Once I completed the worksheet comparing my income coming in to the expenses going out. The summarization of my findings showed that at the end of the month our income together usually exceed our expenses of roughly about $350.00 give or take another 100.00 due to expenses fluctuating with us having young children. Do I think this is enough of course “not” with the potential challenges we face on a daily basis having young kids and the majority of our expenses tied into debt payments one unfavorable incident could potentially put us in some unfortunate circumstances! I often wonder about the potential of a scenario like that playing out, not to mention in my younger days I experienced those troubles and learned some costly lessons behind …show more content…
We both get paid bi-weekly so therefor the joint account gets a deposit every week because our pay periods off set one another. My wife contributes $500.00 per pay period and I contribute $750.00 per pay period. One of the ways we’re able to stay afloat is by me working overtime. When I got promoted to my new position late last year, I was sent to a department that requires a lot of overtime whether you want it or not so sometime I may work 7 days a week or 10 hour days and that helps tremendously considering the promotion came with a three dollar raise. Also, I’m not a big spender so my personal account is kind of like a savings account for the family, I admit I would like to one day reopen a savings account but right now I’m just not sure if I could maintain making deposits like I would want to, on a bi-weekly basis considering there is so much unnecessary debt that being carried currently. So with that being said most of the money that I have leftover that goes into my personal account usually I’ll put towards credit card bills I ran up after purchasing my home, my daughter activities, my wife (sometimes) or use for my own personal expenses gas, lunch etc.. But now I’m beginning to take my own lunch more to try and save more
Student Answer: The Garners’ recreation and entertainment cash outflow seems to be excessive. They are paying almost as much in entertainment that they are paying towards their home mortgage. I would suggest they cut those costs dramatically to $200. I would also suggest they decrease their clothing allowance to $100. They should also eliminate the gifts and donations in their budget because they are paying minimum payments on credit cards, and eliminating
When given my strong interest inventory results, I wasn’t all that surprised to find that my general interest code is a CAI, it seemed to reflect my interests rather well. What did surprise me about my general interest code was that, according to our presenter, it was rare. According to the information we covered in class, the six personality themes can be placed around a hexagon, similar interest themes as neighboring one another, and “opposite” interest themes across from each other. The odd thing about the interest code CAI, is that its two leading interests are in some ways opposite from each other, making it inconsistent. Although this result may be irregular, upon further reading about the personality types it makes sense to me, and even is reflected in my interests, Artistic and Conventional.
The family type from the monthly budget exercise that will be reflected in this paper consists of two parents with two children, a six year old daughter and a nine year old son, living in Montreal with a monthly income of $9456—an income source that is twice the median income.
Kellie has been married for 17 years and has since lived in the same suburban neighborhood with her husband and only daughter. She attended a local college for a business management degree and her home is a dual income household with both her and her husband’s income equaling to approximately $120,000. Though her husband and she both save money for retirement, a large portion of their money goes into home improvement expenses.
I have already signed up to have my credit card bills and paycheck automatically transferred every month. This book is very easy to read and changed a lot of my thoughts on investing and savings.
... does need to happen is the clarification that you can pursue anything you want to be. Over time, I am certain that these discrepancies in earnings will eventually even out. Discriminating hearts will soften, as this is a changing world, and a changing society for the better.
While creating my hypothetical family I did not want to have the average American family that consist of a mother, father and multiple children. Instead, I decided to have a single mother, 33 years of age and her daughter 15 years of age. The main income source for the family comes from the mother who makes an average of one thousand four hundred and fifty dollars a month. The last source of income is from child support of the daughter which is one hundred and fifty three dollars. The two bedroom apartment the family lives in is five hundred and forty dollars, the utilities bill is one hundred and nineteen dollar and the monthly car payment and insurance is three hundred and seventy dollars. The grand total of expenses is one thousand one hundred and twenty nine dollars which only leaves four hundred and seventy four dollars for emergencies or situations that may arise.
After paying one month and a halt of rent, both phone bills, and the electricity bill, we had to turn around scrape for food and the following months rent, not including our other bills. At first, it was too hard. We felt like ends were not meeting, so I had to find a job. So now the way it works at my house is we split the bills. My fiancée has the really big bills like the rent and the insurance payment while I have the light bill, both phone bills, cable, and the internet bill.
It has become increasingly more difficult to live on an income, especially with children. With both parents working, new issues arise within the family such as affording daycare, afterschool services, and a lack of quality family time.... ... middle of paper ... ...
After one month of tracking my income, I have learned a little more about my spending habits. I am already aware of most of my spending habits, and where I most often slip up. A little on the background of my spending, I rarely use cash. There are two reasons why I do this; the first reason is so that I am not tempted to spend bits of money here and there on snacks and small things. The other reason is that so I can more effectively track my spending with less effort. I have two checking accounts to keep this balanced since on the statements it does not say what the money is specifically spent on. I use one card on essentials and school needs, and the other account is more of a lifestyle account. Although I have done this financial tracking in the past, I was able to reaffirm that I still have some areas of weakness in my spending.
With these three scenarios, I have learned several things about making a personal budget. I learned how to research the economic situation and best predict the prices for certain things. I also learned how best to manage bills under a tight and a very free budget. I learned how to manage money, not just for myself, but for others that I may one day be responsible for.
Today is the day to start saving money for retirement. The way people can be more informed with where there money goes, and how it is spent is by merging unnecessary accounts together. This gives a better view of how much is at hand, and the account information is very helpful in knowing how it is used. This method is informative and simply, and can help save a lot. Also, people can pay them selves first. By doing this money is put into a specific account before anything else. This way there is less to spend or waste, and its almost like it was never there to begin with so it is not missed. Along with those options people should sacrifice unneeded luxuries to save money, especially during the warmer months. One article says, “Summertime is notorious for...
In conclusion, the best way to manage your money is to keep a budget and record all your transaction to see where your money is going. Living with a budget isn’t the easiest thing in the world, but it can be a great alternative to worrying about how you are going to pay for your expenses. Budgeting allows you to create a spending plan for your money; it ensures that you will always have money for the things that are important to you. Following a budget will also keep you out of debt. If you don’t balance your budget and spend more than you make, you will have financial problems. Many people don’t realize that they spend more than they earn and slowly sink deeper into debt every year.
Working in groups is challenging at times. Other times it is very rewarding. We are so focused on life that we do not take time to reflect on things as much as we should. Being in a Groups class has opened my eyes to a whole new world. I have begun to question, explore, and even understand how things work. I even get how they work sometimes. Not only is there a process involved in making individual decisions, process is involved in group decisions as well. This paper attempts give insight into my reflection of my group decision process.
In my conclusion, it is very important to save for the beneficiary of the upcoming future. Simply setting aside a percentage of the income received each paycheck will be the backbone to an unexpected situation. Emergency reasons, retirement, and luxury spending can all be obtained if one is mindful of their spending. Money is the biggest cause of stress in America today and mindful everyday spending can lead one to experience real financial freedom. The earlier an individual begins to save in life, the more financially stable they will be in their