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    2.08 Why Budget

    Uploaded by

    JakeFromStateFarm
    This document outlines the yearly expenses and budget for a career firefighter. It details expenses for entertainment, credit debt, utilities, personal care, gifts and donations, housing, transportation, food, and pets. The total yearly expenses are $45,193, with a net income of $3,557 after expenses. Credit debt such as student loans and credit cards contribute significantly to yearly costs. Housing, transportation, and food are also substantial expense categories. Maintaining a budget is important for prioritizing spending on needs over wants and managing credit usage to protect one's financial well-being.

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    2.08 Why Budget

    Uploaded by

    JakeFromStateFarm
    177 views5 pages
    This document outlines the yearly expenses and budget for a career firefighter. It details expenses for entertainment, credit debt, utilities, personal care, gifts and donations, housing, transportation, food, and pets. The total yearly expenses are $45,193, with a net income of $3,557 after expenses. Credit debt such as student loans and credit cards contribute significantly to yearly costs. Housing, transportation, and food are also substantial expense categories. Maintaining a budget is important for prioritizing spending on needs over wants and managing credit usage to protect one's financial well-being.

    Original Description:

    economic on how to budget

    Original Title

    2.08 why budget

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    This document outlines the yearly expenses and budget for a career firefighter. It details expenses for entertainment, credit debt, utilities, personal care, gifts and donations, housing, transportation, food, and pets. The total yearly expenses are $45,193, with a net income of $3,557 after expenses. Credit debt such as student loans and credit cards contribute significantly to yearly costs. Housing, transportation, and food are also substantial expense categories. Maintaining a budget is important for prioritizing spending on needs over wants and managing credit usage to protect one's financial well-being.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    177 views5 pages

    2.08 Why Budget

    Uploaded by

    JakeFromStateFarm
    This document outlines the yearly expenses and budget for a career firefighter. It details expenses for entertainment, credit debt, utilities, personal care, gifts and donations, housing, transportation, food, and pets. The total yearly expenses are $45,193, with a net income of $3,557 after expenses. Credit debt such as student loans and credit cards contribute significantly to yearly costs. Housing, transportation, and food are also substantial expense categories. Maintaining a budget is important for prioritizing spending on needs over wants and managing credit usage to protect one's financial well-being.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 5

    Career firefighter

    Total Yearly Expenses 45,193

    Difference (net income minus expenses) 3,557

    Entertainment Yearly Cost

    Video/DVD 5.00

    Vacation 900

    Other 400

    Subtotals 1,305

    Other Credit Debt Yearly Cost

    Student Loan 4,500

    Credit Card 750

    Credit Card 750

    Other 400

    Subtotals 6,400

    Utilities Yearly Cost


    Phone and/or Cell Phone 540

    Cable and Internet 800

    Electric and Gas 1,800

    Water and Sewer 780

    Waste Removal 300

    Subtotals 4,220

    Personal Care Yearly Cost

    Health Insurance 965

    Other Medical Costs 100

    Hair/Nails 50

    Clothing & Laundry 250

    Health Club 100

    Organization Dues or Fees 50

    Other 300

    Subtotals 1,818

    Gifts and Donations Yearly Cost


    Holidays and Birthdays 150

    Charity Donations 200

    Other 150

    Subtotals 500

    Yearly Budget Gross Net

    Income

    Housing Yearly Cost

    Mortgage or rent 9,600

    Maintenance or repairs 500

    Supplies 500

    Home Insurance 1,300

    Furnishings 3,000

    Subtotals 14,900

    Transportation Yearly Cost

    Vehicle Payment 300


    Bus/Taxi Fare 50

    Automobile Insurance 3,500

    Licensing 100

    Fuel 960

    Maintenance 300

    Other 100

    Subtotals 5,260

    Food Yearly Cost

    Groceries 3,000

    Dining Out 800

    Subtotals 3,800

    Pets Yearly Cost

    Food 340

    Medical 1,500

    Grooming 500

    Toys 40
    Other 100

    Subtotals 2,480

    Reflecting on this Activity


    1. Why is budgeting important to your life?
    2. Describe your experience with this process. Was it easy, difficult, or somewhere in the
    middle? What factors contributed to your feelings?
    3. How might the use of credit for a large purchase affect your budget? Discuss which type
    of credit plan you would use, and how your budget can help you protect your credit
    score.
    4. What adjustments did you have to make to your budget? How did you decide where to
    make changes?
    5. Will you begin using a budget regularly now? Why or why not?

    1. If you don't budget you could be wasting your money on wants instead of needs. If you
    don't use your money on necessities as a priority you may not have enough

    2. I found this process difficult because I have no prior experience with budgeting

    3. Using credit for large purchases would force you to downsize some of your areas of
    spending. I would choose to use a deferred payment promotion because I like to stick to
    a strict payment plan. Whether or not you pay off the interest

    4. I made adjustments on personal needs because some of them were not needed in
    budget

    5. Although budgeting is a great way to save and manage your money. I think i’ll be using it
    in the future and not a necessity now.

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