Mrs. Banks’s Budget Project

Career: Architect II in Austin, TX Annual Salary of $43,047 in the 25% federal

income tax bracket

Monthly Net Salary = $2,416.01

Mrs. Banks’s Information

Mrs. Banks’s House

Nice tile flooring throughout main living area Spacious eat in kitchen with lots of cabinet and

counter space Outside boasts a nice privacy back yard with

large deck.

3 bedrooms, 2 bath, 1364 sq ft, built in 2007, 2-car garage

Mrs. Banks’s House

TVM Solver ValueN 30*12I% 5.5PV 154900*.90PMT -791.55FV 0P/Y 12C/Y 12

Property taxes (2.5% of price) = $322.71 Homeowners insurance = $93.17 Base mortgage = $791.55 TOTAL Monthly cost = $1207.43

But I pay half since I have a roommate…

My monthly housing cost = $603.72!

More about my home…

Mrs. Banks’s Car

2010 Ford Mustang GT Premium for $22,780

Has a back-up camera, heated front seats, and it is a 1 CARFAX owner!

19k miles, automatic, Sterling Grey Metallic exterior, Stone color leather interior

V8, 4.6L engine, EPA mileage 17/23

Mrs. Banks’s Vehicle

Roughly $172.86 in gas each month Insurance for $128.75 per month Monthly payment of $377.31

TOTAL Monthly cost of $678.92!

More about my car…

TVM Solver ValueN 6*12I% 7.5PV 21288.12PMT -377.31FV 0P/Y 12C/Y 12

Water/Power: $177.32/2 = $88.66 per roomie Gas: $54.56/2 = $27.28 per roomie Cell phone: $80 Cable/Internet = $129.99/2 = $64.99 per roomie

or $32.50 for each service

Mrs. Banks’s Other Expenses

Groceries = $95 per week so $411.67 per month or $205.84 per roomie

Restaurants = $30 per week so $130 per month Credit card debt of $3553 will be paid off in 5

years at $87.79 per month Medical emergency fund = $100 Savings should be almost $200 but I cannot afford

that so I will save $95 per month

TOTAL monthly expenses = $2,162.21

More expenses…

Income Liabilities (expenses)You* $43,047.00 Home

Monthly cost* $603.72Gross Income $43,047.00 Tax Bracket 25% UtilitiesTaxes $10,761.75 Water/Power* $88.66SSN 6.2% $2,668.91 Gas* $27.28Medicare 1.45% $624.18 Cell Phone* $80.00

Home Phone $0.00After-Tax Income $28,992.15 Internet $32.50

Cable/Satellite $32.50Total $260.94

Net Monthly $2,416.01 Car

Monthly cost* $678.92

FoodGroceries* $205.84

Restaurants $130.00Total $335.84

DebtCredit Card* $87.79

Total $87.79

Money for FutureMedical* $100.00Savings* $95.00

Total $195.00

Total Expenses $2,162.21

Balance $253.80

This project was a worthwhile learning experience because …

The most important thing I learned was …

Something that surprised me was …

This project has changed my future plans because …

I recommend that the teacher …

Budget Wrap-Up