Unit 6 – Day 2 : Designing Monthly Budgets Convert income and expenses to monthly amounts. Create a monthly budget.

Convert income and expenses to monthly amounts. Create a monthly budget. To convert to a monthly expense: 1) Convert to a yearly expense by multiplying using the chart Annual: 1 Semi-annual: 2 Quarterly: 4 Monthly: 12 Weekly: 52 Daily: 365 Bi-Weekly: 26 2) Divide by 12

Convert income and expenses to monthly amounts. Create a monthly budget. Example 1: Converting to monthly income/expenses Convert each to a monthly income/expense a) Yearly salary of $50,000 this is income: b) quarterly property tax of $1000 this is an expense: (4 quarters/year) c) bi-weekly food of $150 this is an expense: (26 sets of 2 weeks/year) Annual: 1 Semi-annual: 2 Quarterly: 4 Monthly: 12 Weekly: 52 Daily: 365 Bi-Weekly: 26

Convert income and expenses to monthly amounts. Create a monthly budget. Example 2: Design a monthly budget based on the numbers from question 1 salary INCOME ItemFixedVariableTotal property tax EXPENSES food ItemFixedVariableTotal TOTAL SAVINGS/DEBT Income – Expenses = – = (Savings) This is obviously not a realistic monthly budget. See pg. 500