Day 59

Lesson Objectives

  • Create a budget

Assignment BUU4.3

  1. Make a copy of this Google Document (Espanol), rename it Budget for College-(Your Initials), and move it into your Lesson 4 folder.
  2. Use the Online Budget Tool to establish budgets for each one of the three scenarios listed in the document. Once you have established a budget, take a screenshot of the budget and place it within the table under each scenario in the document.

Assignment BUU4.4

  1. To refresh your memory on finding the percent of a number, watch this video.
  2. Retrieve the average ANNUAL salary from the research you did on a career of your choice from your My Career document in your Lesson 2 folder in the Employment Unit folder.  
  3. Using your math skills, determine the average MONTHLY earnings for your career.   
  4. Go to your Lesson 2 folder in your Google Drive and find your Cash Flow Statement Analysis spreadsheet.  Double-check to make sure that your calculated percentages match the percentages in this Cash Flow Statement Key
  5. If your percents are correct, make a copy of your spreadsheet from Lesson 2, name it Creating a Budget-(Your Initials), and move it into your Lesson 4 folder. In your spreadsheet, create a new Sheet tab and title it My Budget.  Drag that sheet tab to the left so it is listed as the first sheet tab and in front of the Cash Flow Statement sheet tab.  Then design your spreadsheet so that looks like this and contains the following data, and record your results within the sheet. Follow these steps: 
    1. After creating the spreadsheet, delete all the columns after D and all the rows after 15.  You can do this quickly by clicking on the first column or row that you want to be deleted and then holding down the Shift + Control key while pressing the down (rows) or right (columns) arrow key to select them all.  Then go to the Edit menu, Delete, and select the rows or columns you want to delete.  Reduce the width of column D to less than half the original size.
    2. Record your annual salary from #2 above in the red box.
    3. Record your monthly earnings from #3 above in the blue box.
    4. Fill in the percentages under the % in the purple boxes, the second column (Column B) using the Average Annual Percentages (Blue Column) for Cash Going Out you calculated in your Cash Flow Statement Analysis sheet tab.  Because some of the months had expenditures over the amount of income while others were under, the total percentages averaged less than 100%.  Therefore, we need to account for the difference shown in the MONTHLY TOTAL row.  Add this percentage into the Miscellaneous category. 
    5. Using the percentage listed in Column B and your average MONTHLY earnings, calculate how much of your earnings would go into each component of your budget.  Calculate and record your monthly budgeted items in the orange boxes.
    6. Add up all the budgeted amounts in the orange boxes to find your total budgeted amount and record it in the green box.