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Goal

Your task is to create a monthly budget given certain circumstances.

Role

You are a single person who just received a full-time job in a factory (40 hours). You will make $12.00 an hour.

Audience

You need to convince your parents that you can maintain a budget to live in a one-bedroom apartment that costs $300 for rent a month.

Situation

The challenge involves dealing with finding average heating, water, sewage bills in your area so that you can include those in your budget.

Product, Performance, and Purpose

You need to develop a monthly budget so that you can show your parents that you can afford the expenses.

Please upload your completed assignment here. Be sure you have included your name at the top of your document and as part of the file name.

Sagot :

anthougo

The development of the personal budget that convinces parents that one can maintain an independent living is detailed as follows using the 50: 30: 20 rule:

50% for necessities (housing, food, transportation, utilities) $740

30% for luxuries, savings, vacations, entertainment, etc. $461

20% for Emergency Funds and Retirement $335

What is a personal budget?

A personal budget is the household budget for a single person for a period.

The personal budget shows an estimate of the person's revenue and expenses over the period.

Data and Calculations:

Hourly rate of earnings = $12

Working hours per week = 40 hours

Working hours per month = 160 hours (40 x 4 weeks)

Total monthly earnings = $1,920 ($12 x 160)

Assumed tax rate = 20%

After-tax take-home pay = $1,536 ($1,920 x 1 - 20%)

Monthly Necessities:

Rent of apartment = $300

Heating = $40

Water cost = $20

Sewage bill = $10

Food = $300

Transportation = $50

Other costs = $20

Total cost for necessities = $740

Thus, the development of the personal budget shows that one can maintain an independent living from the parents as a single person.

Learn more about personal budgets at https://brainly.com/question/1943261

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