LIGHTHOUSE
CONNECTIONS
CMB U2L2 Creating a Hypothetical Budget Portfolio
Note: These portfolio directions are slightly changed from the original portfolio in the
lesson to help make it more understandable.
The table below lists all of your expenses and how frequently they occur.
Use it to answer your questions.
Expense
Amount
Rent (monthly)
$657.00
Telephone (monthly)
$56.34
Groceries (weekly)
$56.00
Clothing (monthly with % job related)
$106.00
Water & Electric (monthly)
$98.87
Dinner & Movie (weekly)
$40.00
You are paid $11.75/hr. You work 40 hr/wk. Your deductions are FICA (7.65%), Federal tax
withholding (10.75%), and state tax withholding (7.5%).
1) Assuming you budget a month as 4 weeks, complete the table below to show your:
Calculation of the gross income [work does not need to be on the
table]
Total realized income
Total fixed expenses
Total discretionary expenses
2) Show your work for the calculation that you did for the gross income.
Month 1
Gross Income:
Category
Total Deductions:
Total Realized Income:
Fixed Expenses (list each one below):
Total Fixed Expenses:
Discretionary Expenses (list each one below):
Total Discretionary Expenses:
Total Expenses (Fixed & Discretionary):
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Amount