W04 Case Study Budgeting - copia PDF

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Summary

Step 1. Hover Mouse here to begin.#3Semesterly Income 1st SemesterStep 2. Type in Juan's Remaining Receipts. Financial Aid 500 1,000.HintDate Store Details AmountExpense Category Payment MethodOther Income 50 50 1/3 Gauss's Marketstart of semester groceries 150$ Groceries Debit CardStep 3. Estimated...

Description

2

MATH 108X - Budgeting Case Study Excel File Step 1.

Hover Mouse here to begin. Seme sterly Income

Step 2.

Type in Juan's Rem aining Receipts .

1st Semester

Financial Aid

50.00

1st Semester

Housing Set a New Monthly Goal for Juan that will balance hi s budget and keep hi m from spending more than he has.

Step 4.

975.00

4 300 00

Textbooks

385.42

770.84

Previous Savings Bala nce

28.50

1/3

55.00

105.00

1/5

7,154.34

135.00

Savings Withdrawal

Tithing

626.65

Taxes Groceries

#5

269.14

761.65 Ja nuary

Eating Out

5.00

31.04 253.27 10.00

here...

Cell Phone

99.98

45.00

Juan was expending more than he is incoming so, for the next month he could reduce some expences in order to not spend befor the semester is over.

Travel

40.00

11.40

I consider to reduce some expences that problaby are not to much important as eating out, cell phone, travel and

Entertainment

60.50

Miscellaneous

4.89

Total Monthly Expenses:

Total Cash Flow:

Miscellaneous: Ear m uffs are not necesary, so Juan c ould find those even cheaper on other websites.

1/11 1/11 1/18 1/18 1/18

1

The Fun Center Gauss's Mark et Local Bowling Place Gauss's Mark et Bix Box Store The Cellph one Company

1/23 The Gov ernment

-1

#2

1/23

10.00

1

1/27

2.00

1

0.00

0.00

Credit Card Direct Deposit

50.00

Other Income

Cash

55.00

Tithing (Special Income)

Direct Deposit

$

4.88 $

5.00

$

Eating Ou t Charitable Donations

9.75

$

67.50

taxes pai d directly f rom my pay check

$ $

15.52 20.00

$

Cash

Eating Ou t

De bit Card Direct Deposit

Trav el

6.75

Ca sh

P ay check Taxes

notebook sand pens

$

ear muf f s

$

Tith ing

lunch date with J enny

bowling and pizz a (with J enny and f riends) week ly groceries

Miscellaneous

1 9.38

$

week ly groceries

School Supplies

4.89

$

lazer tag with my roomates

1 4.25

Eating Out

32 .00

En tertainment

$

75.32

Groceries

$

28.50

Entertainmen t

$ 148.22

gif t f orJ enny

$

monthly cell phone bill

Gif ts

99.98

$

taxes pai d directly f rom my pay check

Groceries

5 8.39

$

second pay check

Cell Phone

67.50 $

Pay check

Gauss's Market

start of semester groceries

Fuel Center

regular f ill up f or my car

The Church of Jesus Christ of Latterday Saints

blessings!

$ $

15.52

Taxes

$

Juan's Background Story

Juan just finished the first month of his first semester of college. He has decided it is time to take the advice he heard in his class and start his own personal budget!

Check Debit Card

$

Pay roll Dedu ction

What he typed in already... Juan collected the receipts from all his purchases since the start of the semester. Today he finally sat down to type his receipts into his budget. Your job is to help him finish. Juan arrived at school on January 3rd and did a lot of spending. As you can see in "Juan's Receipt Record," he bought groceries for $150.78, paid his housing contract for the semester at $975, paid his semester's tuition of $2150, and bought his textbooks for $385.42. He received a $500 scholarship that he will get every semester. He also received a $50 cash birthday gift from his parents. He paid tithing of $55 for the gift and scholarship money he received.

Credit Card Check Cash C redit Card Debit Card Credit Card

On January 5th, Juan took his friend Jenny out for ice cream, which cost $4.88. He paid a $5.00 Fast Offering at church on January 6th. On the first day of school, January 7th, he forgot his lunch and bought lunch at the Crossroads Cafeteria, which cost $9.75. The next day he got his first paycheck for $67.50, which had his taxes of $15.52 taken out directly. He also put $20 worth of gas in his car and paid his tithing online for his paycheck ($6.75).

Debit Card Credit Card Debit Card Credit Card Debit Card Direct Deposit

The next day, January 9th, he purchased notebooks and pens from the Bookstore for $14.25. Later he returned to buy ear muffs for $4.89. Rexburg was colder than he expected! He also paid for lunch at the Crossroads Cafeteria with Jenny for $19.38. Friday, the 10th, he played lazer tag for $32. Saturday, the 11th, he bought weekly groceries for $75.32. That night he went to dinner and bowling with Jenny and some friends for $28.50.

Pay roll Dedu ction

40 .02

Groceries

20.00

Trav el

Credit Card

6.75

Tith ing

Direct Deposit

Debit Card

On the 18th he bought groceries again for $148.22. He also bought a gift for Jenny for $58.39 since he was out shopping already. Later he paid his monthly cell phone bill online for $99.98.He was happy to get his second paycheck of the usual $67.50 on the 23rd and recorded the $15.52 in taxes that was removed. What Juan needs help with...

