Create a Budget for Samuel Morse

Create a Budget for Samuel Morse

Complete a budget sheet for Samuel Morse using the following table and information that follows. Once you have used all the information to complete the budget sheet for Samuel, use it to answer the reflection questions below.

Budget Sheet

Income (per month) / Estimated Income / Actual (net) income / Compare Difference
TOTAL INCOME / $ / $
Expenses (per month) / Estimated Expenses / Actual Expenses / Compare Difference
FIXED EXPENSES
VARIABLE FIXED EXPENSES
VARIABLE EXPENSES
TOTAL EXPENSES / $ / $
Conclusion?
SAVINGS or DEBT Comparison (INCOME-EXPENSES) / $ / $ / Did he meet the financial goals for the month:

If asked, Samuel would estimate that he makes about $700.00 a month at the On-Campus student market. He works 5-hour shifts, 18 days out of the month, for $8.75 per hour.

Calculate his MONTHLY GROSS INCOME:

______x ______x ______= ______

Hrs per shift Days Hourly wage GROSS INCOME

Calculate his MONTHLY NET INCOME:

______x ______= ______

Gross Income Tax (18%) Taxes

______- ______= ______

Gross Income Taxes NET INCOME

Samuels Estimated Expenses for a month:
Estimated Fixed Expenses

• Rent - $200
• Bus Pass - $29

Estimated Variable Fixed Expenses

• Food - $100
• Cell phone - $40
• School Expenses - $150

Estimated Variable Expenses

• Clothing - $50
• Person Expenses – $25
• Entertainment - $20

/ This is how Samuel’s month ACTUALY went:

• Bus Pass – $31.50
• Food - $175
• Cell Phone - $76
• He did not buy any new clothes
• Entertainment - $45
• School Expenses - $165
• Laundry - $18

Reflection Questions about Samuel’s Budget Sheet

After completing the budget for Samuel on the next page, answer the following reflection questions about Samuel’s budget.

1. What is the difference between Samuel’s planned expenses and his actual expenses?

1. In which areas did he overspend?

1. In which areas did he spend less than planned?
2. How much did Samuel put into savings (see bottom of estimated column)
3. How much did he actually put into savings? (see bottom of the actual column)
4. Based on his completed budget sheet, what should Samuel do differently next month? Give two suggestions.

1. Imagine you are working at Sea World. You estimate you take home about $218 every two weeks.Complete your own budget for the fixed and variable expenses below.

Estimated Monthly Income:

Fixed Variable Expenses:
-Food
-Cell phone
-Transportation / = $ ______
= $ ______
= $ ______/ Variable Expenses:
-Entertainment
-Clothing
-Personal items
-Education
-Travel
-Eating out / = $ ______
= $ ______
= $ ______
= $ ______
= $ ______
= $ ______

Total Estimated Expenses: ______(cannot exceed monthly income)