Budgeting Case Study.xlsx - 2 FDMAT 108 Budgeting Case Study Excel File Step 1 Hover Mouse here to begin Step 2 Type in Seth's Remaining Receipts

Budgeting Case Study.xlsx - 2 FDMAT 108 Budgeting Case...

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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. Comp ute Se th's new Savin gs Bala nce b y removin g his Sem este rly Exp ens es and a dding his Seme sterly In com e. Tuition Set a N ew M onth ly Goa l for Set h tha t will b alan ce his bu dget a nd keep him from spe nding more t han h e h as. Textbooks School Supplies Step 5. Tithing (Special Income) Type a det aile d des cript ion in the text b ox b elow of how you de cided to s et Set h's n ew "M onth ly Goa l." Explain your Monthly budget Goal for Seth here... Looking at Seth's expenses , there are certain things that will be the same in the coming semester such as: tithing. charitable donations, taxes, travel and miscellaneous. Seth could review his groceries and live according to his budget and not have a luxury life style that will require much money; so instead of $414.34, Seth could be careful to reduce his living with $200 of Groceries monthly. Seth should find a much cheaper Cell Phone plan and make use of the campus and apartments wifi connection so he could save more on data purchasing. Spending too much money on gift does not make one seen special; He should be creative, spend little on gift and come with ideas such making cards or writing letter; since we are at the time where letters are not view as in the old time, Seth could simply spend less on gift than he did in January. He should spend less for the entertainment; there are so much he could do that does not require that kind opf money. He could keep the $40 for travelling around as this is so imporatant that he always check on how far he goes during the month. 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 1/7 Estimated Total Semesterly Expenses: #5 Previous Savings Balance 8,615.00 2,890.66 1/6 Hint 1/8 1/8 1/8 Monthly Income Paycheck Savings Withdrawal Total Monthly Income: Monthly Expenses Tithing January Taxes Groceries #4 1/8 1/9 135.00 Hint 249.43 Hint 1/9 1/9 761.65 384.43 January New Monthly Goal Hint 13.50 Charitable Donations New Monthly Goal 135.00 626.65 5.00 13.50 5.00 1/10 1/11 0 1/11 0 1/18 31.04 31.04 0 1/18 414.34 200.00 -1 1/18 Eating Out 34.01 15.00 -1 Cell Phone 99.98 50.00 -1 Travel 40.00 40.00 0 Gifts 58.39 10.00 -1 Entertainment Miscellaneous Total Monthly Expenses: Cash Flow Summary Total Cash Flow: 60.50 15.00 -1 4.89 4.89 0 761.65 384.43 This should be zero. 0.00 This should be zero. Seth's Final Savings Balance at the end of Two Semesters New S avings Balanc e - Total of Saving s Withdrawals: 518.00 1/23 1/23 #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 BYU-Idaho Bookstore Financial Aid Office Mom & Dad Details Amount $ 1,960.00 $ 385.42 scholarship money $ 500.00 birthday gift for me $ 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 T he Churc h of Jesus 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 $ 67.50 Debit Card Credit Card Direct Deposit Cash My Boss first paycheck Paycheck Direct Deposit 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 The Church of Jesus Christ of Latterday Saints BYU-Idaho Bookstore $ Tuition Textbooks Financial Aid blessings! $ 6.75 Tithing notebooks and pens $ 14.25 School Supplies Cash 4.89 Miscellaneous Credit Card 19.38 Eating Out Debit Card Entertainment Credit Card BYU-Idaho Bookstore ear muffs $ Crossroads Cafeteria lunch date with Sarah $ 32.00 The Fun Center Check lazer tag with my roomates $ 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 My Boss second paycheck $ 67.50 Paycheck Direct Deposit The Government taxes paid directly from my paycheck $ 15.52 Taxes Payroll Deduction 40.02 Groceries Gauss's Market end of semester groceries $ Fuel Center regular feel-up for my car $ 20.00 Travel Credit Card The Church of Jesus Christ of Latterday Saints blessings! $ 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," 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 cash birthday gift from his parents. He paid tithing of $55 for the gift and scholarship money he received. On January 5th, Seth took his friend Sarah out on a date for ice cream, which cost $4.88. He 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 online that night for his paycheck ($6.75). 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 paid for lunch at the Crossroads Cafeteria with Sarah for $19.38. Friday, the 10th, he played lazer tag for $32. Saturday, the 11th, he bought 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 the $15.52 in taxes that was removed. What Seth needs help with... Now is where Step #2 begins. Help Seth finish typing in his last 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 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. January New Monthly Goal 0.00 #1 Seth's Receipt Record Hint 1,050.00 Estimated Total Semesterly Income: Semesterly Expenses January Estimated Total Housing Step 4. January Hint This should be z ero. Green means good. Red means bad. Remember to document your changes. 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 44 January Financial Aid Other Income Out of 44 Possible 25% of your Grade Yes #3 Seth's Receipt Record Date Correct 1/3 Estimated Total Semesterly Income: Correct 1/3 Semesterly Expenses Balanced Budget 2-Semester Estimated Total Correct January 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 Previous Savings Balance Written Comments 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 New Savings Balance 1/7 Correct 1/8 #5 1/8 1/8 Monthly Goal (7 months) Monthly Income #4 1/8 January 1/9 Correct Paycheck Correct Savings Withdrawal 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 $ Amount 975.00 Housing BYU-Idaho Bursar's Office tuition $ 1,960.00 Tuition Debit Card BYU-Idaho Bookstore textbooks $ 385.42 Textbooks Credit Card Financial Aid Direct Deposit Check Financial Aid Office scholarship money $ 500.00 Mom & Dad gift to me for starting school $ 50.00 Other Income Cash scholarship and gift tithing $ 55.00 Tithing (Special Income) Direct Deposit ice cream (date with Sarah) $ 4.88 Eating Out fast offering $ 5.00 Charitable Donations Cash forgot my lunch $ 9.75 Eating Out Debit Card first paycheck $ 67.50 Paycheck Direct Deposit The Government The Church of Jesus Christ of Latter-day Saints Frozen Berry Shoppe The Church of Jesus Christ of Latterday Saints Crossroads Cafeteria My Boss Cash taxes paid directly from my paycheck $ 15.52 Taxes Payroll Deduction Fuel Center regular fill up for my car $ 20.00 Travel Credit Card 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 Okay, explain cell plan. 1/23 Travel Correct Correct Correct Correct Correct Correct Correct Correct Gifts Correct Correct Correct Correct Correct Correct Correct Correct Entertainment Correct Correct Correct Correct Correct Correct Correct Correct Miscellaneous Correct Correct #2 Total Monthly Expenses: Cash Flow Summary Total Cash Flow: 2020 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 Correct 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 Total Income Total Expenses Monthly Cash Flow: 0.00 January 0.00 0.00 Goal 0.00 0.00 0.00 0.00 0.00 Store Details Amount Expense Category Payment Method Cash Check Credit Card Payroll Deduction Direct Deposit Debit Card ...
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