![]() ![]() Rentįlexible expenses include amounts that fluctuate from month to month. ![]() Taking online classes? You may need to repair or replace your computer unexpectedly. Do you have a car? You may have to have an emergency car repair. Think about what counts as an emergency and what you would need to handle the situation. Ultimately, you can contribute as little or as much as you want to your emergency fund. If you rely on income from a job to pay all your expenses, a good goal is to build an emergency fund with enough money to pay your monthly expenses for three to six months. Include an emergency fund allotment in the fixed-expense category. You pay an exact amount on the same date each month. Step 2: Add up your fixed expensesįixed expenses include rent, car payments, membership fees, and anything else that doesn’t change from month to month. Now that you know your total income, make a list of each foreseeable college expense you’ll have throughout the month and divide it into two categories: fixed expenses and flexible expenses. Student financial aid (scholarship, loan, etc.) List any regular sources of income and total them to find out what you have to spend. Make a list of funds you have available to spend, whether that includes a monthly allowance from parents, wages earned at a job, student financial aid, or a combination of money available. Whether you use an online budget calculator or stick to pen and paper, making a personal budget is easy with these five simple steps. ![]() $128.34 future expenses $119.Tuition has been paid and books have been bought, but what about all the other stuff? Being a college student can get expensive, and the idea of handling personal finances may be overwhelming.Ĭreating a budget is not as difficult as it seems – and sticking to it can mean the difference between living it up or living on ramen noodles. $83.75 future expenses $164.25 emergency fund d. $248 future expenses $0 emergency fund c. $75 future expenses $173 emergency fund b. How much will be left over each month that can be deposited into a general emergency fund? a. How can he divide these future expenses into a monthly deposit that can be added to his monthly budget. He has decided to make an automatic monthly transfer from his checking account to his savings accounts to cover these other predictable expenses. He has decided to add monthly savings to his budget in order to cover his health insurance co-pays and other expenses that come at odd times as listed below: Predictable Expense Amount Medical exams, lab co-pays, health insurance co-pays $640 every year Auto maintenance $35 per quarter Auto registration $225 per year If Rogério leaves the cash flow in the checking account for all needs that arise, he runs the risk of not having the money for these very important future expenses. Rogério, a graphic artist, after paying all the expenses in his monthly budget, has a monthly net cash flow of $248. Explain how Sammy calculated his total amount deposited. If there were not enough, he would decrease one or all of the deposits. If there were any extra, then he would increase one or all of the deposits. Total $2362 Sammy has included a total row to help make sure that his paycheck can be divided to make deposits into these 4 accounts. Other (long-term) 5 years Vacation savings $50 Vacation. Other (unpredictable) Annual Emergency savings $210 Non-insured healthcare, repairs, and income replacement. Other (predictable) Annual Emergency savings $130 Health exams, clothing, food, baseball coach magazine. Non-essential Monthly Cash $260 Snack items, restaurants, gifts, movies. ![]() He is making a budget, and has made the following chart in order to divide his monthly paycheck into his accounts: Expense type Frequency Account Monthly amount Items Essential (fixed) Monthly Checking $1292 Rent, car, insurance Essential (variable) Monthly Checking $420 Basic groceries, telephone, electricity, cable TV, batting practice. Sammy makes $2362/month as a baseball coach. ![]()
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