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02.08 Why Budget

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by

Sarah Kyser

on 2 July 2015

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Transcript of 02.08 Why Budget

02.08 Why Budget
Career: Emergency Room Nurse
Total Yearly Expenses: $45,193
Difference (net income minus expenses): $3,557
Entertainment

Video/DVD
Vacation
Other
Subtotals
Other Credit Debt Cost

Student Loan
Credit Card
Credit Card
Other
Subtotals
Utilities Cost

Phone and/or Cell
Cable and Internet
Electric and Gas
Water and Sewer
Waste Removal
Subtotals
Personal Care

Health Insurance
Other Medical Costs
Hair/Nails
Clothing & Laundry
Health Club
Organization Dues or Fees
Other
Subtotals
Gifts and Donations

Holidays and Birthdays
Charity Donations
Other
Subtotals
Housing

Mortgage or rent
Maintenance or repairs
Supplies
Home Insurance
Furnishings
Subtotals
Transportation Cost

Vehicle Payment
Bus/Taxi Fare
Automobile Insurance
Licensing
Fuel
Maintenance
Other
Subtotals

Food Cost

Groceries
Dining Out
Subtotals
Pets

Food
Medical
Grooming
Toys
Other
Subtotals
Savings or Investments Cost

Retirement Account
Investment Account
Emergency Savings
Subtotals
Yearly Cost
$5.00
$800
$500
$1,305
Yearly Cost
$5,000
$500
$500
$400
$6,400
Yearly Cost
$540
$1,068
$1,920
$400
$300
$4,228
Yearly Cost
$9,600
$500
$400
$1,400
$3,000
$14,900
Yearly Cost
$948
$100
$50
$275
$100
$50
$300
$1,823
Yearly Cost
$200
$100
$200
$500
Yearly Cost
Own Vehicle
$0
$3,600
$200
$960
$300
$200
$5,260


Yearly Cost
$240
$2,000
$0
$40
$200
$1,480
Yearly Cost
$3,600
$200
$3,800
Yearly Cost
$4,000
$497
$1,000
$5,497
Yearly Budget: $50,000

Gross Income: $65,000
Net Income: $48,750
Why is budgeting important to your life?

Budgeting is important because it allows you to create a spending plan for your money, it is a great way to make sure that you will always have enough money for the things you need and for the things that are important to you.

Describe your experience with this process. Was it easy, difficult, or somewhere in the middle? What factors contributed to your feelings?

I personally thought some of this was difficult. I thought some of it was difficult because, I have never looked at one item based on a year term.

How might the use of credit for a large purchase affect your budget? Discuss which type of credit plan you would use, and how your budget can help you protect your credit score.

Buying a large item with your credit card can affect your credit score. You need to make sure that you have enough money put back to pay off the interest.

What adjustments did you have to make to your budget? How did you decide where to make changes?

I didn't have to make any changes to the budget.

Will you begin using a budget regularly now? Why or why not?

Yes, I will be using a budget regularly. I'll be using it because it is a great way to handle your money.
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