budgeting case study Alexia.xlsx - 2 FDMAT 108 Budgeting...

Unformatted text preview: 2 FDMAT 108 - Budgeting Case Study Excel File Step 1. Hover Mouse here to begin. Step 2. Type in Seth's Remaining Receipts. Semesterly Income Financial Aid Other Income Step 3. Housing Step 4. Tuition S et a New Mon thly Goal for S eth th at will bala nce h is b udg et and keep h im from sp end ing m ore tha n he has . Textbooks School Supplies Step 5. Tithing (Special Income) Typ e a d etailed de scrip tio n in th e t ext box below of ho w yo u decide d to set S eth's new "Mont hly Goal." Explain your Monthly budget Goal for Seth here...He can spend less on groceries by making a grocery list with cheap items. He also can eat out less. I think he can cut out gifts and do things that dont cost money like just making a phone call or writing out a card. He can cut his entertainment and stay in more as well as eating out less. January 2-Semester Estimated Total 500.00 1,000.00 50.00 50.00 #3 Date 1/3 1/3 1/3 Hint 975.00 1,950.00 1,960.00 3,920.00 1/3 385.42 770.84 1/3 1/3 14.25 28.50 1/3 55.00 105.00 1/5 6,774.34 New Savings Balance Estimated Total Semesterly Expenses: #5 Previous Savings Balance 8,615.00 1/6 1/7 Hint 2,890.66 1/8 1/8 1/8 Monthly Goal Monthly Income Paycheck January 135.00 Savings Withdrawal Total Monthly Income: Monthly Expenses Tithing 626.65 761.65 January 13.50 Charitable Donations Taxes Groceries 5.00 #4 1/8 (7 months) 1/9 135.00 Hint 264.41 Hint 1/9 1/9 399.41 Monthly Goal 1/10 Hint 13.50 5.00 1/11 0 1/11 0 1/18 31.04 31.04 0 1/18 414.34 150.00 -1 1/18 -1 Eating Out 34.01 25.00 Cell Phone 99.98 99.98 40.00 40.00 0 58.39 20.00 -1 Entertainment Total Monthly Expenses: Cash Flow Summary Total Cash Flow: 60.50 10.00 -1 4.89 4.89 0 761.65 399.41 January 0.00 This should be zero. Monthly Goal 184.41 #2 1/23 1/26 1/27 Expense Category Payment Method Gauss's Market start of semester groceries $ 150.78 Groceries Debit Card The Housing Place Store first semester housing contract $ 975.00 Housing Check tuition textbooks BYU-Idaho Bursar's Office Details Amount $ 1,960.00 $ 385.42 Financial Aid Office scholarship money $ 500.00 Mom & Dad gift to me for starting school $ 50.00 Other Income Cash $ 55.00 Tithing (Special Income) Direct Deposit $ 4.88 Eating Out 5.00 Charitable Donations Cash 9.75 Eating Out Debit Card BYU-Idaho Bookstore T he Churc h of Jes us Christ of Latter-day Saints scholarship and gift tithing Frozen Berry Shoppe ice cream (date with Sarah) The Church of Jesus Christ of Latterday Saints fast offering $ Crossroads Cafeteria forgot my lunch $ My Boss first paycheck The Government taxes paid directly from my paycheck $ 15.52 Fuel Center regular fill up for my car $ $ 20.00 67.50 Tuition Debit Card Textbooks Credit Card Financial Aid Direct Deposit Cash Paycheck Direct Deposit Taxes Payroll Deduction Travel Credit Card The Church of Jesus Christ of Latterday Saints blessings! $ 6.75 Tithing Check BYU-Idaho Bookstore notebooks and pens $ 14.25 School Supplies Cash Miscellaneous Credit Card BYU-Idaho Bookstore ear muffs $ 4.89 Crossroads Cafeteria lunch date with Sarah $ 19.38 Eating Out Debit Card The Fun Center lazer tag with my roomates $ 32.00 Entertainment Credit Card Gauss's Market weekly groceries $ 75.32 Groceries Debit Card Local Bowling Place bowling and pizza (with Sarah and friends) $ 28.50 Entertainment Credit Card weekly groceries $ 148.22 Groceries Debit Card Bix Box Store gift for Sarah $ 58.39 Gifts Credit Card The Cellphone Company Gauss's Market monthly cell phone bill $ 99.98 Cell Phone Debit Card Paycheck Direct Deposit 15.52 Taxes Payroll Deduction $ 40.02 Groceries fuel center gas $ 20.00 Travel Credit Card The Church of Jesus Christ of Latterday Saints My Boss second paycheck $ 67.50 The Government taxes paid directly from my paycheck $ Gauss's Market Groceries thithing $ 6.75 Tithing Direct Deposit Debit Card Seth's Background Story Seth has just finished the first month of his first semester of