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Copy of 2.08 Why Budget?
Reflection
1: Budgeting allows me to save and maintain my spending habits and it also allows me to save my money which I worked hard to earn.
2: Budgeting was an easy task to comprehend but it was difficult to piece together a whole year of my life based on a set amount of money. Working with my net income was difficult because I had to say cut back on some things that were costing more money.
3: The use of credit for a large purchase would most likely put me in debt and it would affect my budget because I would need the extra money to pay the purchase off. I do not plan on getting a credit card as of right now and my budget would definitely help to improve my credit score.
4: I didn’t have to make any adjustments to my budget.
5: Yes, I will be using a budget regularly. I will be using it because it is a great way to handle your money wisely and it is an insight into what you are able to afford so you do not fall into a huge pit of debt.
Housing
Transportation
Mortgage or rent: $9,000
Maintenance and repairs: $500
Supplies: $120
Home insurance: $0
Furnishings: $3,000
Total: $12,620
Vehicle payment: Own vehicle
Bus/taxi fare: $0
Automobile insurance: $3,600
Licensing: $200
Fuel: $960
Maintenance: $300
Other: $200
Total: $5,260
Other credit debt cost
Utilities
2.08 Why Budget?
Student loans: $2,000
Credit card: $0
Other: $0
Total: $2,000
Phone/Cell: $540
Cable/Internet: $540
Electric/gas: $300
Water/Sewer: $0
Waste removal: $0
Total: $1,380
Savings and investments
Food cost
Groceries: $2,200
Dining out: $200
Total: $2,400
Retirement: $1,300
Investment: $1,350
Emergency savings: $1,350
Total: $4,000
Entertainment
Gifts/Donations
Video/Dvd: $0
Vaction: $0
Other: $0
Total: $0
Holidays and Birthdays: $650
Charity donations: $100
Other: $0
Total: $750
Total Yearly Expenses ($28,510)
Occupation: Elementary school teacher
Housing: $12,620
Utilities: $1,380
Transportation: $5,260
Food: $2,400
Pets: $0
Personal Expenses: $100
Education: $0
Credit Debt: $2,000
Savings/Investments: $4,000
Gifts/Donations: $750
Income: $44,830
Net Income: $33,622.5
Total Yearly Expenses: $28,510
Difference: $5,112.5