Final Budget Project Sample
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Transcript of Final Budget Project Sample
Future Financial PlanFuture Financial Plan
By: J. B.01/30/13
Block 4 Personal FinanceBlock 4 Personal FinanceMrs. Ehrhardt
CareerCareerHasbro Children’s Hospital• Registered Nurse (RN)g ( )• 2‐4 Years of College• Critical Care (CTICU,PICU, ICU)• $48,250 – Annual Income • Monthly Income =$4,020• Weekly Income = $1,005• 401K, Medical Insurance, Tuition
Reimbursement 6% 8% annual payReimbursement, 6%‐8% annual pay raise.
Beginning Savings = $5,000+ Deposits 0- Withdrawals 0
Gross Monthly Income = $4,020- 20 % for Deductions = 804 Monthly Budget= $3,216
Ending Savings = $5,000y g $ ,
LocationLocation
Rh d I l d (W i k)Rhode Island (Warwick)• Capital: Providence• Population: 1,048,319 (2000)• Warwick is the 2nd largest city in
f l iterms of population.• Nickname: “The Ocean State”• Weather is erratic and quick to
changehi d d lThings to do and places to go:
• Beaches• Sailing• Skiingg• Museums• Art Galleries• Ice Skating• Horseback RidingHorseback Riding
Housing$1 200
• On site Laundry Villa Del Rio
$1,200$1,400
$400 $500
On site Laundry• Free Fitness Center• Pool
One Bedroom Standard $975/mo.Furnished
• Basketball and Tennis courts
Furnished780sq.ft2 months’ rent required for deposit• Elevator required for deposit (out of savings)
Beginning Savings = $5,000+ Deposits 0- Withdrawals $1,950
Monthly Budget = $3,216-Monthly Rent = $975Remaining Budget = $2,241 $ ,
Ending Savings = $3,050g g $ ,
VehicleVehicle2003 Chevrolet Tahoe 4WD 4D Sport Utility$‐$23998.00‐$2,000 Down Payment‐6.95% for 4 years (48 Months)‐$574/Month
Beginning Savings = $3,050+ Deposits 0- Withdrawal = $2,000
Monthly Budget = $2,241-Monthly Car Payment = $574Remaining Budget = $1,667 $ ,
Ending Savings = $1,050g g $ ,
Car InsuranceCar InsuranceALLSTATE$1 200 Annual Premium$1,200 Annual Premium$105 Monthly PremiumWill pay from monthly budget each month
Beginning Savings = $ 1,050+ Deposits 0- Withdrawal = $ 0
Monthly Budget = $1,667-Monthly Car Insurance = $105Remaining Budget = $1,562 $
Ending Savings = $ 1,050 g g $ ,
MonthlyG iGroceries
12oz12oz Bumble Bee TunaBumble Bee Tuna $2.69$2.69
59oz59oz Spaghetti O’sSpaghetti O’s $6.00$6.00
88 ApplesApples $4.72$4.72
44 OrangesOranges $3.56$3.56
15oz15oz Canned PeachesCanned Peaches $1.99$1.99
15oz15oz Canned PearsCanned Pears $1.99$1.99
60oz60oz Canned Mandarin OrangesCanned Mandarin Oranges $6.76$6.76
30oz30oz Canned ChiliCanned Chili $2 00$2 00
1lb1lb Boneless Chicken BreastBoneless Chicken Breast $5.49$5.49
1 lb1 lb Cheese (Baby Swiss)Cheese (Baby Swiss) $8.28$8.28
1lb1lb GrapesGrapes $2.49$2.49
44 PearsPears $2 36$2 36 30oz30oz Canned Chili Canned Chili $2.00$2.00
