Florence is a college sophomore who works part time on campus, earning $10 per hour and working 20 hours per week. Twenty percent of her monthly paycheck goes toward taxes. Florence also babysits 15 days each month from 5 to 10 p.m. at $12 per hour. Every month, she gives 10% of her take-home pay (which is her income after taxes are taken out) to her church.
She doesn’t own a car yet, but she has started saving. She currently has $3,200 saved and would like to buy a car for $8,000 by her college graduation, which is 28 months away. In addition, she is saving for textbooks next semester, which is in three months. She estimates the books will be $250.
Florence is responsible for her cell phone bill, which is $65 per month and her clothes which she usually contributes $80 per month. She recently borrowed $100 from a friend to buy a concert ticket. She's going to pay her friend back this month. Florences always makes sure to have a miscellaneous line item in her budget so that she has money for last-minute expenses that she didn’t plan for.
On your own paper create a zero based budget for Florence and take a picture and upload it or bring it to class on Monday:
