Budgeting for Necessities Project
Objective: You have a family of 4 that lives on a monthly budget of $3000 after taxes. Your goal is to research prices of different consumer items, add up the costs to see if you can live within your means.
Day 1: Budgeting for Food
You will have a monthly income(after taxes) of $3000.00
Step 1: Determine the amount you would like to spend on food.
Step 2: Make a chart with your partner of 7 days of meals(21 meals total)
- most meals are made at home, you are allowed to order in 2 meals a week.
Step 3: Make a shopping list for the store.
Step 4: Research prices of each item and add up the total
Step 5: Did you stick to your original food goal? Multiply that number by 4 and figure out the % of total income you spent on food for the month.
Step 1: Determine the amount you would like to spend on food.
Step 2: Make a chart with your partner of 7 days of meals(21 meals total)
- most meals are made at home, you are allowed to order in 2 meals a week.
Step 3: Make a shopping list for the store.
Step 4: Research prices of each item and add up the total
Step 5: Did you stick to your original food goal? Multiply that number by 4 and figure out the % of total income you spent on food for the month.
Day 2: Budgeting for Clothing
Step 1: Because many items of clothing are purchased on an annual basis, you should decide what clothing items you would require during a year.
Step 2: Make a list of items, and include price estimates of each item.
Step 3: Total up the clothing list, this is your clothing allowance for the entire year, so divide your totals by 12 to get a better idea of how much you have to spend on clothing every month.
Step 4: Find the % of your total budget on clothing, divide the month's clothing allowance by the take home pay you have assigned them. This is what you would be spending each month on clothing.
Step 2: Make a list of items, and include price estimates of each item.
Step 3: Total up the clothing list, this is your clothing allowance for the entire year, so divide your totals by 12 to get a better idea of how much you have to spend on clothing every month.
Step 4: Find the % of your total budget on clothing, divide the month's clothing allowance by the take home pay you have assigned them. This is what you would be spending each month on clothing.
Day 3: Budgeting for Transportation
Step 1: You are going to start researching the type of car you would like to buy or shop for the best deal. Look at local dealer websites for new or used cars. Think of taking a 5 year loan (that would be price of the car divided by 60 payments) at 0%. This will be your monthly payment.
Step 2: You will need car insurance. National average is $75 per month per car.
Step 3: You will need to try to add up the number of miles you will travel in a month so you can figure out how much you will spend on gas.
Step 4: Multiply the number of gallons by $2.50 per gallon, this will be your monthly gasoline expense.
Step 2: You will need car insurance. National average is $75 per month per car.
Step 3: You will need to try to add up the number of miles you will travel in a month so you can figure out how much you will spend on gas.
Step 4: Multiply the number of gallons by $2.50 per gallon, this will be your monthly gasoline expense.
Day 4: Budgeting for Housing
Step 1: You will be looking for an affordable apartment or house for rent. Research newspaper, internet, etc. Your total housing costs should come to one-third of your take-home pay or less. Make sure you include utilities like electric, water, heat, etc.
Step 2: Start making a list of features that you would like your apartment to have. Try to decide on a location where you may want to live.
Step 3: Make a list of all your expenses.
Step 2: Start making a list of features that you would like your apartment to have. Try to decide on a location where you may want to live.
Step 3: Make a list of all your expenses.