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Date Submitted: 05/23/2010 03:03 PM
Personal Finance Concepts
2010 Monthly Income and Expense Plan
Donna and Sherman Case Study
EXPENSES
1. MONTHLY INCOME
INCOME EVERY MONTH
Donna’s Salary: $ 3,800
INCOME (February)
Sherman’s Contribution: $ 2,400
INCOME (June)
Sherman’s Contribution: $ 3,000
INCOME (July)
Sherman’s Contribution: $ 3,000
INCOME (August)
Sherman’s Contribution: $ 3,000
INCOME (September)
Sherman’s Contribution: $ 1,200
MONTHLY INCOME
EXPENSES EVERY MONTH
Food: $ 750
Rent/Mortgage: $ 720
Transportation: $ 500
Utilities: $ 250
Clothing: $ 150
Donna Taxes: $ 1,100
MONTHLY EXPENSE (Only January)
Auto Insurance $ 1,800
MONTHLY EXPENSES (Only May)
Vacation: $ 2,100
Life Insurance $ 720
MONTHLY EXPENSES (Only June, July, and August)
Sherman’s Taxes: $ 500
OTHER EXPENSES:
Sherman’s Taxes: $ 1,500
Miscellaneous: $ 3,900
Financial Standing After January: (Income) $ 4,800 – (Expenses) $ 5,270 = - $ 470
Financial Standing After February: (Income) $ 6,200 – (Expenses) $ 3,470 = + $ 2730
Financial Standing After March: (Income) $ 3,800 – (Expenses) $ 3,470 = + $ 330
Financial Standing After April: (Income) $ 3,800 – (Expenses) $ 3,470 = + $ 330
Financial Standing After May: (Income) $ 3,800 – (Expenses) $ 6,290 = - $ 2490
Financial Standing After June: (Income) $ 6,800 – (Expenses) $ 3,970 = + $ 2830
Financial Standing After July: (Income) $ 6,800 – (Expenses) $ 3,970 = + $ 2830
Financial Standing After August: (Income) $ 6,800 – (Expenses) $ 3,970 = - $ 2830
Financial Standing After September: (Income) $ 5,000 – (Expenses) $ 3,470 = - $ 1530
Financial Standing After October: (Income) $ 3,800 – (Expenses) $ 3,470 = - $ 330
Financial Standing After November: (Income) $ 3,800 – (Expenses) $ 3,470 = - $ 330
Financial Standing After December: (Income) $ 3,800 – (Expenses) $ 3,470 = - $ 330
2. ANALYSIS
According to the financial...