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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