761.65 404.14 January New Monthly Goal

Goal: Get t h is t o zero.

Debit Card

$

f ast of f ering

blessings!

Financial Aid

Payment Method

1/23

1/26

22.93

BYU-Idaho Book store BYU-Idaho Book store

My Boss

-1

1

58.39

Cash Flow Summ ary

1/10

1

birthday gif t f or me

regular f ill up f or my car

H ousing Tu ition Tex tbook s

$ 500 .00

scholarship and gif t tithing

My Boss

Crossroads Caf eteria

1/9

Hint

5.00

31.04

34.01

Gifts

Hint

13.50

414.34

scholarship money

ice cream (date with J enny )

Groceries

$ 975.00

$ 385.42

f irst pay check

Fuel Center

Expense Category

$ 150.78

$ 2,150.00

f orgot my lunch

The Gov ernment

Amount

tuition textbook s

Crossroads Caf eteria

The Church of Jesus Christ of Latter-

1/9

404.14

New Monthly Goa

The Church of Jesus Christ of Latterday Saints

Details start of semester groceries f irst semesterhousing contract

1/8 1/9

Hint

135.00

13.50

Charitable Donations

Travel: By reducing eating out, we are reducing travel as well. Reducing entertainme nt we also reduce trasport for it.

1/8

#4

New Monthly Goal

January

Monthly Expenses

2. How migh t you apply these les sons that you have learned to your own budget and/or teach othe rs about these prin ciples?

Cell phone: The most important of a cell phone is to use it for call, so he could buy a cheaper cellphone and reduce his plan fee.

Hint

1/8

Total Monthly Income:

Eating out: This is one of the things he could stop spending and save money by cooking more at his house.

Latter day Saints Frozen Berry Shoppe

1/6

2,510.66

Paycheck

Financial Aid Of f ice Mom & Dad

1/3

1/8

1. What lesso ns have you learned in helpi ng Juan gain control of his finance s on this "Budgeting Case Study"?

miscellaneous.

1/3

14.25

8,615.00

sentence s) that respons e to each of the following reflection questio ns.

Goals for Juan

1/3

New Sa vings Balance

Monthly Income

Text box for Part #5

BYU-Idaho Book store

1/7

Step 6. Write a reflection paragra ph in the text box #6 (at least 3-5

The Housing Place BYU-Idaho Bursar's Of f ice

The Church of J esus Christ of

Estimated Total Semesterly Expenses:

For example, sup pose you lowered Juan 's grocery budget. Then you would need to explain what things Juan should buy, how often he shoul d buy them, and ho w much he shou ld pay for them in order to m ake your new grocery plan for him work. Provide detaile d comments for each change you make.

Explain your Monthly Budget

1,950.00

2 150 00

Tithing (Special Income)

Type a detailed descri ption in the text box below of how Juan will need to change his s pending habits to m eet your new "Monthly Goal" for his budget.

1/3 1/3

Hint

Store Gauss's Mark et

1/3

1 050 00

Combined Tota l

Tuition

School Supplies

Step 5.

Date

50.00

Estimated Total Semesterly Income:

Seme sterly Expenses

#1

Juan's Receipt Re cord

Hint

1,000.00

500.00

Other Income Compu te Juan's new Savings Bala nce by removing his Semesterl y Expenses and adding his Sem esterly Income.

Step 3.

#3

2-Semester Combined Tota l

Hint Juan

Goa l: This must be ZERO

Juan's Final Sa vings Balance at the end of Two Se mesters

Now is where Step #2 begins. Help Juan finish typing in his last three receipts for January (shown to the left). He purchased "weekly groceries", put in his "regular fill-up for my car", and paid his tithing, or as he would write in the description: "blessings!"

0 00

N ew Savings B alance Total of Sa vings Withdrawals :

Hint

One final thing needed for Steps #3 and #4...

Th is is t h e remain in g savin g s b alan ce aft er all t h e wit h d rawals for t h e sch ool year.

Remember to doc ument your c

Prior to the start of school, Juan saved up $8,615. He needs your help in coming up with a Monthly Spending Goal to be sure he doesn't run out of money before the end of the first year of school. He needs a budget plan!

Text box for Part #6 1. What lessons did you learn from helping Juan take control of his finances in this "Budgeting Case Study"?I learned from Ju an

#6

that I can learn to manage myself and avoid the words "it's not enough or I don't have enough money" because you can always improve in administration. 2. How could he apply these lessons he has learned to his own budget and/or teach others about these principles?I could apply them by starting my own file where I manage my fixed and variable cats to be like Juan and be successful

Winter 20 22

Cash Check

Financial A id Ot her Income

Credit Card

Paycheck

Debit Card

Savings Withdrawal

Direct Deposit Payroll Deduc

Cell Phone Charitable Donations Eating Out Entertainment Gifts Groceries Housing School Supplies Taxes Textbooks Tithing Travel Tuition Miscellaneous

0...