tealllama6747608Lv1

16 Mar 2023

Budgeting

Directions:

Using the following budget table (make copies if needed) determine if the financial goals of the characters in each scenario can be met.

 

Income
Salary #1
Salary #2
Total Income
Expenses

Rent
Transportation
Costs
Food
Entertainment
Miscellaneous

Total Expenses
Total Income - Total Expenses (Gross Profit/Loss)

 

George is a single father of three girls. He works as an electrician and makes $ 2100.00 a week. He rents a three bedroom apartment for $ 1250.00 a month, including utilities. He spends $250 a month on phone, cable and internet, $ 550.00 on groceries and gives his daughters $ 50 each a month for toiletries. His oldest, Hannah, will be starting university in September and George is hoping to buy her a car so that she can get tō and from school. He is budgeting to put $ 5000.00 down on the car and make monthly payments of $ 450.00. His own car is paid off and he spends about $ 350.00 a month in gas. His youngest daughter, Elena, plays the piano and that costs him $ 200 a month and his middle daughter Elizabeth plays hockey and that costs $ 350.00 a month. It is January. Will George be able to save enough money to buy his daughter a car by August?

Darnel and Shauvanne have been married for 4 years. Shauvanne is a dental hygienist and makes $40.00 per hour and works 30 hours per week. Darnel is a hotel manager and brings home $ 1250 per week. They own a semi-detached home in a middle class neighbourhood where their mortgage is $ 1200 per month. Utilities, phone, cable and internet cost $ 650. Car payments are $ 875.00, and gas is another $ 350.00. They have twin 3 -year old boys named Grayson and Greg. who go to daycare every morning. Their paternal grandmother takes care of them in the afternoons. Daycare costs Shauvanne and Darnel $ 1500.00 a month. Their grocery bills are particularly high because they just found out that Grayson has significant allergies, including to dairy and gluten so they have to buy specialty foods for him. Their minimum monthly grocery bill is $ 600.00. Shauvanne and Darnel have date night once a month where they go to dinner and a movie. This costs $115.00. They also pay Darnel's niece, who is saving for college, $40.00 to watch the twins for 4 hours. Darnel and Shauvanne want to take the boys to Disney World on their 4th birthday which is 8 months away. They plan on driving to save money, but they still need $4500 for the total cost of the trip. Can they afford it?

Veronica and Jasmine are twin sisters. They recently bought a townhouse together because they knew that they couldn't afford to buy one on their own. They live in a small community where cost of living is less, but so are incomes. Veronica works as a hair stylist and makes about $ 800.00 a week and Jasmine is a store manager and brings home just a bit more, $ 900.00 a week. Their mortgage payment is $ 950.00 a month and utilities, phone, cable and internet cost an additional $ 600.00. Their grocery bill is approximately $ 600.00 a month because both girl enjoy entertaining and having friends over. Veronica is paying off her student loan from hair stylist school and that costs an additional $ 156.00 per month. Their car payments are $ 800.00 per month and their gas is only $ 150.00 as everything is located so close together. They are hoping to go to Cuba with some friends for a week in November. The cost of the trip is $ 685.00 each. November is four months away. Will they be able to save enough in time?