Question

Excel Budget Assignment THE BOB STORY.. Using the Excel Budget Spreadsheet as a guide, fill in the values below for each respective category. Answer the questions following each scenario in the "Excel Budget Assignment quiz. Bob has trouble managing Bob Meets Smart Sally They fall in love and get mad budget for them as the wedding gift Income: Bob earns a monthly net income of $160.00 for finding earthworms. Smart Sally earns a monthly net income of $6245.00 as a nuclear physicist. Expenses: Mortgage $1580.00 Groceries $584.00 Transportation $288.00 Car Payment $262.00 Clothing $146.00 Health Care $63.00 Personal Care $62.00 Household $169.00 Student Loans $544.00 Utilities $269.00 Leisure $160.00 Vacations $290.00 Property Taxes $271.67 House Insurance $426.00 Miscellaneous S188.00 Telecommunications $163.50 Gifts and Donations $95.00 Gym Membership $94.50 Car Insurance $357.00 Savings 10% Income 1. Using your current spreadsheet: a. What is the total income? b. What are the total expenses? c. How much is placed into savings each month? d. Do Bob and Sally have a surplus or a deficit? By how much? 2. Sally's salary increases by $100 per month. They also have paid off all student loans. Make these changes to your spreadsheet. a. How much do their expenses now total? b. Do Bob and Sally have a surplus or a deficit? By how much? 3. Bob and Sally's mortgage payment increases to $1632.00. Their roof starts to leak and they need to replace it. They budget $500 per month (replace the old student loan charge with roof expense) a. Do Bob and Sally have a surplus or a deficit? By how much? b. They decide to stop putting money into savings. How much will their balance be? c. Do you agree with them removing savings payments to create a surplus? d. Are there any other areas you think they should spend less on to break even, other than savings? 4. After two years, the roof is paid off, Bob's monthly salary doubled, and their car is paid off insurance remains the same). They again decide to put 10% of their income into savings a. Do Bob and Sally have a surplus or a deficit? By how much?

Answer 1

Question 1)				Question 2)
Income				Income
Bob	160			Bob	260
Saily	6245			Saily	6245
Total Income		6405		Total Income		6505
Expenses				Expenses
Mortgage	1580			Mortgage	1580
Transportation	288			Transportation	288
Clothing	146			Clothing	146
Personal care	62			Personal care	62
Student loans	544			Student loans	0
Leisure	160			Leisure	160
property taxea	271.67			property taxea	271.67
Misc	188			Misc	188
Gifts & donations	95			Gifts & donations	95
Car insurance	357			Car insurance	357
Groceries	584			Groceries	584
Car Payment	262			Car payment	262
Health care	63			Health care	63
Household	169			Household	169
utilities	269			utilities	269
Vacations	290			Vacations	290
House insurance	426			House insurance	426
Telecomunications	163.5			Telecomunications	163.5
Gym	94.5			Gym	94.5
Total Expenses		6012.67		Total Expenses		5468.67
Net Income		392.33		Net Income		1036.33
Less savings 10%	6405*10%	640.5		Less savings 10%	6405*10%	640.5
Deficit		-248.17		Surplus		395.83
Question 3)				Question 4)
Income				Income
Bob	260			Bob	520
Saily	6245			Saily	6245
Total Income		6505		Total Income		6765
Expenses				Expenses
Mortgage	1632			Mortgage	1632
Transportation	288			Transportation	288
Clothing	146			Clothing	146
Personal care	62			Personal care	62
Roof expense	500			Roof expense	0
Leisure	160			Leisure	160
property taxea	271.67			property taxea	271.67
Misc	188			Misc	188
Gifts & donations	95			Gifts & donations	95
Car insurance	357			Car insurance	357
Groceries	584			Groceries	584
Car payment	262			Car payment	0
Health care	63			Health care	63
Household	169			Household	169
utilities	269			utilities	269
Vacations	290			Vacations	290
House insurance	426			House insurance	426
Telecomunications	163.5			Telecomunications	163.5
Gym	94.5			Gym	94.5
Total Expenses		6020.67		Total Expenses		5258.67
Net Income		484.33		Net Income		1506.33
Less savings 10%	6405*10%	640.5		Less savings 10%	6405*10%	640.5
Deficit		-156.17		Surplus		865.83
If No Savings Surplus		484.33
Stop saving is not ata all a good decisiion, however ther can reduce vacation expenses or Other miscelaneous till they settledown