tealllama6747608Lv1

16 Mar 2023

Using the following budget table (make copies if needed) determine if the financial goals of the characters in each scenario can be met.

Income

Salary #1

Salary # 2

 

Total Income

 

Expenses

Rent

Transportation

Costs

Food

Entertainment

Miscellaneous

 

Total Expenses

 

Total Income - Total Expenses

(Gross Profit/Loss)

 

Cindy and Steven are recently married and are both chefs. They have recently graduated from culinary school and are making a starting salary of $ 15.00 as a sous-chef. They both work 10-hour days, six days a week. Because they are chefs at a mid-level restaurant they live in the downtown core where it is located. The rent on their one bedroom apartment is $ 1125 month. This includes all utilities. However, they pay an additional $ 75 for cable and internet. Their joint cell phone bill is $ 60.00 and they opt not to have a landline to save money. Because they live downtown they have also chosen not to buy a car and spend about $200 a month on public transportation. They eat most meals for free at the restaurant where they work so their grocer bill is only about $200 a month. Do Cindy and Steven earn enough money to cover their expenses?

Marcos and Francesca have been married for five years. Marcos owns a clothing store and makes about $ 4200 a month. Francesca is an elementary teacher and brings home $ 2500 a month. They recently bought a townhouse and their mortgage payment is $ 1200/ month. Internet, cable and telephone totals $ 175.00 a month and utilities they manage to keep down to $ 175.00 per month also. They lease two cars for $ 450 a month each and spend about $ 230 combined in gas monthly. They have one son, Jason, who goes to private Montessori school, which costs them $ 500.00 per month. Groceries cost them $ 400.00 per month and entertainment around #350. Marcos and Francesca want to save $ 500.00$ per month towards retirement. Are they able to?