Fund:
College:
Car & Repairs:
Computer:
Other:
Saving total:
Personal
Cosmetics/Hair Care:
Music/Technology:
Gifts:
Pocket Money:
Cell Phone:
Other:
Personal total:
Food
Restaurants/Eating Out:
School Lunch/Snacks:
Food total:
Clothing
Clothes:
Sports Jerseys / Apparel
Clothing total:
Recreation
Movies:
Concerts:
Sporting Events:
Other:
Recreation Total:
$Monthly Income - $Monthly Outgo = $Zero!
…
Answers
GPT-4o mini
To create the zero-based budgets for Marcus, Jenna, and yourself, we will calculate their monthly incomes after taxes, list their expenses, and ensure that their total income equals total expenses, thereby achieving a zero balance.
### 1. Marcus's Budget
**Income Calculation**
- Hourly Wage: $10.50
- Hours Worked Weekly: 25
- Weekly Income: $10.50 * 25 = $262.50
- Monthly Income (4 weeks): $262.50 * 4 = $1,050.00
- Taxes (20%): $1,050.00 * 0.20 = $210.00
- **Net Monthly Income**: $1,050.00 - $210.00 = $840.00
**Expenses**
- Cell Phone Bill: $65.00
- Auto Insurance: $1,200/year = $100/month
- Gas (Estimate): $100.00
- Maintenance and Repairs (Estimate): $50.00
- Spending Money (Estimate): $250.00
- Saving for New Tires (Estimate): $100.00
**Total Expenses**:
- Cell Phone + Auto Insurance + Gas + Maintenance + Spending + Savings
- $65 + $100 + $100 + $50 + $250 + $100 = $665.00
**Budget Summary**:
```
Income:
Monthly Income: $840.00
Expenses:
Cell Phone: $65.00
Auto Insurance: $100.00
Gas: $100.00
Maintenance/Repairs: $50.00
Spending Money: $250.00
Savings for Tires: $100.00
Total Expenses: $665.00
Net Income - Total Expenses = $840 - $665 = $175.00 (Can allocate to savings)
```
---
### 2. Jenna's Budget
**Income Calculation**
- Hourly Wage: $9.00
- Hours Worked Weekly: 20
- Weekly Income from regular shifts: $9.00 * 20 = $180.00
- Monthly Income from regular shifts (4 weeks): $180.00 * 4 = $720.00
- Income from Sunday shift: 8 hours at time and a half (1.5 = $13.50): $13.50 * 8 = $108.00
- **Total Monthly Income**: $720.00 + $108.00 = $828.00
- Taxes (20%): $828.00 * 0.20 = $165.60
- **Net Monthly Income**: $828.00 - $165.60 = $662.40
**Expenses**
- Auto Insurance: $1,000/year = $83.33/month
- Gas (Estimate): $100.00
- Maintenance and Repairs (Estimate): $50.00
- Trip Savings: $1,500/12 months = $125.00
- Spending Money (Estimate): $150.00
**Total Expenses**:
- Auto Insurance + Gas + Maintenance + Trip Savings + Spending Money
- $83.33 + $100 + $50 + $125 + $150 = $508.33
**Budget Summary**:
```
Income:
Monthly Income: $662.40
Expenses:
Auto Insurance: $83.33
Gas: $100.00
Maintenance/Repairs: $50.00
Trip Savings: $125.00
Spending Money: $150.00
Total Expenses: $508.33
Net Income - Total Expenses = $662.40 - $508.33 = $154.07 (Can allocate to additional savings)
```
---
### 3. Personal Budget
Create a personal budget based on your own income. Please provide your income details and expenses, and I can help you calculate it similarly to what was done for Marcus and Jenna. For the sake of example, let's say you earn an allowance of $200 and your expenses include:
- **Income Calculation**
- Allowance: $200
- **Net Monthly Income**: $200
**Expenses** (Example):
- Cell Phone: $50.00
- Transportation: $50.00
- Entertainment: $30.00
- Food: $40.00
- Savings: $30.00
**Total Expenses**:
- $50 + $30 + $50 + $40 + $30 = $200
**Personal Budget Summary**:
```
Income:
Monthly Income: $200.00
Expenses:
Cell Phone: $50.00
Transportation: $50.00
Entertainment: $30.00
Food: $40.00
Savings: $30.00
Total Expenses: $200.00
Net Income - Total Expenses = $200 - $200 = $0.00 (Balanced Budget)
```
Feel free to adjust any parameters as per your realistic situation!
