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1 page/β‰ˆ275 words
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Subject:
Accounting, Finance, SPSS
Type:
Coursework
Language:
English (U.S.)
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Topic:

Budget Assignment: How to Improve a Budget

Coursework Instructions:

Joe's Budget Assignment
Explain how Joe can improve his budget. Create a realistic monthly budget for Joe using the information below.
Hint:
Distinguish between Joe's wants and needs, answering if Joe's income equals his expenses and what, if any, changes could Joe make to achieve a balanced budget.
Joe's Monthly Financial Profile:
A place to live (i.e. Joe doesn't like roommates)
Three meals a day
Joe has an old car that is paid for and gets 12 mpg
Car insurance is $30/month
The car breaks down occasionally and repairs average $50/month
Joe works 25 hr/week at min. wage
Joe has a school loan payment of $50/month
Joe likes to party
Joe belongs to a health club with $50/month dues
Joe likes to eat out 3 times/week
Joe's girlfriend lives 500 miles away and he calls her twice a week
Joe's job is 10 miles from school and he lives midway between school and work
Mom and Dad send Joe about $75-100 every 3 months
Joe has 2 credit cards with a total balance of $300
Joe goes to a concert or movie every 2 weeks

Coursework Sample Content Preview:
Joe's monthly income is approximately $1,275, and his monthly expenses are $1,345. Joe needs to make some changes to his budget in order to have a balanced budget. Joe's monthly expenses are:
Rent: $500
Food: $200
Car: $30 for insurance and $50 for repairs, for a total of $80
Gasoline: $60
Entertainment: $200
School loan: $50
Gym membership: $50
Phone: $50
Joe can improve his budget by looking at his wants and needs. He needs a place to live, food, transportation, and to pay his school loan. However, expenses for entertainment and health club are non-basic needs. He can cut back on his partying, eating out, and entertainment to save money. Some ways that Joe can make more money are by working more hours, getting a better-paying job, or asking his parents fo...
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