Final Budget Project Sample

Future Financial PlanFuture Financial Plan

By: J. B.01/30/13

Block 4 Personal FinanceBlock 4 Personal FinanceMrs. Ehrhardt

CareerCareerHasbro Children’s Hospital• Registered Nurse (RN)g ( )• 2‐4 Years of College• Critical Care (CTICU,PICU, ICU)• $48,250 – Annual Income • Monthly Income =$4,020• Weekly Income = $1,005• 401K, Medical Insurance, Tuition

Reimbursement 6% 8% annual payReimbursement, 6%‐8% annual pay raise.

Beginning Savings = $5,000+ Deposits 0- Withdrawals 0

Gross Monthly Income = $4,020- 20 % for Deductions = 804 Monthly Budget= $3,216

Ending Savings = $5,000y g $ ,

LocationLocation

Rh d I l d (W i k)Rhode Island (Warwick)• Capital: Providence• Population: 1,048,319 (2000)• Warwick is the 2nd largest city in

f l iterms of population.• Nickname: “The Ocean State”• Weather is erratic and quick to

changehi d d lThings to do and places to go:

• Beaches• Sailing• Skiingg• Museums• Art Galleries• Ice Skating• Horseback RidingHorseback Riding

Housing$1 200

• On site Laundry Villa Del Rio

$1,200$1,400

$400 $500

On site Laundry• Free Fitness Center• Pool

One Bedroom Standard $975/mo.Furnished

• Basketball and Tennis courts

Furnished780sq.ft2 months’ rent required for deposit• Elevator required for deposit (out of savings)

Beginning Savings = $5,000+ Deposits 0- Withdrawals $1,950

Monthly Budget = $3,216-Monthly Rent = $975Remaining Budget = $2,241 $ ,

Ending Savings = $3,050g g $ ,

VehicleVehicle2003 Chevrolet Tahoe 4WD 4D Sport Utility$‐$23998.00‐$2,000 Down Payment‐6.95% for 4 years (48 Months)‐$574/Month

Beginning Savings = $3,050+ Deposits 0- Withdrawal = $2,000

Monthly Budget = $2,241-Monthly Car Payment = $574Remaining Budget = $1,667 $ ,

Ending Savings = $1,050g g $ ,

Car InsuranceCar InsuranceALLSTATE$1 200 Annual Premium$1,200 Annual Premium$105 Monthly PremiumWill pay from monthly budget each month

Beginning Savings = $ 1,050+ Deposits 0- Withdrawal = $ 0

Monthly Budget = $1,667-Monthly Car Insurance = $105Remaining Budget = $1,562 $

Ending Savings = $ 1,050 g g $ ,

MonthlyG iGroceries

12oz12oz Bumble Bee TunaBumble Bee Tuna $2.69$2.69

59oz59oz Spaghetti O’sSpaghetti O’s $6.00$6.00

88 ApplesApples $4.72$4.72

44 OrangesOranges $3.56$3.56

15oz15oz Canned PeachesCanned Peaches $1.99$1.99

15oz15oz Canned PearsCanned Pears $1.99$1.99

60oz60oz Canned Mandarin OrangesCanned Mandarin Oranges $6.76$6.76

30oz30oz Canned ChiliCanned Chili $2 00$2 00

1lb1lb Boneless Chicken BreastBoneless Chicken Breast $5.49$5.49

1 lb1 lb Cheese (Baby Swiss)Cheese (Baby Swiss) $8.28$8.28

1lb1lb GrapesGrapes $2.49$2.49

44 PearsPears $2 36$2 36 30oz30oz Canned Chili Canned Chili $2.00$2.00

24oz24oz ApplesauceApplesauce $2.09$2.09

14oz14oz Minute Rice (White)Minute Rice (White) $2.49$2.49

16oz16oz Egg NoodlesEgg Noodles $1.59$1.59

44 PearsPears $2.36$2.36

44 PlumsPlums $3.96$3.96

1lb1lb Ground BeefGround Beef $3.99$3.99

2G2G 2% Milk2% Milk $7.58$7.58

40oz40oz Canned Pineapple ChunksCanned Pineapple Chunks $3.00$3.00

19oz19oz Chicken & Rotini SoupChicken & Rotini Soup $1.45$1.45

19oz19oz New England Clam ChowderNew England Clam Chowder $1.45$1.45

19oz19oz Minestrone SoupMinestrone Soup $2 59$2 59

24oz24oz Chicken NuggetsChicken Nuggets $7.78$7.78

32oz32oz Pancake MixPancake Mix $2.89$2.89

24oz24oz SyrupSyrup $2.00$2.00

16oz16oz SpaghettiSpaghetti $1 00$1 00 19oz19oz Minestrone SoupMinestrone Soup $2.59$2.59