### 1. Marcus's Budget
**Income Calculation**
- Hourly Wage: $10.50
- Hours Worked Weekly: 25
- Weekly Income: $10.50 * 25 = $262.50
- Monthly Income (4 weeks): $262.50 * 4 = $1,050.00
- Taxes (20%): $1,050.00 * 0.20 = $210.00
- **Net Monthly Income**: $1,050.00 - $210.00 = $840.00
**Expenses**
- Cell Phone Bill: $65.00
- Auto Insurance: $1,200/year = $100/month
- Gas (Estimate): $100.00
- Maintenance and Repairs (Estimate): $50.00
- Spending Money (Estimate): $250.00
- Saving for New Tires (Estimate): $100.00
**Total Expenses**:
- Cell Phone + Auto Insurance + Gas + Maintenance + Spending + Savings
- $65 + $100 + $100 + $50 + $250 + $100 = $665.00
**Budget Summary**:
```
Income:
Monthly Income: $840.00
Expenses:
Cell Phone: $65.00
Auto Insurance: $100.00
Gas: $100.00
Maintenance/Repairs: $50.00
Spending Money: $250.00
Savings for Tires: $100.00
Total Expenses: $665.00
Net Income - Total Expenses = $840 - $665 = $175.00 (Can allocate to savings)
```
---
### 2. Jenna's Budget
**Income Calculation**
- Hourly Wage: $9.00
- Hours Worked Weekly: 20
- Weekly Income from regular shifts: $9.00 * 20 = $180.00
- Monthly Income from regular shifts (4 weeks): $180.00 * 4 = $720.00
- Income from Sunday shift: 8 hours at time and a half (1.5 = $13.50): $13.50 * 8 = $108.00
- **Total Monthly Income**: $720.00 + $108.00 = $828.00
- Taxes (20%): $828.00 * 0.20 = $165.60
- **Net Monthly Income**: $828.00 - $165.60 = $662.40
**Expenses**
- Auto Insurance: $1,000/year = $83.33/month
- Gas (Estimate): $100.00
- Maintenance and Repairs (Estimate): $50.00
- Trip Savings: $1,500/12 months = $125.00
- Spending Money (Estimate): $150.00
**Total Expenses**:
- Auto Insurance + Gas + Maintenance + Trip Savings + Spending Money
- $83.33 + $100 + $50 + $125 + $150 = $508.33
**Budget Summary**:
```
Income:
Monthly Income: $662.40
Expenses:
Auto Insurance: $83.33
Gas: $100.00
Maintenance/Repairs: $50.00
Trip Savings: $125.00
Spending Money: $150.00
Total Expenses: $508.33
Net Income - Total Expenses = $662.40 - $508.33 = $154.07 (Can allocate to additional savings)
```
---
### 3. Personal Budget
Create a personal budget based on your own income. Please provide your income details and expenses, and I can help you calculate it similarly to what was done for Marcus and Jenna. For the sake of example, let's say you earn an allowance of $200 and your expenses include:
- **Income Calculation**
- Allowance: $200
- **Net Monthly Income**: $200
**Expenses** (Example):
- Cell Phone: $50.00
- Transportation: $50.00
- Entertainment: $30.00
- Food: $40.00
- Savings: $30.00
**Total Expenses**:
- $50 + $30 + $50 + $40 + $30 = $200
**Personal Budget Summary**:
```
Income:
Monthly Income: $200.00
Expenses:
Cell Phone: $50.00
Transportation: $50.00
Entertainment: $30.00
Food: $40.00
Savings: $30.00
Total Expenses: $200.00
Net Income - Total Expenses = $200 - $200 = $0.00 (Balanced Budget)
```
Feel free to adjust any parameters as per your realistic situation!