FIN 115 Introduction to Personal Finance Budget Project.docx - FIN 115 Introduction to Personal Finance Group Budget Project Assignment prepare an

FIN 115 Introduction to Personal Finance Budget...

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FIN 115 Introduction to Personal Finance Group Budget Project Assignment : prepare an annual budget (students must work together as a group and select a group leader). The group leader is responsible for ensuring all group members participate. Group members who do not participate will receive a grade of “0”. This is a major class project. Minimum requirements Monthly take home household income: $7,500.00 Received a federal tax refund of $4,850.00 (April); state tax refund of $2,700.00 (May) Purchased a home: $1,150.00 monthly payments (includes principal, interest, taxes & insurance) Married with two (2) children: ages 3 and 8 The youngest child is in day care The oldest child is in elementary school but requires after school care Both spouses working
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Unformatted text preview: Both spouses are college graduates with student loans: Husband monthly payment $500.00 per month Wife monthly payment of $350.00 per month Two automobiles $380.00 per month 425.00 per month (will be paid on in July) Credit cards Mastercard: Balance $5,850.00 (card limit $7,000.00) Visa: Balance $3,500.00 (card limit $5,000.00) Best Buy: Balance $6,500.00 (card limit $9,000.00) J.C. Penney: $1,450.00 (card limit $2,000.00) Must put money in saving’s account each month Unexpected Expenses Buy a new set of tires (May) Replaced water heater at a cost of $650.00 (September) Replace battery in car number 1 ($95.00) in (March) Replaced kitchen stove at a cost of $950.00 in (July)...
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  • Fall '16
  • Dr.Mah
  • Credit card, group leader,  Husband

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