college. He has decided it is finally time to take the advice he heard in one of his classes and start his own personal budget! What he typed in already... Seth has collected the receipts from all his purchases since the start of the semester. Today he finally sat down and started typing his receipts into his budget. Your job is to help him finish. Seth arrived at school on January 3rd and did a lot of spending. As you can see in "Seth's Receipt Record" from the receipts he already typed in, he bought groceries for $150.78, paid his housing contract for the semester at $975, paid his semester's tuition of $1,960, and bought his textbooks for $385.42. He received a $500 scholarship that he will get every semester. He also received a $50 gift from his parents, which was nice, but will probably never happen again. He paid tithing of $55 for the gift and scholarship money he had received. First things first, Seth took his friend Sarah out on a date for ice cream on January 5th, which cost $4.88. He then paid a $5.00 Fast Offering at church on January 6th. On the first day of school, January 7th, he forgot his lunch and bought lunch at the Crossroads Cafeteria, which cost $9.75. The next day he got his first paycheck for $67.50, which had his taxes of $15.52 taken out directly. He also put $20 worth of gas in his car and paid his tithing that night online for his paycheck ($6.75) his scholarship ($50) and the gift from his parents ($5), a total tithing payment of $61.75. The next day, January 9th, he purchased notebooks and pens from the Bookstore for $14.25. Later that day he returned to buy some ear muffs for $4.89. Rexburg was colder than he expected! He also bought lunch at the Crossroads Cafeteria for both Sarah and himself for $19.38. Friday the 10th he went out with his friends to play lazer tag for $32. Saturday the 11th he bought some weekly groceries for $75.32. That night he went to dinner and bowling with Sarah and some friends for $28.50. On the 18th he bought groceries again for $148.22. He also decided to buy a gift for his friend Sarah for $58.39 since he was out shopping already. Later that night he remembered to pay his monthly cell phone bill online for $99.98. He was happy to get his second paycheck of the usual $67.50 on the 23rd and recorded that $15.52 in taxes that was removed. What he needs help with... 0.00 This should be zero. Seth's Final Savings Balance at the end of Two Semesters New Savin gs Balanc e - Total of Saving s Withdrawals: 1/23 1/23 0 Travel Gifts Miscellaneous #1 Seth's Receipt Record Hint 1,050.00 Estimated Total Semesterly Income: Semesterly Expenses January Estimated Total Com put e S eth 's new Sa ving s Ba lance by remo ving h is S emes terly Expen ses an d add ing h is Se mest erly Income. Hint Must be zero or great er. Green means good. Red means bad. Remember to document your changes. Now is where Step #2 begins. Help Seth finish typing in his remaining three receipts for January (shown to the left). He purchased "weekly groceries", put in his "regular fill up for my car", and paid his tithing, or as he would write in the description: "blessings!" One final thing needed for Steps #3 and #4... Prior to the start of school, Seth had saved up $8,615. He needs your help in coming up with a Monthly Spending Goal that ensures he doesn't run out of money before the end of the first year of school. In short, he needs a budget plan that accounts for his January spending and will last for the remaining 7 months of school. Cash Financial Aid Check Other Income Credit Card Housing Payroll Deduc Tuition Direct DeposiTextbooks Debit Card School Supplies Tithing (Special Income) Paycheck Savings Withdrawal Tithing Charitable Donations Taxes Groceries Eating Out Cell Phone Travel Gifts Entertainment Miscellaneous 0 Winter 2018 Winter 2018 50% of your Grade Number Correct Semesterly Income 40 January Financial Aid Other Income Seth's Receipt Record Date 1/3 Estimated Total Semesterly Income: Correct Semesterly Expenses of your Grade #3 Correct Out of 44 Possible 25% 2-Semester Estimated Total Correct Balanced Budget Not yet January 1/3 Estimated Total 1/3 Housing Correct 1/3 Tuition Correct 1/3 Textbooks Correct 1/3 School Supplies Correct 1/3 Tithing (Special Income) Correct 1/5 Estimated Total Semesterly Expenses: Correct 25% of your Grade Caution: did you type in your explanations for your new Monthly Goal for Seth as explained in Step #5? This part will be graded after you submit this Case Study to I-Learn. 