question archive For this assignment, you will create a budget using the Cost of Living Worksheet
For this assignment, you will create a budget using the Cost of Living Worksheet
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For this assignment, you will create a budget using the Cost of Living Worksheet. (Do not round any percentages.)Cost of Living Worksheet
Your job: Sales Representative
Average Salary: $36,000 annually / $3,000 monthly. Note: these are pre-tax amounts, so your take-home pay will be roughly $2,000 monthly.
Based on your salary, what percentage of your monthly take-home pay will go to each of the following expenses? You will use $2,000 as your total take-home pay for the month.
Instructions: Fill in the last column with the correct percentage. The first one, the apartment, has already been done for you. The apartment is $500/$2000 = .25. So, 25% of your monthly total take-home pay goes towards rent. Complete and submit your assignment to 04.01 Your Money Now.
Expense Amount Paid % of total take-home pay of $2,000 per month
Apartment Rent (1 bedroom, 1 bathroom apartment) $500/month 25%
Car Payment (purchased used 4-door sedan) $250/month
Insurance (renter’s insurance, car insurance, health/dental insurance) $200/month
Gas/Parking $200/month
Groceries $360/month
Utilities (electricity, water, gas, garbage, cable) $80/month
Clothing budget $50/month
Entertainment (movies, eating out, etc.) $50/month
Savings Account $150/month
Emergency Fund (car accident, sick leave, house fire, etc.) $115/month
Total expenses $1,955/month
Your job: Sales Representative
Average Salary: $36,000 annually / $3,000 monthly. Note: these are pre-tax amounts, so your take-home pay will be roughly $2,000 monthly.
Based on your salary, what percentage of your monthly take-home pay will go to each of the following expenses? You will use $2,000 as your total take-home pay for the month.
Instructions: Fill in the last column with the correct percentage. The first one, the apartment, has already been done for you. The apartment is $500/$2000 = .25. So, 25% of your monthly total take-home pay goes towards rent. Complete and submit your assignment to 04.01 Your Money Now.
Expense Amount Paid % of total take-home pay of $2,000 per month
Apartment Rent (1 bedroom, 1 bathroom apartment) $500/month 25%
Car Payment (purchased used 4-door sedan) $250/month
Insurance (renter’s insurance, car insurance, health/dental insurance) $200/month
Gas/Parking $200/month
Groceries $360/month
Utilities (electricity, water, gas, garbage, cable) $80/month
Clothing budget $50/month
Entertainment (movies, eating out, etc.) $50/month
Savings Account $150/month
Emergency Fund (car accident, sick leave, house fire, etc.) $115/month
Total expenses $1,955/month
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Answer
1- 25%
2- 12.5%
3- 10%
4- 10%
5- 18%
6- 4%
7- 2.5%
8- 2.5%
9- 7.5%
10- 7.5%
Total expenses =97.75%
Explanation:
You divide everything,So for example 500 divided by 2000=0.25
Then you turn it into a % so 25%
