Making a personal budget can be a very simple or a very arduous task, depending on how one goes about it. One must find stable monthly expenses, such as rent, and manage the rest of their income around that amount. Depending on the steps an individual takes, this can be a very simple process. For this project, I was assigned to make three personal budgets for three different situations. This paper will outline the first. In this scenario, I am an English teacher and a novelist in Baton Rouge, Louisiana. The sales tax in this state is 7%. My gross income is $55, 050 with my teaching job. This number was reached because it was the national average income of a high school teacher in 2012. With this number, I fit into the tax bracket of “over $36, 900 but not over $89, 350.” With this tax bracket, an individual deducts …show more content…
For Netflix’s unlimited streaming I will pay $20 a month. I will allot $50 for going to the movie theatre and another $50 for live theatre. $70 was allowed for the purchase of videogames, $50 for the purchase of books. I will also allow $20 for the purchase of art supplies. With a total of $260 allotted each month for entertainment (another flexible expense), it leaves $1, 105 for the monthly budget. Each month, I will allot $100 each month for paying off student loans. I will also pay $50 in a given month to pay off my credit card. I will pay a $100 retainer fee for an attorney that will deal with any legal dealings with my novels. I will allot $20 each to three local charities of choice each month. This will leave $795 to spend each month. After paying off all of my bills, I will put my remaining money into three accounts. The first, I will allow $50 to my retirement account each month. I will put $190 into a Christmas fund each month in order to save up for Christmas gifts. Finally, I will put $305 in a savings account each month. This will eliminate my monthly
On January 14, 2015 the Local Finance Board (LFB), which is part of the Division of the Local Government Services in the State of New Jersey adopted Rule: N.J.A.C. 5:30-3.8, which requires municipalities in the State to complete on an annual basis a User-Friendly Budget document. As a result of this new requirement, for fiscal year 2015 beginning with calendar year municipalities (January 1 to December 31), New Jersey municipalities must submit as part of their annual budget package to the State, a User-Friendly Budget document. Additionally, the State of New Jersey is requiring that municipalities incorporate the User-Friendly Budget into the introduced municipal budget, as well as the final adopted municipal budget. Therefore with this requirement
Include any rent you may owe to previous landlords, this way we can assist you eliminating that debt prior to exiting shelter
By being constrained to only a certain amount of money made me more cautious about the quantity of products that I was buying and what brand the products were. By budgeting it made me realize that going to big name grocery stores isn’t always the most ideal option, such as Walmart and Meijer tend to be more expensive where Family Fare and Aldi’s are fairly more on the cheaper side when it comes down to prices. I realized that shopping at Family Fare and Aldi’s is more convenient for people to shop at when trying to save money and way more affordable while on a budget. While being constrained it made me find out how much cheaper the off brand products are rather than the name brand ones, which is surprisingly different when the product is basically
• Not budgeting is one of the most overlooked financial mistakes. You need to know exactly how much money comes in and out at least on the weekly basis. To explain, you must find out exactly how much money you bring home, separate the money in categories to cover those expenses and finally stick with the plan.
To get a handle on those extras, you'll want to put together a monthly budget that estimates your costs. Be sure to include:
One thing to keep in mind about the budgeting process is the importance of making educated decisions in not only what you buy, but also where you buy it. Things like sale shopping for clothing, or buying food in bulk can make a huge difference when taking a budget into consideration. Something as simple as checking the price of an item in two stores or checking the quantity price can save so much in a
Budgets are an important part of personal financial responsibility because it helps control what your spending. It will help identify wasteful expenditures such as everyday take-out and buying expensive clothing, it also helps to adapt quickly as your financial situation changes, For example being in debt, and achieve your financial goals. A budget can help understand your spending habits. For example: By figuring out where your money is going, you’ll be more aware of where you need to cut back to pay off your debt and contribute to saving. Budget is important because it can help you to stop living paycheck to paycheck. By creating a personal budget, you can to see how much money you are spending throughout the month.
