JCTU Excel Spreadsheet

For this challenge you need to revise your budget plan for challenge-6,7. You need to revise your budget such that you have MORE money in your savings.

Remember that your Budget must have an income (of whatever type) if you’re not comfortable with using personal information then you can simply estimate your income from the near future (assuming you have a better source of income in the future) or you can simply invent it. Now if you invent it, it MUST be reasonable! Meaning you must still have deductions and you must presuppose you have a job in a field that actually makes that much money (when we write the essay)

Note also, that if you have rent instead of House payment then you can just put the rent in that box. If you a paid off house then be sure to estimate things like insurance, taxes, maintenance. etc.

Once you have revised your budget plan create a savings plan table that demonstrates how much more money you would save in the revised version versus the old version. (If the old version is zero, then just compare it to some non-zero value less than your current revised budget plan savings amount per month.)

Now you must assume that your put your monthly savings (FOR EACH CASE) into an account that yields 5% interest, and you keep it in there for 18 years. (Like an IRA for example).

Compare and contrast your differences with at least one classmate when finished. DON”T FORGET TO POST YOUR SPREADSHEET! And it would be beneficial if you would summarize your results in words above your original post so people would know your results before look at your spreadsheet.

Steadmon Family Monthly
Monthly
INCOME
Miscellaneous Income
Salary
7,784.32
Income Total 7,784.32
PAYROLL DEDUCTIONS
Federal Income Tax
841.36
FICA Tax
343.04
State Income Tax
331.08
401-k Retirement Plan
300.00
Payroll Deductions Total 1,815.48
FAMILY SAVINGS
Emergency
Christmas
Medical/Dental/Vision
Vacation
Family Savings Total
200.00
0.00
150.00
0.00
350.00
Steadmon Family Monthly Budget Action Plan
Monthly
EXPENSES
Home
Cable TV
0.00
Cellular telephone
160.00
Electricity
200.00
Home Mortgage
1,100.00
County Property Taxes
175.00
Internet
45.00
Landline telephone
0.00
Natural Gas
Water/Sewer/Garbage
152.50
Home Total 1,832.50
Daily Living
Charitable Contributions
0.00
Clothing
100.00
Credit Card Payment
200.00
Dining Out
150.00
Entertainment
100.00
Groceries
500.00
Health Club Dues
0.00
Household Supplies
100.00
Miscellaneous
50.00
Pet Food / Vet bills
0.00
Daily Living Total 1,200.00
udget Action Plan
Monthly
EXPENSES
Insurance
Auto
Health
Homeowner’s
Life
Insurance Total
156.00
303.52
91.66
150.00
701.18
Transportation Total
240.00
0.00
0.00
240.00
Transportation
Fuel
Maintenance/Repairs
Truck Payment
Total Expenses 3,973.68
Net Monthly Cash Flow 1,645.16
Reminder:
Cash Flow = Income – Deductions – Savings – Expenses