Question

Projects: The Budgeting Project

1. Create an estimated budget for yourself and your family, if appropriate, from week 2 to week 3 in weekly detail based on your view of your current spending habits and income.

2. Physically keep track of your inflows and outflows for two weeks (week 3 and 4) and pay attention to topics covered in class not included in your initial budget.

3. By the end of week 3, fill in the actual numbers for week 2 and then construct your second estimated budget for week 3.

   Please Up load your Final Budget in Excel Format

   Use 3 columns

   Column 1 Initial Projected Budget

   Column 2 Actual Spending

   Column 3 New Projected Budget

   List income with summary

   List Expenses with Summary

   Show total Income-Expense

   I need help please how to complete this project thank you

Answer 1

I have prepared the budget in three parts. In first part Weekly income has been projected and in second weekly income and in third result has been shown for variance:

PART 1: WEEKLY INCOME	Intial	Actual	New
	Projected	Spending	Projected
	Budget		Budget
Person #1: weekly income for all full & part time jobs	$1,000.00	$1,000.00	$1,000.00
Other: Incoming Rent for rental property	$250.00	$250.00	$250.00
Other: List other income	$100.00	$50.00	$50.00
TOTALS	$1,350.00	$1,300.00	$1,300.00
PART 2: WEEKLY EXPENSE	Intial	Actual	New
	Projected	Spending	Projected
	Budget		Budget
Mortgage / Rent	$250.00	$250.00	$250.00
Home Insurance	$5.00	$5.00	$5.00
Credit Card #1	$25.00	$30.00	$35.00
Credit Card #2	$15.00	$10.00	$15.00
Credit Card #3	$40.00	$45.00	$45.00
Car Payment	$50.00	$55.00	$50.00
Parking	$20.00	$25.00	$25.00
Tolls	$20.00	$20.00	$20.00
Gasoline	$15.00	$20.00	$20.00
Health Insurance	$15.00	$15.00	$15.00
Cable /Satellite TV	$20.00	$20.00	$20.00
Internet Access	$15.00	$15.00	$15.00
Phone Bill	$0.00	$0.00	$10.00
Mobile Phone Bill(s)	$15.00	$25.00	$25.00
Daycare/Babysitting/Eldercare	$0.00	$20.00	$20.00
Groceries	$25.00	$40.00	$45.00
Pet care	$5.00	$20.00	$20.00
Gym Membership	$15.00	$15.00	$15.00
Electric Bill	$20.00	$20.00	$20.00
Water Bill	$10.00	$10.00	$10.00
Misc Expenses	$0.00	$0.00	$100.00
Unplanned: Vet Bill		$250.00	$0.00
Unplanned: Dinner party		$70.00	$0.00
Unplanned: Car repairs		$800.00	$0.00
Unplanned: Parking Ticket		$75.00	$0.00
Unplanned: Dishwasher repair		$250.00	$0.00
TOTALS (Automatically Calculated)	$580.00	$2,105.00	$780.00
PART 3: RESULTS	Intial	Actual	New
	Projected	Spending	Projected
	Budget		Budget
TOTAL WEEKLY INCOME	$1,350.00	$1,300.00	$1,300.00
TOTAL WEEKLY EXPENSE	$580.00	$2,105.00	$780.00
VARIANCE (This is how much over, or under, your budget you are.)	$770.00	($805.00)	$520.00