Scribd Logo
Upload

Welcome to Scribd!

  • 38 views

    Budget Analysis Activity

    Uploaded by

    api-685760092
    The document contains three scenarios describing the budgets of Josh, Molly, and Nathan. Josh is a high school senior who works 30 hours per week and lives at home. Molly recently graduated college and got her first job. Nathan is also a high school student who works part-time. For each scenario, their estimated budget and actual spending for the month is provided. All three individuals went over their budgets, with variances of $25, $405, and $200 respectively. The document asks questions about developing SMART goals for each and adjustments to help meet their savings goals.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Budget Analysis Activity

    Uploaded by

    api-685760092
    38 views4 pages
    The document contains three scenarios describing the budgets of Josh, Molly, and Nathan. Josh is a high school senior who works 30 hours per week and lives at home. Molly recently graduated college and got her first job. Nathan is also a high school student who works part-time. For each scenario, their estimated budget and actual spending for the month is provided. All three individuals went over their budgets, with variances of $25, $405, and $200 respectively. The document asks questions about developing SMART goals for each and adjustments to help meet their savings goals.

    Original Title

    budget analysis activity

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    The document contains three scenarios describing the budgets of Josh, Molly, and Nathan. Josh is a high school senior who works 30 hours per week and lives at home. Molly recently graduated college and got her first job. Nathan is also a high school student who works part-time. For each scenario, their estimated budget and actual spending for the month is provided. All three individuals went over their budgets, with variances of $25, $405, and $200 respectively. The document asks questions about developing SMART goals for each and adjustments to help meet their savings goals.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    38 views4 pages

    Budget Analysis Activity

    Uploaded by

    api-685760092
    The document contains three scenarios describing the budgets of Josh, Molly, and Nathan. Josh is a high school senior who works 30 hours per week and lives at home. Molly recently graduated college and got her first job. Nathan is also a high school student who works part-time. For each scenario, their estimated budget and actual spending for the month is provided. All three individuals went over their budgets, with variances of $25, $405, and $200 respectively. The document asks questions about developing SMART goals for each and adjustments to help meet their savings goals.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 4

    Names:

    Budget Analysis Activity

    Read through the 3 budget scenarios below. With a partner, discuss each scenario and answer
    the questions on the last page of the document. Turn in ONE document per partnership on
    Canvas. Be sure to type both names at top of page.

    Josh is a senior in high school and works 30 hours per week at a neighborhood coffee shop. His
    net income after taxes is $1,500 and he is saving up for college. He owns a car and makes
    payments toward it each month, but he lives with his parents so he saves on rent, utilities and
    food costs. He occasionally goes out with friends and buys things for himself, but he tries to
    hold back on these things so he can save more for college next year.

    Below is Josh’s estimated budget and what he actually spent in one month’s time. Analyze his
    spending to see why he is not on track to meet his goal and determine what he can do to get
    back on track.

    Budget Actual
    Fixed Expenses
    College Savings $870 $820
    Car Payment $125 $125
    Car Insurance $95 $95
    Cell Phone $85 $85

    Variable Expenses
    Gas $100 $105
    Entertainment $50 $75
    Personal Shopping $50 $95
    Occasional Spending (gifts, repairs, etc.) $100 $100

    Total $1,475 $1,500


    Names:

    Molly just graduated from college and accepted her first job as a social media manager for a
    real estate company. Her monthly net income will be $3,000. She just moved into a one-
    bedroom apartment, so she is responsible for rent, utilities, food and other household
    expenses. She is paying off a student loan and she wants to save as much money as she can to
    buy a house someday. She owns a car and enjoys going out with friends on the weekend.

    Below is Molly’s estimated budget and what she actually spent in one month’s time. Analyze
    her spending to see why she is not on track to meet her goal and to determine what she can
    do to get back on track.

    Net Income: $3,000/month

    Budget Actual
    Fixed Expenses
    Savings for House $450 $150
    Rent $600 $600
    Car Payment $350 $350
    Car Insurance $150 $150
    Internet/Cable TV $110 $110
    Cell Phone $75 $105
    Student Loan $300 $300

    Variable Expenses
    Gas $100 $175
    Food $250 $300
    Entertainment $100 $250
    Personal Shopping (clothes, makeup, home items etc.) $75 $300
    Utilities $200 $275
    Occasional Spending (gifts, repairs, etc.) $150 $250

    Total $2,910 $3,315


    Names:

    Nathan is a junior in high school. He works 15 hours a week at the mall, and his net income
    after taxes is $600 a month. He lives with his parents, so he doesn’t have rent, utility or food
    expenses. His older brother owns a car and lets him borrow it to drive to work for $50 each
    month; otherwise Nate takes the bus. He really wants to buy a car, so he puts any leftover
    money toward savings. Nate also pays for his cell phone and personal expenses, such as going
    to the movies, buying video games and purchasing gifts.

    Below is Nathan’s estimated budget and what he actually spent in one month’s time. Analyze
    Nate’s spending to determine why he is not on track to save for that new car, and what
    changes he can make to get on track.

    Net Income: $600/month

    Budget Actual

    Fixed Expenses

    Savings for a Car $100 $0


    Cell Phone $75 $100
    Car Payment to his Brother $50 $100

    Variable Expenses
    Public Transportation $50 $60
    Entertainment $50 $65
    Personal Shopping $50 $175
    Occasional Spending (gifts, repairs, etc.) $25 $100

    Total $400 $600


    Names:

    1. What is Josh’s budget variance?


    $25 (spent more than budget)

    2. What is Molly’s budget variance?


    $405 (spent more than budget)

    3. What is Nathan’s budget variance?


    $200 (spent more than budget)

    4. Develop a SMART goal for each of the budgeters. Record below:

    • Josh’s SMART goal:


    To not spend so much on entertainment and personal shopping or make a lower budget so you
    expect less.

    • Molly’s SMART goal:


    Try not to spend so much on Variable Expenses especially when trying to save for a house or make a
    lower budget so you will expect less.

    • Nathan’s SMART goal:


    Save up more for a car so there’s no payment from siblings, and there will be no public
    transformation fee.

    5. Which budget is the most successful in meeting the budgeters’ goals? Why?

    I believe Josh has the most successful budget, he went a little over his budget but not by a lot and did better
    than everyone else.

    6. What adjustments could be made to each budget so the budgeters’ goals could be met sooner?

    They could all stop over spending on Person shopping and Entertainment.

    You might also like

    pFad - Phonifier reborn

    Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.

    Note: This service is not intended for secure transactions such as banking, social media, email, or purchasing. Use at your own risk. We assume no liability whatsoever for broken pages.


    Alternative Proxies:

    Alternative Proxy

    pFad Proxy

    pFad v3 Proxy

    pFad v4 Proxy