Insight

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...