Buy Financial Literacy Assignment

Buy Financial Literacy Assignment
For this assignment, you will create a personal budget and compare it to the 50/30/20 budgeting strategy.
1. Answer ALL questions below regarding creating a budget.
2. Show ALL step-by-step calculations, and round all of your final answers correctly to the whole number. All
monetary answers should be rounded to the nearest dollar.
3. For full credit, write all explanations in the spaces provided.
4. Enter your answers in the space provided in this document, and submit to the appropriate area. Scanned or
handwritten work will not be accepted.
5. If you need assistance, please contact your course instructor.
Creating a Budget
You will create a personal budget based on your current salary, or based on your state’s median salary. You will create a
personal budget based one of the following: (1) your current salary, OR (2) your state’s median salary. Review the
median income information on this site.
Step 1 (6 points)
Buy Financial Literacy Assignment
Determine your monthly net income (known as your monthly take-home pay). Your take-home pay is your gross pay
(Box B) minus taxes, Social Security, and benefits, including health insurance if provided. A realistic amount would be
10-30% less than your gross monthly wages).
Income
A. Annual
salary
(Base this one of
the following:
(1) your current
salary,
OR
(2) your state’s
median salary)
B. Gross monthly
salary/wages
(Annual salary divided by
12):
$ C. Monthly take-
home pay
(This is the monthly
gross pay listed in Box B
minus FICA, taxes, Social
Security, and health
insurance):
$
Buy Financial Literacy Assignment
Step 2: The 50/30/20 Strategy and Monthly Expenses (10 points)
Review the information at this link on the 50/30/20 budgeting strategy.
Think about each of these categories. Calculate your monthly expenses for each category below, and complete the
following table. It might help you to think about items on a weekly basis and then multiply by 4 to calculate a monthly
budget amount.
Remember, if you are not comfortable with sharing real numbers, you can do this as a hypothetical experience with
realistic estimates.
Budgeted
Category
Examples Budgeted
Amount
Housing Rent or mortgage payment $
Food Groceries, lunches, coffees, dinners out, etc. $
Transportation Gas, auto care, parking, tolls, etc. $
Basic utilities Phone, electricity, water, Internet, etc. $
Insurance Health, auto, home, and life insurance $
Child care Day care, babysitting, college tuition, etc. $
Travel Airfare, hotels $
Entertainment Sporting events, dinners out, movies, and memberships $
Personal care Haircuts, massages, etc. $
Savings General savings, saving for car, college, wedding, etc. $
Other $
Step 3: Categorizing Needs, Wants

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