2lbs2lbs FlourFlour $1.69$1.69

8oz8oz MustardMustard $1.69$1.69

8oz8oz MayonnaiseMayonnaise $1.99$1.99

16oz16oz SpaghettiSpaghetti $1.00$1.00

11 Pasta Sides (Alfredo)Pasta Sides (Alfredo) $1.50$1.50

11 Pasta Sides (Butter & Herb)Pasta Sides (Butter & Herb) $1.50$1.50

22 Macaroni & CheeseMacaroni & Cheese $2.58$2.58

24oz24oz KetchupKetchup $1.69$1.69

22lbs22lbs Purina Dog ChowPurina Dog Chow $10.99$10.99

44 Couscous (Herbed Chicken)Couscous (Herbed Chicken) $7.96$7.96

45oz45oz Pasta SaucePasta Sauce $3.89$3.89

GroceriesGroceries22oz22oz Plain BagelsPlain Bagels $3.49$3.49

18oz18oz Mini Wheats CerealMini Wheats Cereal $3 99$3 99

1 lb1 lb Cheese (American)Cheese (American) $5.28$5.28

1 lb1 lb Honey Turkey BreastHoney Turkey Breast $6 48$6 48 18oz18oz Mini Wheats CerealMini Wheats Cereal $3.99$3.99

1lb1lb Seedless GrapesSeedless Grapes $2.49$2.49

22 PersonalPersonal--Sized Frozen PizzasSized Frozen Pizzas $3.33$3.33

15oz15oz Raisin Bran CerealRaisin Bran Cereal $3.99$3.99

1 lb1 lb Honey Turkey BreastHoney Turkey Breast $6.48$6.48

1 lb1 lb Honey HamHoney Ham $5.98$5.98

16oz16oz Cottage CheeseCottage Cheese $3.19$3.19

15oz15oz MargarineMargarine $2.29$2.29

18oz18oz Quaker OatmealQuaker Oatmeal $2.29$2.29

Total: $210Total: $210

12oz12oz Cream CheeseCream Cheese $3.49$3.49

1 doz.1 doz. EggsEggs $1.89$1.89

12oz12oz Cheese TortelliniCheese Tortellini $1.60$1.60

16oz16oz Frozen Sweet CornFrozen Sweet Corn $1.99$1.996o6o o e S eet Coo e S eet Co $ 99$ 99

22 Chicken Pot PieChicken Pot Pie $7.38$7.38

16oz16oz Frozen Sweet PeasFrozen Sweet Peas $1.59$1.59

36oz36oz Frozen Mixed VegetablesFrozen Mixed Vegetables $3.19$3.19

12oz12oz Fish SticksFish Sticks $5.99$5.99

64oz64oz 100% Apple Juice100% Apple Juice $2.49$2.49

64oz64oz Orange JuiceOrange Juice $4.19$4.19

64oz64oz 100% White Grape Juice100% White Grape Juice $3.69$3.69

24oz24oz 100% Whole Wheat Bread100% Whole Wheat Bread $2.99$2.99

16oz16oz White BreadWhite Bread $1.80$1.80

Cell PhoneCell PhoneVerizon

Unlimited talk, text with 2G data per month.

•$79.99 + $30.00 (smart phone f ) $109 99 15% $126fee) = $109.99 + 15% = $126

Cable TV & Internet

ServiceService ServiceService

Cox CommunicationsServiceService Service Service

CostCostStandard CableStandard Cable $45.95$45.95$$Digital CableDigital Cable $9.95$9.95Total:Total: $55.90$55.90High Speed InternetHigh Speed Internet $24.95$24.95Total:Total: $80.85 + $80.85 +

