If you have a budget for a category but you don\'t have a monthly actual you must add to the budget

INSTRUCTIONS TO CANDIDATES

ANSWER ALL QUESTIONS

Real Life Budget

Develop a real life budget using your career entry level salary.  Must use after tax income.

Breakout will be as follows:

⦁ 10% Savings and Investments

⦁ 10% Big purchases-Things like tv, car, vacation

⦁ 5-10% Education

⦁ 55-60% Life necessities

⦁ 10% Fun

⦁ 5-10% Charity

Example budget for your use to help determine catagories:

Monthly-Budget-Spreadsheet-for-Young-Adults.pdf 

Budget Spreadsheet will be for one calendar year (12 months) must include:

⦁ Budget vs Actual by month with a Year to Date column

⦁ In the Difference column you must conditional format so that it's green if your under budget and red if your over budget

⦁ If you have a budget for a category but you don't have a monthly actual you must add to the budget for the following month.  For example if you put in $200 for car repairs per month and you don't have car repairs for January the February budget would be $400, Make sure your budgets reflects the true amount each month as a running total.  Meaning that if we use the same example and February has $400 in the budget and car repairs cost $600 in the red.  In March you would budget $200 and you were in the red for $200 so after March you Actual vs Difference would be $0

⦁ Use the following information to complete some of your costs:

⦁ Rent

⦁ New Car

⦁ Used Car $350

⦁ Car insurance 

⦁ Utilities $175

⦁ Groceries $175 per person

⦁ Medical Insurance, copays and prescriptions $85 Budget

⦁ Medical premiums (what you pay per month) $65 Actual.  Doesn't include Copay or Prescriptions

⦁ All other items you will need to look through the internet to get

⦁ Gasoline

⦁ Repairs for Car

⦁ Gym Membership

⦁ Cell phone

⦁ Cable and Internet

⦁ Renter insurance $25 if you decide to buy

⦁ Entertainment

⦁ Any other items that you think you might need to include.

These real life events will happen during the year.  Account for them in your spreadsheet.

⦁ In March and October you went to the doctor and had a $25 copay and a $22 prescription.

⦁ April your car breaks down and costs $1,200

⦁ In June you take a vacation that costs you $1,500

⦁ You took a side job in May and made an additional $500

⦁ November your car needs new tires $800

⦁ December you need an additional $300 for Christmas Presents

Sample of a student's spreadsheet:

Final Real Life Budget.pdf 

Attachments:

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