Family Budget

BIM

Married or Single

Occupations of both spouses

Children Salary http://www.salary.com http://about.salary.com

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What Benefits Mean to Income

Salary and Benefits

66%2%

5%

4%

1%

10%

3%9%

Base salary

Bonuses

Social Security

401k/403b

Disability

Healthcare

Pension

Time off

Benefit

Median Amou

nt % of Total

Base salary $35,369 66%

Bonuses $859 2%

Social Security $2,771 5%

401k/403b $2,246 4%

Disability $580 1%

Healthcare $5,328 10%

Pension $1,522 3%

Time off $4,738 9%

$53,413 100%Occupation -- Accountant 1

Salary for a Charge Nurse

Don’t Forget Income Taxes

http://taxes.about.com/od/2008taxes/qt/2008_tax_rates.htm

Family Expenses

Rent or Mortgage Taxes Utilities Insurance Telephone Cable Medical Auto

Entertainment Clothing Food Childcare Household Personal Care Gifts Savings

Other Expenses?

Vacation

PMT Function in Excel

=PMT(rate,nper,-pv) Rate – interest rate of loan (6%) Interest is divided by number of periods Nper – number of periods in the loan If 6 years – (6* 12) = 72 periods PV – present value or amount of money

borrowed Place a (-) minus sign in front of the PV

Calculate a Car Payment Using PMT Function

You are buying a new ________. Interest rate is 6% Number of years for loan is 5 Present value of car is $25,000 What is your car payment?