# With a monthly net take-home pay of \$3000, or \$1500 bi-monthly if you are paid t

With a monthly net take-home pay of \$3000, or \$1500 bi-monthly if you are paid twice a month. In this Assignment, you will plan your spending based on this budget. You must allocate the entirety of your monthly \$3000 take-home pay to balance your budget to \$0.
Columns you WILL be filling in:
Column D represents your spending for the first half of the month.
Column E represents your spending for the second half of the month.
Columns you will NOT be filling in:
Column A represents what you are spending your money on.
Column B represents the percentage of your monthly net take-home pay you are spending.
Column C represents the total amount of money you are spending each month in one area.
Column F represents the total deductions you accumulate after spending money in that area.
1. Charitable Gifts (Rows 5-6): Do you plan to give to others? If so, enter the amount in the designated cells D5 and E5.
2. Savings (Rows 8-10):
a. Emergency Fund: This is the amount you give yourself each month when something unexpected happens. Think about your unexpected expenses for the year and divide this total by 24. Enter this amount in cells D8 and E8.
b. Retirement Fund: If you start saving \$2 each day, you should enter in \$30 in cells D9 and E9. You may save more if you desire.
c. Other: Enter in any amount you wish to save for a down payment on a house, college fund, etc.
3. Housing (Rows 12-18): Choose 1 of the following options –
a. 1 Bedroom apartment, 5 minutes from work, nicer amenities: Rent is \$900/month. The estimated monthly utilities are \$150 per month and renters’ insurance is \$10/month.
b. 1 Bedroom apartment, further from work, no amenities: Rent is \$750/month. The estimated monthly utilities are \$150 per month plus \$10/month renters’ insurance.
c. 4 Bedroom apartment with 3 roommates, each person pays \$300 for rent and \$75 in utilities. It is 15 miles from work but on a public transportation line. Renters’ insurance is \$15/month.
d. Home Purchase. To buy a house at \$150,000, you must have a minimum of 20% down. Your monthly payment is \$800.
4. Utilities (Rows 20-27): Consider the following options –
a. Go without a phone (\$0/month) or choose one of the other options:
i. Cell phone range between \$30-\$120/month
ii. Land line range from \$35-\$50/month
iii. Some combination of the two
b. Go without cable TV (\$0/month) or choose one of the other options:
i. \$40/month for basic cable
ii. \$60/month for digital cable
iii. \$95/month for HD cable
iv. \$120/month for premium cable
c. Go without internet access (\$0/month) or choose one of the other options:
i. \$90/month for DSL
ii. \$100/month for cable
iii. \$110/month for fiber
iv. \$200/month to bundle everything (DSL, TV and landline phone)
5. Food (Rows 29-30): How much money are you spending on groceries or at restaurants each month?
6. Transportation (Rows 32-36): Choose one of the following options (if you choose an option with a car, estimate how much you will spend on gas. Set aside \$35 a month to change your oil):
a. Buy a used and reliable car for \$8000 for 3 years (36 monthly payments)
i. Monthly payment of \$245 includes insurance and license and registration fees.
b. Buy a used beat-up car for \$2400 for 2 years (24 monthly payments)
Monthly payment of \$107 includes insurance and license and registration fees.
c. Buy a new midsize car with a warrant for \$30,000 for 5 years (60 monthly payments)
i. Monthly payment of \$595 includes insurance and license and registration fees.
d. Buy a new compact car with a warranty for \$18,000 for 4 years (48 monthly payments)
i. Monthly payment of \$431 includes insurance and license and registration fees
e. Use public Transportation, car-pool, or walk
i. Estimate your monthly payment
7. Clothing: Assume you must spend \$100 a month to purchase professional attire.
8. Medical/Health:
a. You may choose to buy into a \$35/month disability insurance
b. Surprise! You have a serious infection, enter in \$25 in cell D44
c. Prescription medication: \$10 in cell D48
9. Personal:
a. Identity Theft Protection – \$10/month
b. Hair Care/Toiletry Items: Estimate how much you will spend on these items twice a month.
c. Work Supplies: \$50/month
d. Pet Care: Do you plan on having a pet? Estimate the monthly cost of feeding, veterinary care, etc.
e. Postage: \$7/month – paying bills, sending mail, etc.
f. Gifts: Enter in \$50 into D65 or E65
g. Gym Membership:
i. \$40/month
ii. \$75/month for a professional gym
10. Recreation:
a. Estimate the amount you will spend on vacations, entertainment, etc.
11. Debts:
a. Student Loans – choose an option below
i. No Student Loans to payoff = \$0/month
ii. \$10,000 in outstanding loans = \$112/month
iii. \$20,000 in outstanding loans = \$224/month
iv. \$30,000 in outstanding loans = \$336/month
b. Credit Cards: The average college student graduates with \$3000 in credit card debt. Enter in \$180 in cell E75.