24oz24oz ApplesauceApplesauce $2.09$2.09
14oz14oz Minute Rice (White)Minute Rice (White) $2.49$2.49
16oz16oz Egg NoodlesEgg Noodles $1.59$1.59
44 PearsPears $2.36$2.36
44 PlumsPlums $3.96$3.96
1lb1lb Ground BeefGround Beef $3.99$3.99
2G2G 2% Milk2% Milk $7.58$7.58
40oz40oz Canned Pineapple ChunksCanned Pineapple Chunks $3.00$3.00
19oz19oz Chicken & Rotini SoupChicken & Rotini Soup $1.45$1.45
19oz19oz New England Clam ChowderNew England Clam Chowder $1.45$1.45
19oz19oz Minestrone SoupMinestrone Soup $2 59$2 59
24oz24oz Chicken NuggetsChicken Nuggets $7.78$7.78
32oz32oz Pancake MixPancake Mix $2.89$2.89
24oz24oz SyrupSyrup $2.00$2.00
16oz16oz SpaghettiSpaghetti $1 00$1 00 19oz19oz Minestrone SoupMinestrone Soup $2.59$2.59
2lbs2lbs FlourFlour $1.69$1.69
8oz8oz MustardMustard $1.69$1.69
8oz8oz MayonnaiseMayonnaise $1.99$1.99
16oz16oz SpaghettiSpaghetti $1.00$1.00
11 Pasta Sides (Alfredo)Pasta Sides (Alfredo) $1.50$1.50
11 Pasta Sides (Butter & Herb)Pasta Sides (Butter & Herb) $1.50$1.50
22 Macaroni & CheeseMacaroni & Cheese $2.58$2.58
24oz24oz KetchupKetchup $1.69$1.69
22lbs22lbs Purina Dog ChowPurina Dog Chow $10.99$10.99
44 Couscous (Herbed Chicken)Couscous (Herbed Chicken) $7.96$7.96
45oz45oz Pasta SaucePasta Sauce $3.89$3.89
GroceriesGroceries22oz22oz Plain BagelsPlain Bagels $3.49$3.49
18oz18oz Mini Wheats CerealMini Wheats Cereal $3 99$3 99
1 lb1 lb Cheese (American)Cheese (American) $5.28$5.28
1 lb1 lb Honey Turkey BreastHoney Turkey Breast $6 48$6 48 18oz18oz Mini Wheats CerealMini Wheats Cereal $3.99$3.99
1lb1lb Seedless GrapesSeedless Grapes $2.49$2.49
22 PersonalPersonal--Sized Frozen PizzasSized Frozen Pizzas $3.33$3.33
15oz15oz Raisin Bran CerealRaisin Bran Cereal $3.99$3.99
1 lb1 lb Honey Turkey BreastHoney Turkey Breast $6.48$6.48
1 lb1 lb Honey HamHoney Ham $5.98$5.98
16oz16oz Cottage CheeseCottage Cheese $3.19$3.19
15oz15oz MargarineMargarine $2.29$2.29
18oz18oz Quaker OatmealQuaker Oatmeal $2.29$2.29
Total: $210Total: $210
12oz12oz Cream CheeseCream Cheese $3.49$3.49
1 doz.1 doz. EggsEggs $1.89$1.89
12oz12oz Cheese TortelliniCheese Tortellini $1.60$1.60
16oz16oz Frozen Sweet CornFrozen Sweet Corn $1.99$1.996o6o o e S eet Coo e S eet Co $ 99$ 99
22 Chicken Pot PieChicken Pot Pie $7.38$7.38
16oz16oz Frozen Sweet PeasFrozen Sweet Peas $1.59$1.59
36oz36oz Frozen Mixed VegetablesFrozen Mixed Vegetables $3.19$3.19
12oz12oz Fish SticksFish Sticks $5.99$5.99
64oz64oz 100% Apple Juice100% Apple Juice $2.49$2.49
64oz64oz Orange JuiceOrange Juice $4.19$4.19
64oz64oz 100% White Grape Juice100% White Grape Juice $3.69$3.69
24oz24oz 100% Whole Wheat Bread100% Whole Wheat Bread $2.99$2.99
16oz16oz White BreadWhite Bread $1.80$1.80
Cell PhoneCell PhoneVerizon
Unlimited talk, text with 2G data per month.
