Description
Assume you are working full-time earning a yearly income that is $1,000.00 above the official federal poverty line (make sure the amount is based on your current household. You will need to research the current amount of the federal poverty line on the U.S House and Human Services website. Based on this amount of income, develop a monthly budget. Please outline your numbers in your budget. Based on your budget, discuss the effect your income will have on your quality of life (e.g., the kind of housing and neighborhood in which you would live, food, entertainment, transportation, etc.)
Your original post must be at least 200 words
Explanation & Answer
Attached.
Income and Quality of Life
The current federal poverty line applying to my household is $21,330 since there is three
of us, with the added $1,000.00, I would have a total of $22,330. The monthly income will
therefore be 22,330/12 = 1,860
Monthly Budget for a Household of Three Family Members
Total Monthly Income
$1,860
Expenses
Amount
Income Percentage
Housing costs (mortgage payment and
$650
34%
Food
$...
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