Drake Family Budget

Author Karen Veliz

Date 2/18/2013
Purpose To create a monthly budget for Glenn and
Diane Drake and to come up with a savings
plan for a future home purchase
Drake Family Budget Current Date 7/12/2017
Projected Income and Expenses

Monthly Income School Summer Savings Accounts Starting

Diane 3,100 2,100 Main 4,000
Glenn 1,300 2,600 Home 0
Total 4,400 4,700 Total 4,000

Year-End Summary Total Income 53,700 Home Savings Plan

Monthly Average 4,475 Monthly transfer to home savings
Monthly Minimum 4,400 Minimum required net cash flow
Monthly Maximum 4,700
Total Expenses 45,150
Monthly Average 3,763
Monthly Minimum 2,795
Monthly Maximum 6,985

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Income & Expenses
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Diane 3,100 3,100 3,100 3,100 3,100 2,100 2,100 2,100 3,100
Income

Glenn 1,300 1,300 1,300 1,300 1,300 2,600 2,600 2,600 1,300
Total 4,400 4,400 4,400 4,400 4,400 4,700 4,700 4,700 4,400
Rent 1,050 1,050 1,050 1,050 1,050 1,050 1,050 1,050 1,050
Food 750 750 750 750 750 750 750 750 750
Utilities 255 230 200 195 150 165 175 165 160
Phone 110 110 110 110 110 110 110 110 110
Car Payments 210 210 210 210 210 210 210 210 210
Expenses

Insurance 175 175 175 175 175 175 175 175 175
Tuition 2,450 0 0 0 0 1,200 0 2,650 0
Books & Supplies 1,050 0 0 0 0 425 0 1,150 0
Travel 210 150 180 530 150 210 950 525 175
Miscellaneous 200 200 200 200 200 200 200 200 200
Total 6,460 2,875 2,875 3,220 2,795 4,495 3,620 6,985 2,830
Net Cash Flow -2,060 1,525 1,525 1,180 1,605 205 1,080 -2,285 1,570
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Monthly Savings
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Starting Balance 4,000 1,940 2,565 3,190 3,470 4,175 4,380 4,560 2,275
Deposits 4,400 4,400 4,400 4,400 4,400 4,700 4,700 4,700 4,400
Main

Withdrawals 6,460 2,875 2,875 3,220 2,795 4,495 3,620 6,985 2,830
Transfer to Home 0 900 900 900 900 0 900 0 900
Ending Balance 1,940 2,565 3,190 3,470 4,175 4,380 4,560 2,275 2,945
Starting Balance 0 0 900 1,800 2,700 3,600 3,600 4,500 4,500
Home

Deposit from Main 0 900 900 900 900 0 900 0 900

Home Ending Balance 0 900 1,800 2,700 3,600 3,600 4,500 4,500 5,400
 7/12/2017

Ending
4,450
8,100
12,550

900
1000
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3,100 3,100 3,100

1,300 1,300 1,300
4,400 4,400 4,400
1,050 1,050 1,050
750 750 750
160 200 235
110 110 110
210 210 210
175 175 175
0 0 0
0 0 0
190 325 400
200 200 200
2,845 3,020 3,130
1,555 1,380 1,270
No

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2,945 3,600 4,080

4,400 4,400 4,400
2,845 3,020 3,130
900 900 900
3,600 4,080 4,450
5,400 6,300 7,200
900 900 900
6,300 7,200 8,100
Home Savings Projections
Savings Deposit per Month
Months 500 600 700 800 900 1000
12 6,000 7,200 8,400 9,600 10,800 12,000
24 12,000 14,400 16,800 19,200 21,600 24,000
36 18,000 21,600 25,200 28,800 32,400 36,000
Home Loan Calculator
Annual Interest Rate 6.00%
Payments per Year 12
Interest Rate per Period (RATE) 0.50%
Number of Years 30
Total Number of Payments (NPER) 360
Loan Amount (PV) $175,000

Monthly Payment (PMT) ($1,049.21)