% $93% $9315% = $9315% = $93

UtilitiesUtilities

Heat ‐ $150Heat $150Hot Water ‐ $50Electricity ‐ $100Electricity $100

Beginning Savings = $ 1,050Monthly Budget = $1,562 g g g $ ,+ Deposits 0- Withdrawal = $ 0Ending Savings = $ 1,050

y g $ ,-Total Monthly Expenses = $717Remaining Budget = $ 845

EntertainmentEntertainment

MoviesMovies $20 00$20 00MoviesMovies $20.00$20.00

Eating OutEating Out $100.00$100.00

ConcertConcert $50.00$50.00

Total:Total: $170 00$170 00Total:Total: $170.00$170.00

Beginning Savings = $ 1,050Monthly Budget = $845 g g g $ ,+ Deposits 0- Withdrawal = $ 0Ending Savings = $ 1,050

y g $-Entertainment = $170Remaining Budget = $675

ClothingClothingItemItem StoreStore PricePrice

Jeans Jeans American EagleAmerican Eagle $60.00$60.00

Shirts Shirts GAPGAP $40.00$40.00

ShSh N/AN/A $25 00$25 00Shoes Shoes N/AN/A $25.00$25.00

PajamasPajamas GAPGAP $15.00$15.00

MiscMisc N/AN/A $50 00$50 00Misc.Misc. N/AN/A $50.00$50.00

Total:Total:$190.00$190.00

Beginning Savings = $ 1,050+ Deposits 0

Monthly Budget = $675-Clothing = $190 p

- Withdrawal = $ 0Ending Savings = $ 1,050

g $Remaining Budget = $485

Donations/InvestmentsDonations/Investments

$40.00/Month‐The Leukemia & Lymphoma Society is committed toThe Leukemia & Lymphoma Society is committed to finding cures for leukemia and related diseases and improving the lives of those affected by these diseases.

Beginning Savings = $ 1,050Monthly Budget = $485 Beginning Savings $ 1,050+ Deposits 0- Withdrawal = $ 0Ending Savings = $ 1,050

Monthly Budget $485-Donations = $40Remaining Budget = $445

Automatic DeductionsAutomatic DeductionsGasoline & Misc. Car Gasoline & Misc. Car $250.00$250.00ExpensesExpenses

$$

College LoansCollege Loans $250 00$250 00College LoansCollege Loans $250.00$250.00

Savings (5%)Savings (5%) $200.00$200.00

Beginning Savings = $ 1,050+ Deposits $200

Withdrawal $ 0

Monthly Budget = $445-Automatic Deductions =$700Remaining Budget $255 - Withdrawal = $ 0

Ending Savings = $ 1250 Remaining Budget = -$255

BudgetGross Monthly Pay $4,020 SAVINGS ACCOUNT SUMMARYDeductions ‐$804 Beginning Savings $5,000Net Monthly Pay $3,216 Less Withdrawals ‐$3,950MONTHLY EXPENSES Plus Deposits $200

Rent $975 Ending Savings Balance $1,250Car Payment $574Car Insurance $105

Monthly Expenses $717Entertainment $170

Clothing $190Donations/Investme

nts$40

Automatic Deductions

$700

TOTAL EXPENSES $3,471

DEFICIT ‐$255/month

How I will make up for my monthly deficitHow I will make up for my monthly deficit…

Reduce EntertainmentReduce Entertainment $100$100

Reduce ClothingReduce Clothing $100$100Reduce ClothingReduce Clothing $100$100

Reduce SavingReduce Saving $55$55

Total ReductionTotal Reduction $255$255

Financial Goals

• Short Term (1‐6 months)( )– Part time job to earn more money.– Save an extra $100 per month.

• Medium Term (6 months – 3 years)Medium Term (6 months 3 years)– Work on getting a promotion by acquiring additional skills either on the job or through additional learning.

– Keep saving an extra $100 per month to have a total of $4,000 in isavings.

– Take a vacation to The Bahamas for $1,400

• Long Term (3+ years)– Have a 20% down payment to buy a condo in 5 years by:– Continuing to save an extra $200 per month.– Saving any extra money earned through pay raises.

