Professional Documents
Culture Documents
Retirement Savings
Net Monthly Salary:
$61,200.00
$5,100.00
$765.00
$346.80
$73.95
$510.00
$3,404.25
College Attended:
Tuition per Semester:
# of Semesters:
Total Tuition Cost:
Iowa State
$7,731.00
8
$61,848.00
Income Tax
Social Security Tax
Medicare Tax
Instructions
Look up - MUST be under $100,000
Divide salary by 12
Multiply monthly salary by 15%
Multiply monthly salary by 6.8%
Multiply monthly salary by 1.45%
Multiple monthly salary by 10%
Subract rows 7 - 10 from monthly salary
College
Look up online
Look up online
Estimate
Estimate
$40,000.00
6.8%
10
$470.21
Instructions
Fill in from realtor.com website
Fill in from realtor.com website
Multiply house amount by 5%
House Price
House City/State:
Down Payment:
Loan Amount:
Interest Rate:
# of Years:
Mortgage Payment:
$560.00
$280.00
If your monthly rent is different from your total rent, explain here (living with roomies, parents, etc.):
I will be living with one roomate in my apartment.
Car Amount:
Down Payment:
Loan Amount:
Loan Amount:
Interest Rate:
# of Years:
Car Payment:
Auto Insurance
Car Payment:
Insurance Amount:
Instructions
Fill in from dealer website
Car amount multiplied by 20%
Subtract down payment from car amount
Fill in from above
Fill in from above
Fill in from above
Use payment function to calculate
I plan to use a bike to transport myself from class to class on campus. During the Winter I will use
a shuttle in the University.
T-Mobile
$70.00
My cell phone plan will include:
5 GB of Cellular Data
Xfinity
$39.99
My plan will include:
25 Mbps
Variable Expenses
Expense
Source
Utilities
$43.84
Food/Groceries
$250.00
Estimate
Clothing
$200.00
Estimate
Personal Care
$70.00
Estimate
Recreation/Entertainment
$100.00
Estimate
Donations/Charity
$30.00
Estimate
Repairs
$80.00
$773.84
Monthly Budget
Prepared by: Emily Sarvis
Career: Chemistry Teacher
Salary
Monthly Salary =Career!B6
Income Tax =Career!B7
Social Security Tax =Career!B8
Medicare Tax =Career!B9
Retirement Savings =Career!B10
Net Monthly Salary: =Career!B11
Expenses
Fixed Expenses:
Mortgage/Rent =Housing!B27
Student Loan =Career!B24
Cell Phone Bill ='Other Fixed Expenses'!B4
Cable/Internet Bill ='Other Fixed Expenses'!B15
Total Fixed Expenses: =SUM(B14:B17)
Variable Expenses:
Utilities ='Variable Expenses'!B4
Food/Groceries ='Variable Expenses'!B5
Clothing ='Variable Expenses'!B6
Personal Care ='Variable Expenses'!B7
Recreation/Entertain. ='Variable Expenses'!B8
Donations/Charity ='Variable Expenses'!B9
Repairs ='Variable Expenses'!B10
Total Variable Expenses =SUM(B20:B26)
=B18+B27
Total Expenses:
Surplus of Funds:
=B10-B28
Name:Emily Sarvis
Chemistry Teacher
Net Monthly Salary: $3,404.25
Budget Reflection
Explain the budget process. What is the purpose of putting together a budget? What does the process entail?
The purpose of creating a budget is to be able to have the knowledge of how much you can spend in certain things and so you will be able to know if you will be
saving money or losing it. This process entails adding up expenses and subtracting the total expenses from your net monthly salary.
Did you decide to buy a house or rent an apartment? Why? How did you go about deciding where to live?
I decided to rent an apartment because I thought I needed to be settled and in a good place before I decided to buy a house. I also wanted to have a roomate
because it would lower the expenses of the rent and it would allow me to make a good friend. I decided on Des Moines Iowa for my location because it is somewhat
in the area of Iowa State.
Describe each of your fixed expenses (student loan, car, cell phone, cable). Why did you choose what you did?
I chose to create a student loan because I do not believe that I will get either a full scholarship or be able to pay all of the expenses for college out of pocket. I chose
not to purchase a car because I would still be in school and the expense would be just a hastle. I chose to have a cell phone because I need to be able to get ahold
of teachers and/or friends. My last fixed expense was internet. I chose to get internet because I think it could be helpful with schoolwork.
Explain some of your variable expenses? What is different about variable expenses?
Some of my variable expenses are repairs and groceries. I chose to have repair expenses because I think that I will have to repair my bike several times and/or other
things that may happen. Variable expenses are different because they can change from a number of things.
What was your "surplus of funds"? Did you have to go back and lower any of your budgeted amounts? What will you do with your
surplus?
I did add some more expenses for repairs but I was never in the negative. With my surplus I will use it to save for a car and pay off student loans much faster.
What insight you have gained about the budget process and how you will take this knowledge with you in the future.
I have gained some insight on how much work it is to keep up with your expenses and what could happen if you dont. I will use this knowledge in the future because
I hope to start a job next year and a budget could help manage the money that I make.