A Monthly Budget For A Family

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For this assignment, I had to create a monthly budget for a family in Oswego, Illinois. I choose this location because this is my hometown and also because it has the lowest crime. The family included a single mother of 3 children and the mother consistently brings home $2000 per month. I started this project by looking for a house that was affordable for the family’s budget. I found a nice house that had 4 bedrooms, 1 bathroom, and it was 2 stories. The mortgage on the house was $84,500, and so that makes it $399 per month. I think this is a great price for this family’s budget because it is a good size family house and it is a reasonable price for her income. How I found the insurance on the house was by trying to find the average cost of homeowners in Illinois which is $70.56. Then how I found the property tax was by trying to find the average cost in Kendall County, Illinois which was 2.16%. The calculation included the mortgage which was $84,500 and then multiplied the average property tax which was 2.16 and that equaled to $1,825.2 per year. However, I needed to find the price per month and so I found that by 1,825.2 divided by 12 and that equaled $152.1 per month. The next thing is did was find the families’ budget for food. The family is on the SNAP (supplemental nutrition assistance program) that provides food and funds to help keep client sufficiently fed. So, through the SNAP calculator the family is able to receive $217 per month. The family is also in the WIC (women infant children) program which provides mothers and young children with required nutritional needs for the family. The two children are able to get free lunch because of the low income. The family is also able to go to a food pantry at a local church in O... ... middle of paper ... ...ine according to that requirements. The children are able to get their school fee waiver for free because they fit into the low income family’s requirement. So, after calculating all of the prices the total was $1,718.94 which mean it has an extra bill of $281.06. The family decides to save the money for either future emergencies, for school activities, or save it for next month. So in conclusion, how it felt to manage Genevieve’s monthly finances was a stressful process at first because I did not know where to get started. However, as I found more resources and information, the process became less difficult. I really enjoyed this project because I did not realize the average cost that people need to pay in America to provide for their family. At the end of the project, I am a lot more knowledge about saving money and how people have to survive on a low income bill.

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