BankinggChecking

• Balance of $15,000.00 or more 0.75%APY• Balance less than $15,000.00 0.40%APY• What you get for free from Ally• Online and Mobile Banking• Online and Mobile Banking• Online Bill Pay• Debit MasterCard® • ATM access• Online Alerts• Overdraft Transfer Service• Ally standard checks• Postage paid deposit envelopes• Postage paid deposit envelopes

BankinggChecking – Continued

• Monthly Maintenance$0.00• Overdraft Item Paid or Overdraft Item Returned(maximum 1 fee per day)$9.00

• Stop Payment Item$15 00Stop Payment Item$15.00• Ally standard checksprices vary on custom check styles

/ $• Official/Cashier's Checks$0.00• Check images online $0.00• Statement copies online $0 00• Statement copies online $0.00• Delivery for items: debit card, checks, etc.$15.00• Account Research Fee$25.00 per hour

BankinggSAVINGS

Online Savings 0 84%Online Savings 0.84%• Excessive Transaction(s) Fee$10.00• O erdraft Item Paid or O erdraft Item• Overdraft Item Paid or Overdraft Item Returned (maximum 1 fee per day)$9.00

• Returned Deposit Item$7 50• Returned Deposit Item$7.50• Delivery for items: overnight checks, etc $15 00etc.$15.00

• Account Research Fee$25.00 per hour

Credit Card

R l C h R d• Real Cash Rewards• 5% cash back in categories that change throughout the year, up to the quarterly

maximum. Signing up each time is free and easy. See 5% Cashback Calendar• Unlimited 1% cash back on all other purchases*• Cashback Concierge• Call your Cashback ConciergeSM any time for a 1‐on‐1 online tour that helps you

get the most out of your rewards based on how you use your card.• More Welcomed Than Ever• Accepted Where you Shop at over 8 million merchants1 nationwide.• The Rate• No Annual Fee• 12 99% 18 99% Standard Variable Purchase APR• 12.99% – 18.99% Standard Variable Purchase APR • *Terms and Conditions

Mad Moneyy

• I will spend $200 of the tax rebate check on aI will spend $200 of the tax rebate check on a spa day and save the other $300 towards my financial goalsfinancial goals.

BibliographyBibliographyCareerRipley, Scott. "Aquent." Critical Care RN. Monster. 22 Oct 2006

<http://jobsearch monster com/getjob asp?JobID=32639121&AVSDM=2006%2D<http://jobsearch.monster.com/getjob.asp?JobID=32639121&AVSDM=2006%2D09%2D22...>.

"Occupational Outlook Handbook." Registered Nurses. US Department of Labor. 22 Oct 2006 <http://www.bls.gov/oco/ocos083.htm>. p // g / /

Driving Directions. Mapquest. 23 Oct 2006 <http://mapquest.com/directions/main.adp?go=1&do=nw&rmm=1&1gi=0&un=m&...>.

Location"Rhode Island." Rhode Island State Facts. Resort Bay.com. 14 Aug 2006

<http://www.resortbay.com/regions/rhode%20island.html>. "Rhode Island." infoplease. 14 Aug 2006

<http://www.infoplease.com/ipa/A0108266.html>.

HousingVilla Del Rio. Apartments.com. 26 Sept 2006

<http://www apartments com/avgrandtour aspx?page=avgrandtour&property=103<http://www.apartments.com/avgrandtour.aspx?page=avgrandtour&property=103735.41.5...>.

Vehicle2003 Chevrolet Tahoe 4WD 4D Sport Utility. Carmax.com. 29 Sept 2006

<http://www carmax com/dyn/printonly aspx?pgid=factsheet&bPrint=True&print<http://www.carmax.com/dyn/printonly.aspx?pgid=factsheet&bPrint=True&printMktType=I&id=...>.

Monthly Expenses"Packages " Basic Talk Sprint 3 Nov 2006Packages. Basic Talk. Sprint. 3 Nov 2006

<http://www1.sprintpcs.com/explore/ueContent.jsp?FOLDER%3C%3Efolder_id=1712211...>.

"Local & Long Distance Plans." MCI Nationwide 200 Plus. MCI. 4 Nov 2006 <http://consumermci com/res long distance/Product jsp?ProductID=nationwide2<http://consumer.mci.com/res_long_distance/Product.jsp?ProductID=nationwide200_plus>.

"PeaPod." Stop & Shop. 26 Oct 2006 <http://www.peapod.com/processShowShelf.jhtml;jsessionid=UWRHBEKRKGV0YCQBD...>. Q

Donations/Investments"How to Help." Donate. 21 Aug 2006. The Leukemia & Lymphoma Society. 30 Oct 2006

<http://www.leukemia‐lymphoma.org/all_page?item_id=8477>.

Final Budget Project Sample

Education

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