Creating a Budget for Mike and Jennifer. What is a Budget? Weighing how much you earn against how much you spend.

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Presentation transcript:

Creating a Budget for Mike and Jennifer

What is a Budget? Weighing how much you earn against how much you spend

How Much they Earn? Mike’s Yearly Salary- ($39,000 after taxes and benefits) Jennifer’s Yearly Salary- ($46,800 after taxes and benefits) How much do they make per month? Mike’s Monthly Salary- $3000 Jennifer’s Monthly Salary- $3600

Bills The following slides are monthly bills Jennifer and Mike owe. We need to subtract them from our total monthly income.

Mortgage Mike and Jennifer owe the bank $130,000 for the loan on their house. Their monthly mortgage payment (including taxes) is $1,300.

Electric Jennifer and Mike’s monthly electric bill is $100.

Heat Jennifer and Mike use Propane to heat their home. This costs them $150 on average per month.

Cable Jennifer and Mike’s monthly cable bill is $130.

Garbage They pay $20 a month for garbage pickup.

Cars Jennifer has a $10,000 loan for her car, which has a monthly payment of $250. Mike has a $5,000 loan for his car, which has a monthly payment of $300.

Car Insurance In order to legally drive those vehicles, they must pay their car insurance… this averages out to $100 a month.

Phone Jennifer and Mike’s monthly phone bill (voice and text) for two mobile phones is $80.

School Loans Both Jennifer and Mike attended college (both undergrad and grad school) so they have student loans to pay. Jennifer owes $40,000 in school loans, which have a monthly payment of $350 Mike owes $10,000 in school loans, which have a monthly balance or #300.

Credit Cards Mike and Jennifer have two joint credit cards. Card #1 has a balance of $5,000, and a minimum payment of $300. Card #2 has a balance of $5,000, and a minimum payment of $300.

Groceries Jennifer and Mike try to not eat at restaurants to much and spend $400 a month on groceries.

Gas Both Mike and Jennifer commute to work. Their commute costs them $600 a month in gas.

Final Tally How much do they have left over?

Other Expenses What are some other bills that Jennifer and Mike might have to add to their monthly bill? How much and what should they save for?

Debt How much debt do Jennifer and Mike owe all together?

Cutting Where could Jennifer and Mike cut to save even more money and pay off more debt ?