•$79.99 + $30.00 (smart phone f ) $109 99 15% $126fee) = $109.99 + 15% = $126
Cable TV & Internet
ServiceService ServiceService
Cox CommunicationsServiceService Service Service
CostCostStandard CableStandard Cable $45.95$45.95$$Digital CableDigital Cable $9.95$9.95Total:Total: $55.90$55.90High Speed InternetHigh Speed Internet $24.95$24.95Total:Total: $80.85 + $80.85 +
% $93% $9315% = $9315% = $93
UtilitiesUtilities
Heat ‐ $150Heat $150Hot Water ‐ $50Electricity ‐ $100Electricity $100
Beginning Savings = $ 1,050Monthly Budget = $1,562 g g g $ ,+ Deposits 0- Withdrawal = $ 0Ending Savings = $ 1,050
y g $ ,-Total Monthly Expenses = $717Remaining Budget = $ 845
EntertainmentEntertainment
MoviesMovies $20 00$20 00MoviesMovies $20.00$20.00
Eating OutEating Out $100.00$100.00
ConcertConcert $50.00$50.00
Total:Total: $170 00$170 00Total:Total: $170.00$170.00
Beginning Savings = $ 1,050Monthly Budget = $845 g g g $ ,+ Deposits 0- Withdrawal = $ 0Ending Savings = $ 1,050
y g $-Entertainment = $170Remaining Budget = $675
ClothingClothingItemItem StoreStore PricePrice
Jeans Jeans American EagleAmerican Eagle $60.00$60.00
Shirts Shirts GAPGAP $40.00$40.00
ShSh N/AN/A $25 00$25 00Shoes Shoes N/AN/A $25.00$25.00
PajamasPajamas GAPGAP $15.00$15.00
MiscMisc N/AN/A $50 00$50 00Misc.Misc. N/AN/A $50.00$50.00
Total:Total:$190.00$190.00
Beginning Savings = $ 1,050+ Deposits 0
Monthly Budget = $675-Clothing = $190 p
- Withdrawal = $ 0Ending Savings = $ 1,050
g $Remaining Budget = $485
Donations/InvestmentsDonations/Investments
$40.00/Month‐The Leukemia & Lymphoma Society is committed toThe Leukemia & Lymphoma Society is committed to finding cures for leukemia and related diseases and improving the lives of those affected by these diseases.
Beginning Savings = $ 1,050Monthly Budget = $485 Beginning Savings $ 1,050+ Deposits 0- Withdrawal = $ 0Ending Savings = $ 1,050
Monthly Budget $485-Donations = $40Remaining Budget = $445
Automatic DeductionsAutomatic DeductionsGasoline & Misc. Car Gasoline & Misc. Car $250.00$250.00ExpensesExpenses
$$
College LoansCollege Loans $250 00$250 00College LoansCollege Loans $250.00$250.00
Savings (5%)Savings (5%) $200.00$200.00
Beginning Savings = $ 1,050+ Deposits $200
Withdrawal $ 0
Monthly Budget = $445-Automatic Deductions =$700Remaining Budget $255 - Withdrawal = $ 0
Ending Savings = $ 1250 Remaining Budget = -$255
BudgetGross Monthly Pay $4,020 SAVINGS ACCOUNT SUMMARYDeductions ‐$804 Beginning Savings $5,000Net Monthly Pay $3,216 Less Withdrawals ‐$3,950MONTHLY EXPENSES Plus Deposits $200
Rent $975 Ending Savings Balance $1,250Car Payment $574Car Insurance $105
Monthly Expenses $717Entertainment $170
Clothing $190Donations/Investme
nts$40
Automatic Deductions
$700
TOTAL EXPENSES $3,471
DEFICIT ‐$255/month
How I will make up for my monthly deficitHow I will make up for my monthly deficit…
Reduce EntertainmentReduce Entertainment $100$100
Reduce ClothingReduce Clothing $100$100Reduce ClothingReduce Clothing $100$100
Reduce SavingReduce Saving $55$55
Total ReductionTotal Reduction $255$255
Financial Goals
• Short Term (1‐6 months)( )– Part time job to earn more money.– Save an extra $100 per month.
• Medium Term (6 months – 3 years)Medium Term (6 months 3 years)– Work on getting a promotion by acquiring additional skills either on the job or through additional learning.
– Keep saving an extra $100 per month to have a total of $4,000 in isavings.
– Take a vacation to The Bahamas for $1,400
• Long Term (3+ years)– Have a 20% down payment to buy a condo in 5 years by:– Continuing to save an extra $200 per month.– Saving any extra money earned through pay raises.
