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  • Personal Budget Project

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    Cayden Adams has created a personal budget projecting their monthly income and expenses. Their net monthly income is $3,010 after taxes, and their largest expenses are $1,780 in rent and $472 for a car payment. They also budget $300 for groceries and eating out, $193 for health insurance, and $250 in savings each month. Completing the budget has helped Cayden identify ways to reduce spending on wants like clothes to focus more on needs like food, water, and savings.

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    Cayden Adams has created a personal budget projecting their monthly income and expenses. Their net monthly income is $3,010 after taxes, and their largest expenses are $1,780 in rent and $472 for a car payment. They also budget $300 for groceries and eating out, $193 for health insurance, and $250 in savings each month. Completing the budget has helped Cayden identify ways to reduce spending on wants like clothes to focus more on needs like food, water, and savings.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    20 views7 pages

    Personal Budget Project

    Uploaded by

    api-627495795
    Cayden Adams has created a personal budget projecting their monthly income and expenses. Their net monthly income is $3,010 after taxes, and their largest expenses are $1,780 in rent and $472 for a car payment. They also budget $300 for groceries and eating out, $193 for health insurance, and $250 in savings each month. Completing the budget has helped Cayden identify ways to reduce spending on wants like clothes to focus more on needs like food, water, and savings.

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    © All Rights Reserved
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    of 7

    PERSONAL BUDGET PROJECT

    C A Y D E N A D A M S
    • Gross salary: $3,923
    • Children: None

    • State I live in: Georgia


    • Income taxes I will pay: Federal: $436, State: $176
    MY SALARY • Total Net Income: $47,070
    AND • Total Monthly Income: $3,010
    LIFESTYLE
    WHERE I WILL
    LIVE
    • Location: Georgia

    • Renting/Buying: Renting.

    • Address: 77 Colton Dr

    • Monthly rent or mortgage payment: $1,780

    • Yearly housing cost: $21,360


    • Buying a car? Yes.

    • Monthly car payment:


    $472

    • Monthly gas cost:


    $240/mo

    T R A N S P O R TAT I O N
    • Cell Phone Bill: $100/monthly
    • Power Bill: $220/monthly

    • Water Bill: $74/monthly


    • Cable/Internet: $120/Monthly

    ADDITIONAL • Health Insurance: $193/monthly


    LIVING • Car Insurance: $175/monthly
    EXPENSES
    • Groceries/Eating out: $300/monthly
    • Pets: None

    • Saving: $250/monthly
    ADDITIONAL • Childcare: No children
    LIVING • Clothes: $260/monthly
    EXPENSES • Entertainment: Movies - $65/monthly
    CONT.
    1. After completing the budget, would you change any of your
    spending choices? Think about fixed vs. variable expenses
    and wants vs. needs. Yes, need to spend less on clothes and
    more on needs and more food and water/drinks.
    2. What makes a budget an effective money management tool?
    To be able to save more money while being wise with your
    spending by having less money at a time to keep more for
    bills, etc.
    QUESTIONS 3. What are 3 things you learned in doing this project? Explain
    thoroughly! How to find tax income, NET income, and how to
    find insurance rates. I learned to prioritize my needs over my
    wants.

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