Personal

Budget
Antuan Kennedy
 My Salary
and
Lifestyle
• Yearly gross salary: $63,640

• Children: none

• State where I live and work:

Georgia

• Income taxes I will pay:

• Federal: $6,300

• State: $4,600

• Total net Income: $11,637

• Total monthly income: $1,398

Where I Will live

• Location: Atlanta, Georgia

• Renting/Buying: $1,398

• Address: 30157

• Monthly rent or mortgage payment:

$5,876

• Yearly housing cost: 10,798

Transportation
• Buying a car?

• Yes. My monthly pay is $489. My yearly is

$2,777. My monthly gass cost is $11.86.
Additional
living
expenses
• Cell phone: $100/monthly

• Power bill: $1,000

• Water bill: $100

• Cable/intern: none

• Health insurance: 183/monthly

• Groceries: 300/monthly

• Car insurance: 175/monthly

• Pets: none

• Saving: $5,954

• Childcare: none

• Entertainment: none
Questions
1. After completing the budget, would you change
any of your spending choices? Think about fixed vs.
variable expenses and wants vs. needs.

Yes, because I want to go out to eat once every week,

however I can eat at home for free. Also, certain items I
would want would be a waste of money because I
wouldn’t use it consistently. Lastly, I might sometimes
spend money too much and waste some of it.

2. What makes a budget an effective money management

tool?

It’s organized and makes it easy for what you need to do

before that date comes. It could also be a goal for how
much money you want to make to buy a certain item. It
also separated a need from a want.

3. Was the lifestyle you chose (the size of your house,

the car you bought) reasonable for the salary you were
given? Why or why not?

Yes, because I still would have money left over and can
still pay if off every month. It also provides shelter and
doesn’t cost much. I also would have money to pay off the
car as well.