Budget Work File
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Budget Series Work File
Please answer all of the following questions as you work through the Budget Series. Do not submit your work file until you are done with all the assignments.
Activity 1: Career Path
1. Which career path did you choose? University
2. How much are you going to take home each month? $1000.00
3. Which career path will likely give you the largest income in the future? $25k – $40k per year
Activity 2: Housing Expenses
1. Which housing package did you choose? Package one
2. What is the cost of your housing package? $350 per month
3. What was the main factor that helped you decide on your package choice? Price and location
4. What is a mortgage? A home loan for buying a home.
5. Explain the benefits of owning vs. renting. When you own you will have something to show for your money in the future; something that will be yours. Renting you just give your money away to someone for a place to live, you do not have to do any repairs or upgrades but it will never be yours.
Activity 3: Furnishings
1. Which furnishing package did you select? Package one
2. What is the cost of your furnishing package? $500.00 or $50 per month
Activity 4: Utilities
1. How much is your electricity bill? $85.00
2. How did you arrive at the figure for number 1? $65 basic, $10 washer and dryer, and $10 for colder room.
3. Is there anyway you can reduce your bill? Dont keep the room so cold.
4. How much is your telephone bill? $50.00
Activity 5: Food Costs
1. YOU MUST COMPLETE ALL 21 SLOTS. You may choose to eat out. Simply enter “Out” for that cell and then list the restaurant you plan to eat at.
Breakfast
Lunch
Dinner
Snacks
Monday
Bagel & cream cheese, and Milk
Sandwich, chips and soda
Hotdogs
French fries
Popcorn
Tuesday
Cereal
Spaghetti
Ice cream
Wednesday
Bagel and Cream cheese and milk
Left over spaghetti
Chicken fingers
Veggies
Thursday
Cereal
Sandwich chips and soda
Popcorn
Friday
Bagel and cream cheese and milk
Sandwich
TV dinner
Saturday
Bagel and cream cheese and milk
Hamburger fries
Ice cream
Sunday
Hotdogs and
Mac and cheese
Grilled chicken breast, veggie,
lemonade
popcorn
2. Create your grocery list based on the meals listed in number 1. Remember to include the ingredients required to make dishes.
3. Which package did you choose? Why? Package B it is the one most like what I want to eat.
4. How much does your chosen package cost? $180.00
Activity 6: Transportation
1. Did you choose public transportation or a car? Why? Public transportation, I will be staying close to school and I do not need the extra expense of buying a car now.
Only answer numbers 2 and 3 if you chose public transportation.
2. If you chose public transportation, write the cost here. $40.00
3. If you chose public transportation, please address the following issues in a sentence or two each.
a. How are you going to deal with grocery shopping? I will be riding in a cab so I can put the groceries in the car.
b. How are you going to go out with friends/go out on dates? I will be riding with my friends and if the date does not have a vehicle we will walk or ride in a cab.
c. Name one additional opportunity cost of using public transportation. No car payment, no gas, no insurance, and no maintance
Only answer numbers 4-10 if you chose to buy a car.
4. If you chose to buy a car, what make and model of a car did you choose?
5. What is your monthly payment? Three- or five-year payment plan?
6. What is your gas and oil cost?
7. What is your insurance cost?
8. What is your monthly license fee?
9. What is the amount you spend on maintenance per month?
10. What are your total transportation costs? (Add numbers 5-9 to get this answer.)
Activity 7: Personal and Miscellaneous Expenses
1. What were your medical expenses/savings? $40.00
2. What were your