Budgeting 1

Running head: Budgeting and Personal Finance

Budgeting and Personal Finance

Hassan Rizvi
CTU Online
Brenda A. Carey
INTD111-0803B-79
09-06-2008

Budget Worksheet of Hassan & Samar

Yearly
Jan Feb March April May June July Aug Sept Oct Nov Dec Total
 Budgeting 2

Income
Wages (Hassan) 1320 1320 1345 1365 1345 1320 1320 1365 1420 1335 1365 1410 16230
Wages (Samar) 1260 1260 1180 1260 1220 1200 1260 1060 1260 1260 1260 1260 14740
Loans 0 0 0 0 0 0 0 1178 1178 1178 1178 1178 5890
TOTAL INCOME 2580 2580 2525 2625 2565 2520 2580 3603 3858 3773 3803 3848 36860

Housing
Rent 665 665 665 665 665 665 825 825 825 825 825 825 8940
Water Bill 68 63 67 67 68 70 69 66 69 67 69 70 813
Electric Bill 110 112 120 127 138 144 149 139 145 132 112 108 1536
Telephone 34 34 34 34 34 34 34 34 34 34 34 34 408
Cell Phone 73 73 73 73 73 73 73 73 73 73 73 73 876
Internet Connection 35 35 35 35 35 35 35 35 35 35 35 35 420
TV Cabel 89 89 89 102 102 102 102 89 89 99 99 99 1150
Housing totals 1074 1071 1083 1103 1115 1123 1287 1261 1270 1265 1247 1244 14143
Daily living
Groceries 220 180 200 210 195 150 225 210 180 200 195 200 2365
Toiletries 65 45 40 75 55 42 70 50 32 75 70 75 694
Daily living totals 285 225 240 285 250 192 295 260 212 275 265 275 3059
Transportation
Car Loan 320 320 320 320 320 320 320 320 320 320 320 320 3840
Gas/fuel 120 110 115 125 115 120 115 100 105 130 115 120 1390
Insurance 114 108 108 108 108 108 114 107 107 107 107 107 1303
Repairs 0 0 0 825 0 0 0 0 195 50 50 50 1170
Parking 0 0 0 0 0 120 10 15 20 20 20 20 225
Public transportation 60 60 60 60 60 60 60 60 60 60 60 60 720
Transportation totals 614 598 603 1438 603 728 619 602 807 687 672 677 8648
Entertainment
Movies/plays 22 22 22 22 22 22 22 22 22 22 22 22 264
Restaurants 75 75 75 75 0 75 75 75 75 75 75 75 825
Entertainment totals 97 97 97 97 22 97 97 97 97 97 97 97 1089
School Related
Tuition 0 0 0 0 0 0 0 1335 1335 1335 1335 1335 6675
Books 0 0 0 0 0 0 0 50 0 50 50 50 200
Computer Install: 0 0 0 0 0 0 0 300 300 300 300 300 1500
School totals 0 0 0 0 0 0 0 1685 1635 1685 1685 1685 8375

Personal
Clothing 0 0 50 0 50 0 0 0 25 25 25 25 200
Gifts 0 0 0 0 0 50 0 0 25 25 25 25 150
Salon/barber 20 120 20 20 20 120 20 120 50 50 50 50 660
Dry Cleaning 35 40 55 30 35 50 40 45 50 50 50 50 530
Coffee 50 50 50 50 50 50 50 50 50 50 50 50 600
 Budgeting 3

Personal totals 105 210 175 100 155 270 110 215 200 200 200 200 2140
Financial obligations
Medical Insurance 135 135 135 135 135 135 135 135 135 135 135 135 1620
Credit card payments 250 250 250 250 250 250 250 250 250 250 250 250 3000
Financial totals 385 385 385 385 385 385 385 385 385 385 385 385 4620

TOTAL INCOME 2580 2580 2525 2625 2565 2520 2580 3603 3858 3773 3803 3848 36860
TOTAL EXPENSES 2560 2586 2583 3408 2530 2795 2793 4505 4606 4594 4551 4563 42074
Cash extra/(short) 20 (6) (58) (783) 35 (275) (213) (902) (748) (821) (748) (715) (5214)

Budgeting and Personal Finance

I have developed my own budget work sheet for the first time ever and after finishing that, we
realized many things and the most important thing in our whole budget worksheet is that we are spending
more money than we are earning.
For the 1st time ever we have separately written everything, like the water bill. We have never
compiled our water bill ever and now after budget worksheet it has amazed us that we are spending $800/-
 Budgeting 4

only at water billing and in housing expenses we have noticed that we are paying to different companies for
our home phone, cell phone, internet connection and TV cable, so we have decided to combine all of the
above with one company with any bundle package rather than having four companies and hopefully it will
be cheaper than paying to different companies.
We also noticed that sometimes Samar work less hours in week and that’s effects the whole earning,
so Samar should be constant to go on work on time and to complete her hours to get a good check and from
now onwards, we have to save money every month, so whenever an expense comes like a car repair or any
medical situation happens. We have to prepare ourselves for that and we have to curtail our whole expenses
as much as we can because we are spending more, than we are earning and hopefully after this degree of
Medical billing and coding our earning will go up and we will be able to manage our budget for future.