Create a Budget

timer Asked: Oct 22nd, 2018
account_balance_wallet $9.99

Question Description

Zero-Based Budget Activity

For this assignment, you will modify and construct two budgets based on two case studies. You will also create your own budget. To complete this activity:

  1. Download the Student Budget Form .docword documentor .rtf or use the budgeting tool on foundationsU to complete 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.

  2. Student Scenario One

    Marcus, a high school student, works at a lumberyard making $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.)

    *Remember to compute net pay by taking 20% out for taxes.

    Student Scenario Two

    Jenna works at the grocery 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.

    *Remember to compute net pay by taking 20% out for taxes.

    Your Personal Budget

    Create a zero-based budget based on your own income (may include allowance or part-time job).***** I get a $700 a week from work.

    *Remember to compute net pay by taking 20% out for taxes if you have a job.

  1. Complete all income and expenses on the budget form with the information provided in the scenarios.
  2. After completing all three budgets, answer the following questions in a minimum of one paragraph each.
    • Explain how writing a monthly budget helps you manage spending.
    • Explain how writing a monthly budget helps you achieve financial goals.

Tutor Answer

School: UT Austin

please find the attached files. always a pleasure. good bye

Running head: BUDGET MAKING


Budget Making



Explain how writing a monthly budget helps you manage spending
Effective spending is guided by having a monthly budget. It reduces chances of
overspending that can make you run into financial deficits. A budget is a plan of how money will
be spend and how saving will be accomplished. A budget will always ensure that you have
enough money for...

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