by: Andrés Roldan
I am a Doctor and my gross annual income is $76305 . This photo will show you my monthly income which is $3426.27 it will also show you my month savings which is $3426.27.Read the information inside the piggy bank to find how much will be in my savings in 6 months which is $2055.76.You will find below my monthly savings the yearly savings which is $4111.52.
I found my monthly savings for 6 months and for a year. By first finding how much money I will have in my savings account in a month which is $342.62.Then I had to multiple it by 6 to find how much money I would have in my savings after 6 months.Then I would multiple 6 by 2 and get 12 because there are 12 months in a year .Then I would multiply $2055.76 by 2 and get $4111.52.And my savings account is not over 10%.
This photo will show you the Apartment that I chose.I chose the 4th apartment because it was a good amount for me. And my monthly housing budget is $1199.19 it cost me $765 per month.
This photo shows you which vehicle I chose.Which would be the motorcycle that costs $307 and that's the monthly car payment the monthly insurance and monthly gas.I chose this vehicle because I had only 2 choices the Ford Fiesta or the motorcycle so I chose the motorcycle.
And for my groceries list total is $253.89.
This is my budget. It is balanced, because I do not have any left over money. Here is the amounts for my variable expenses. Which are; phone for $80, Restaurant is $170, and my fun money which is $320.
These are the steps that I took to find my balanced budget. First, I chose a job which was to be a Doctor, and after that I found out my yearly gross income which is $76,305. Then I found my monthly net income which is $3,426.27. After that I found my monthly savings which would be $342.62. Next, I figured out how much money I would have in my savings after 6 months, which is $2,055.76. Then, I doubled that to get my annual savings, which is $4,111.52. After that I figured out my monthly housing budget which is $1,199.19, so I chose the 4th apartment that would cost me $765. Then I had to get groceries, so I made a list and figured out prices for everything I would need and I added the amounts altogether and got a total cost of $253.89 per month. Those are the steps I followed for my financial project.
This project is important because it has shown me what it will be like in the future when I have to do these things on my own. I will be able to manage my money better than someone who has no practice with finances. I liked this project because it was fun and educational and I cant wait until I get to do another project like this one.