The Process
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Step 1
Rummage through receipts and records for the year. This includes all checks, credit-card charges, ATM withdrawals and cash advances. Record all expenditures made for the year and use the worksheet on this website to plug in expenses for each month.Then multiply each monthly total by 12 to give you the annual total for each expenditure.
Step 2
Knowing Janet's monthly/annual expenses is only one part of the equation. It is also neccessary to determine if Janet's monthly income is enough to pay for her monthly expenses. Write down all sources of income Janet currently has.
Step 3
So what does the income your recently gathered mean? Write down the average monthly income and subtract it from the average monthly expenses.
Monthly Income (subtracted (-))Monthly Expenses = Monthly deficit or expense
Step 4
Combine your information with the rest of the group to develop a collective financial map presentation.
Step 5
Now use this budgeting calculator to give Janet a different view of her spending in relation to other people within the same income bracket.
Step 6
Save all information gathered from Steps 1 through 5 and wait for the other identies to complete their tasks to collectively create your financial presentation together. Click here to view your final step!