1/6 Previous Savings Balance New Savings Balance Written Comments 1/7 Correct 1/8 #5 1/8 1/8 Monthly Goal (7 months) Monthly Income #4 1/8 January Paycheck Correct Savings Withdrawal 1/9 Correct 1/9 Correct 1/9 Total Monthly Income: 1/10 Monthly Expenses Worth 22 Points January Monthly Goal 1/11 Tithing Correct Correct 1/11 Charitable Donations Correct Correct 1/19 Taxes Correct Correct 1/19 Groceries Correct Correct 1/19 Store Details Expense Category Payment Method Gauss's Market start of semester groceries 150.78 Groceries Debit Card The Housing Place first semester housing contract $ 975.00 Housing BYU-Idaho Bursar's Office tuition $ Amount 1,960.00 Tuition Debit Card BYU-Idaho Bookstore textbooks $ 385.42 Textbooks Credit Card Financial Aid Office Financial Aid Direct Deposit $ Check scholarship money $ 500.00 Mom & Dad gift to me for starting school $ 50.00 Other Income Cash The Church of Jesus Christ of Latter-day Saints scholarship and gift tithing $ 55.00 Tithing (Special Income) Direct Deposit Frozen Berry Shoppe 4.88 Eating Out ice cream (date with Sarah) $ The Church of Jesus Christ of Latterday Saints fast offering $ 5.00 Charitable Donations Crossroads Cafeteria forgot my lunch $ 9.75 Eating Out Debit Card My Boss first paycheck $ 67.50 Paycheck Direct Deposit Cash The Government taxes paid directly from my paycheck $ 15.52 Taxes Payroll Deduction Fuel Center regular fill up for my car $ 20.00 Travel Credit Card Cash The Church of Jesus Christ of Latterday Saints blessings! $ 61.75 Tithing BYU-Idaho Bookstore notebooks and pens $ 14.25 School Supplies Cash BYU-Idaho Bookstore ear muffs $ 4.89 Miscellaneous Credit Card Crossroads Cafeteria lunch date with Sarah $ 19.38 Eating Out Debit Card Entertainment Credit Card The Fun Center Check lazer tag with my roomates $ 32.00 Gauss's Market weekly groceries $ 75.32 Groceries Debit Card Local Bowling Place bowling and pizza (with Sarah and friends) $ 28.50 Entertainment Credit Card Gauss's Market weekly groceries $ 148.22 Groceries Debit Card Bix Box Store gift for Sarah $ 58.39 Gifts The Cellphone Company monthly cell phone bill $ 99.98 Cell Phone Debit Card My Boss second paycheck $ 67.50 Paycheck Direct Deposit Credit Card The Government taxes paid directly from my paycheck $ 15.52 Taxes Payroll Deduction Eating Out Correct Correct 1/23 Cell Phone Correct Correct 1/23 Travel Correct Correct ERROR Correct Correct Correct Correct Correct Gifts Correct Correct ERROR Correct Correct Correct Correct Correct Entertainment Correct Correct ERROR Correct Correct Correct Correct Correct Miscellaneous Correct Correct #2 Total Monthly Expenses: Cash Flow Summary Total Cash Flow: 2019 January Monthly Goal Correct Correct This should be zero. 23-Jan 26-Jan 27-Jan This should be zero. Seth's Final Savings Balance at the end of Two Semesters ERROR Must be zero or greater. Note My Receipt Record #4 Date Monthly Income January Income Label 1 Income Label 2 Customize these labels Total Income: Expenses Goal 0.00 0.00 0.00 0.00 January Expense 1 0.00 Expense 2 0.00 Expense 3 0.00 Customize these labels 0.00 0.00 Goal 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Total Expenses: Cash Flow Summary 0.00 January 0.00 Goal Total Income 0.00 Total Expenses 0.00 0.00 0.00 0.00 Monthly Cash Flow: 0.00 Store Details Amount Expense Category Payment Method Cash Check Credit Card Payroll Deduction Direct Deposit Debit Card ...
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