Convert all of the income and expense items into monthly amounts.

Convert all of the income and expense items into monthly amounts. Round to the nearest dollar. Which are fixed and which are variable?
Using the Blank Budget Template (see next page), design a monthly budget for Jim and Iona that shows fixed and variable costs.

Convert all of the income and expense items into monthly amounts.
MAP 4C – Budget Practice Assignment
Over the coming year, Jim and Iona want to save $5000 for a vacation.

Their total net income is $65 000/year.

They earn $75/month from investments. They currently have the expenses outlined in the list above.

  1. Convert all of the income and expense items into monthly amounts.

Round to the nearest dollar. Which are fixe d and which are variable?

  1. Using the Blank Budget Template (see next page), design a monthly budget for Jim and Iona that shows fixed and variable costs.
  2. Can this couple meet their savings goal with their current income and expenses?

Share an opinion and a reasoning as to which expenses can be cut back.

Your Budget Table does not have to be typed, however it must be organized appropriately and clearly legible.

Calculations can be completed neatly by hand and submitted in the same scan. Please submit to the Assignment Folder in Bright Space.

INCOME

Total Monthly Income

EXPENSES

Total Monthly Expenses

INCOME – EXPENSES

More Details:

With surveys showing that most households lack sufficient savings to pay for a $1,000 emergency, and large numbers of Americans struggling with debt, the value of creating and following a budget has never been clearer.

Creating a household budget can serve many purposes: getting out of credit card debt faster, saving for a long-term goal such as a house or retirement, or simply ensuring that you are on solid financial footing to meet whatever curveballs life may throw at you.

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