Quantitative plans are called budgets. Budgets are prepared to impose cost controls on the activities of an organization (Chenhall, 1986).Budgets are then used to evaluate the performance of the management and budget itself is considered as a standard to evaluate the performance Solomon, 1956). The purpose of the budget is also to implement the strategy of the organization and communicate it to the employees of the organization Rickards (2006). The change in the external environment has led to the change in the budgeting approaches from the initial cash based budgets to the zerio based budgets (Bovaird, 2007).
Before you can even dream about saving money you must first create a budget and find out where all of your money is going. This doesn’t mean you have to count every penny you spend every day, just sit down and take some time to track your money and decide where it all goes and which bills are more important tha...
While taking this class (Family and Personal Financial Planning), I start to realized how important is my budgets. This class helps make me pay more attention into my income and my spending budgets. This class makes me look back into my checking and my saving, how much I can spend on each month and how much should I need to save. After chapter 3 about budgets, I had signed up a moneys tracking with my bank account online to help me see how much I spend on each month and spend on what. There is a surprise for me, after I signed up for the money tracking, my tracking money account showed that I spend most of my money for eating out. I am looking back into the past couple months, I had spent around $300 to $400 each month just for eating out. Therefore, I become very careful with my budgets, I start to control mine eat out budgets and start to set a budget for
Sit down to create a budget spreadsheet, have columns set up for dates or week 1, 2,3,4 so that you know how much you need to allot in finances towards needs each week. On the left hand side list out your monthly bills and daily needs. Consider rent, gasoline, college supplies, food and other consistent bills you may have on a regular basis. Calculate each bill down to a weekly number, match weeks 1, 2, 3 and 4 with that total. If you get paid bi-weekly or monthly, adjust the week columns appropriately. Stand fi...
In conclusion always think about how to spend your money rather than how to earn. Be cautions of products and think of how much you want to spend on a specific product always asses what you need and this of how to refrain from impulse buying. Don’t deprive yourself from buying what you love, instead budget yourself and think according. Separate you necessities from other luxuries. If you balance out your spending and savings saving money would definitely get easier. Saving money is being able to control and know how to spend your money wisely.
Saving money brings security for any future expenses. The earlier in life an individual begins to save, the better they will be set financially in the years to come. There are several reasons why it is important to save money. A few of these reasons are for emergencies, retirement, and simply for luxury spending. Having money will benefit each of these examples.
Learning to budget comes in handy with resourcefulness as well. I have been forced to be on a budget as in, I have no choice but to budget my own money out, I have learned how save. That way, I am hoping when I am older and in my work force and my budget is not as tight as it is while I am a college student, I will make smarter financial decisions. I will learn independence, like I said I am so use to being around my parents, being away from them is showing me how to be by myself. I am the sole person responsible for me 24 hours a day, 7 days per week. I have learned to prioritize my tasks, I learned to switch my paste. Often times I have to do more than one thing at a time. I know what needs to be done and when it needs to be done. I learned to schedule my time based on the task at hand and get things done based on the level of importance. I have learned to work with others from a lazy person to someone who wants to control everything. I now know how to deal with others and have adapted to skill sets required in every workplace. All these skills are something that I could use in my work field. I learn creativity and innovation from my college experience and my interaction with my
For this assignment, I had to create a monthly budget for a family in Oswego, Illinois. I choose this location because this is my hometown and also because it has the lowest crime. The family included a single mother of 3 children and the mother consistently brings home $2000 per month. I started this project by looking for a house that was affordable for the family’s budget. I found a nice house that had 4 bedrooms, 1 bathroom, and it was 2 stories. The mortgage on the house was $84,500, and so that makes it $399 per month. I think this is a great price for this family’s budget because it is a good size family house and it is a reasonable price for her income. How I found the insurance on the house was by trying to find the average cost of homeowners in Illinois which is $70.56. Then how I found the property tax was by trying to find the average cost in Kendall County, Illinois which was 2.16%. The calculation included the mortgage which was $84,500 and then multiplied the average property tax which was 2.16 and that equaled to $1,825.2 per year. However, I needed to find the price per month and so I found that by 1,825.2 divided by 12 and that equaled $152.1 per month.