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Fixed & Variable Costs Consumer Math 2012-2013 1.

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Presentation on theme: "Fixed & Variable Costs Consumer Math 2012-2013 1."— Presentation transcript:

1 Fixed & Variable Costs Consumer Math 2012-2013 1

2 Overview Needs vs. Wants Fixed Costs – Examples Variable Costs – Examples Calculating Total Fixed Costs Calculating Total Variable Costs Calculating Total Monthly Bills 2

3 Needs vs. Wants 3 Needs Food Clothing Rent Car Phone Computer Wants TV Phone Jewelry Entertainment

4 Fixed Costs Expenses that stay the same each week or month 1.Rent 2.Insurance 3.Dues 4.Internet/Cable 5.Loan 4

5 Discretionary/Variable Costs Expenses that change each week or month 5 1.Gifts 2.Recreation 3.Clothing 4.Groceries 5.Phone 6.Utilities 7.Haircut 8.Food/Snacks 9.Parties 10.Dating Which variable expenses may not occur every month?

6 Expenses What are two fixed expenses that your family has each month? What are two variable expenses that your family has each month? 6

7 Example Fixed Expenses Cost/Month Rent$1,250 Car Insurance $200 Car Payment$210 Triple Play$100 School Loan$75 iPhone$100 Total:$1,935 7 Variable Expenses Cost/Month Food$600 Clothing$100 Haircut$50 Dates$200 Birthdays$100 Credit Card$800 Gas$180 Total:$2,030 RevenueNet Pay Job 1$2,700 Job 2$500 Total:$3,200


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