BankinggChecking
• Balance of $15,000.00 or more 0.75%APY• Balance less than $15,000.00 0.40%APY• What you get for free from Ally• Online and Mobile Banking• Online and Mobile Banking• Online Bill Pay• Debit MasterCard® • ATM access• Online Alerts• Overdraft Transfer Service• Ally standard checks• Postage paid deposit envelopes• Postage paid deposit envelopes
BankinggChecking – Continued
• Monthly Maintenance$0.00• Overdraft Item Paid or Overdraft Item Returned(maximum 1 fee per day)$9.00
• Stop Payment Item$15 00Stop Payment Item$15.00• Ally standard checksprices vary on custom check styles
/ $• Official/Cashier's Checks$0.00• Check images online $0.00• Statement copies online $0 00• Statement copies online $0.00• Delivery for items: debit card, checks, etc.$15.00• Account Research Fee$25.00 per hour
BankinggSAVINGS
Online Savings 0 84%Online Savings 0.84%• Excessive Transaction(s) Fee$10.00• O erdraft Item Paid or O erdraft Item• Overdraft Item Paid or Overdraft Item Returned (maximum 1 fee per day)$9.00
• Returned Deposit Item$7 50• Returned Deposit Item$7.50• Delivery for items: overnight checks, etc $15 00etc.$15.00
• Account Research Fee$25.00 per hour
Credit Card
R l C h R d• Real Cash Rewards• 5% cash back in categories that change throughout the year, up to the quarterly
maximum. Signing up each time is free and easy. See 5% Cashback Calendar• Unlimited 1% cash back on all other purchases*• Cashback Concierge• Call your Cashback ConciergeSM any time for a 1‐on‐1 online tour that helps you
get the most out of your rewards based on how you use your card.• More Welcomed Than Ever• Accepted Where you Shop at over 8 million merchants1 nationwide.• The Rate• No Annual Fee• 12 99% 18 99% Standard Variable Purchase APR• 12.99% – 18.99% Standard Variable Purchase APR • *Terms and Conditions
Mad Moneyy
• I will spend $200 of the tax rebate check on aI will spend $200 of the tax rebate check on a spa day and save the other $300 towards my financial goalsfinancial goals.
BibliographyBibliographyCareerRipley, Scott. "Aquent." Critical Care RN. Monster. 22 Oct 2006
<http://jobsearch monster com/getjob asp?JobID=32639121&AVSDM=2006%2D<http://jobsearch.monster.com/getjob.asp?JobID=32639121&AVSDM=2006%2D09%2D22...>.
"Occupational Outlook Handbook." Registered Nurses. US Department of Labor. 22 Oct 2006 <http://www.bls.gov/oco/ocos083.htm>. p // g / /
Driving Directions. Mapquest. 23 Oct 2006 <http://mapquest.com/directions/main.adp?go=1&do=nw&rmm=1&1gi=0&un=m&...>.
Location"Rhode Island." Rhode Island State Facts. Resort Bay.com. 14 Aug 2006
<http://www.resortbay.com/regions/rhode%20island.html>. "Rhode Island." infoplease. 14 Aug 2006
<http://www.infoplease.com/ipa/A0108266.html>.
HousingVilla Del Rio. Apartments.com. 26 Sept 2006
<http://www apartments com/avgrandtour aspx?page=avgrandtour&property=103<http://www.apartments.com/avgrandtour.aspx?page=avgrandtour&property=103735.41.5...>.
Vehicle2003 Chevrolet Tahoe 4WD 4D Sport Utility. Carmax.com. 29 Sept 2006
<http://www carmax com/dyn/printonly aspx?pgid=factsheet&bPrint=True&print<http://www.carmax.com/dyn/printonly.aspx?pgid=factsheet&bPrint=True&printMktType=I&id=...>.
Monthly Expenses"Packages " Basic Talk Sprint 3 Nov 2006Packages. Basic Talk. Sprint. 3 Nov 2006
<http://www1.sprintpcs.com/explore/ueContent.jsp?FOLDER%3C%3Efolder_id=1712211...>.
"Local & Long Distance Plans." MCI Nationwide 200 Plus. MCI. 4 Nov 2006 <http://consumermci com/res long distance/Product jsp?ProductID=nationwide2<http://consumer.mci.com/res_long_distance/Product.jsp?ProductID=nationwide200_plus>.
"PeaPod." Stop & Shop. 26 Oct 2006 <http://www.peapod.com/processShowShelf.jhtml;jsessionid=UWRHBEKRKGV0YCQBD...>. Q
Donations/Investments"How to Help." Donate. 21 Aug 2006. The Leukemia & Lymphoma Society. 30 Oct 2006
<http://www.leukemia‐lymphoma.org/all_page?item_id=8477>.