Budgeting

Try the activity from the website below. Percentages Now attempt the questions below. 1. Shania earns $200 per month from odd jobs, $42 as an allowance and an average of $24 from other sources. In each month she must spend $50 on food, $36 repaying a loan and $16 on school needs. She would like to save $20 per month and divide what remains equally between clothes, entertainment and gifts. a) Make up a budget like the one in the example. b) What percentage of her total income does she save? 2. Mikayla earns $428 a week gross. Her weekly tax payment is $86. Here is a list of her monthly expenses: rent $608; electricity/phone/water $86; medical expenses $164; food $182; fares $72; clothing $44; entertainment/sport $84 and other $50. a) Make up a budget as in the example, using 4 weeks for 1 month. b) How much money can Mikayla save each month? What is this as a percentage of her net income? c) Mikayla would like to buy a new car. She estimates that payments, including registration, would amount to $180 per month; repairs for servicing the car, $36 per month; and petrol $60 per month. She no longer would have to pay fares. Make up a new budget for her. Can Mikayla afford to buy and maintain the car?  Here is an extension question for fast finishers.   3. Make up your own monthly budget based on your real income and expenses. Consider all sources of income, essential expenditure, non-essential expenditure and savings.
 * __Budgeting __** Open this file and save it to your laptop for the notes on today's lesson.