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

o Used Car $350

o Car insurance https://www.valuepenguin.com/average-cost-of-insurance (Links to an external site.)

o Utilities $175

o Groceries $175 per person

o Medical Insurance, copays and prescriptions $85 Budget

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

o 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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