Personal Budget
Each one of us can benefit from putting together a personal budget on a monthly basis, and trying to stick to it in order to meet whatever financial objectives you set out for yourself. In this Assignment, you will be tasked with putting together a personal budget for yourself. Your budget along with the written portion of your assignment should be about 5 pages total. Fill out the budget to the best of your ability. For purposes of this assignment, you can use “fake” numbers, but go through the budget as detailed as possible to get an overall idea on how to put together one. After creating your budget, please answer the following questions: 1. What were the most difficult and easiest aspects of putting together this budget? My answer trying to figure out how much money is spent. I need to be more organized 2. What did you learn about yourself after completing your budget? I need to cut down on miscellaneous expenses and I should try to eliminate my credit card debt 3. How useful do you believe a budget would be in your personal finances? Is not very useful because I’m not organized. 4. What are the advantages and disadvantages to having to abide by a strict budget? Advantages will be I would probably save more money and disadvantages would be I don’t like to penny pinch.
My Budget Monthly Budget Monthly Income: $7,200.00 Expenses Amount: $ 6,060.00Total Home • Mortgages 1900
• Maintenance $100 • Property taxes $385.00 =$2,385.00
Car • Payment $400 • Insurance $180
• Gas $100.0 • Tolls $75.00 = $755
Utilities • Electric bill $150 • Water bill $120 • Cell phone bill $250 • Cable/intemet $200.00
= $720
Food • Groceries $400 • Restaurants $250.00 = $650
Personal • Clothes $200 • Grooming $100 • Medical $50
= $350
Other • Gifts $200 • Entertainment $200 • Vacation $200
• Entertainment $200 • Vacation $200 • Credit cards $600 =$1200 Total $6,060 Income $7,100 – Expenses $6,060 = $1,140.0 Unbudgeted income
In addressing the your signature assignment, add examples