Based on what you’ve learned in this course and your own life about economics and budgeting, what advice do you have for Charles and Ebony about their income, expenses, and other financial decisions?
Based on what you’ve learned in this course and your own life about economics and budgeting, what advice do you have for Charles and Ebony about their income, expenses, and other financial decisions?
ASSIGNMENT TEMPLATE
Now that you’ve reviewed Charles and Ebony’s budget as well as the draft of your report so far, you’re ready to start the final two sections. First, you will offer some budget advice to Charles and Ebony based on your understanding of economics. Then, in the final section of your report, you will have an opportunity to reflect on how economic trends are affecting you now and how they might affect you in the future.
Offer some budget advice to Charles and Ebony based on your understanding of economics.
Based on what you’ve learned in this course and your own life about economics and budgeting, what advice do you have for Charles and Ebony about their income, expenses, and other financial decisions? (Your response should be 6–8 sentences.)
Remember, if you use any information or ideas from the webtext, be sure to add a citation (and include quotation marks around any exact wording).
Last Year’s Actual Budget and This Year’s Planned Budget
| Income | Last Year’s Actual Spending (Budget 1) | This Year’s Planned Budget (Budget 2) | Difference | ||
|---|---|---|---|---|---|
| Amount | Percent | Amount | Percent | Amount | |
| Total Wages After Taxes | $25,000 | 100% | $25,000 | 100% | $0 |
| Expenditures | Last Year’s Actual Spending (Budget 1) | This Year’s Planned Budget (Budget 2) | Difference | ||
| Amount | Percent | Amount | Percent | Amount | |
| Housing | $8,800 | 34% | $9,700 | 38% | ↑$900 |
| Food | $4,200 | 17% | $4,600 | 18% | ↑$400 |
| Health Care | $1,500 | 6% | $1,500 | 6% | $0 |
| Transportation | $2,100 | 9% | $2,100 | 9% | $0 |
| Utilities | $1,500 | 6% | $1,500 | 6% | $0 |
| Education | $2,100 | 9% | $2,100 | 9% | $0 |
| Cell Phone | $1,500 | 6% | $1,500 | 6% | $0 |
| Personal Spending | $1,000 | 4% | $850 | 3% | ↓$150 |
| Entertainment | $800 | 3% | $400 | 2% | ↓$400 |
| Savings | $1,500 | 6% | $750 | 3% | ↓$750 |
| Total | $25,000 | 100% | $25,000 | 100% | $25,000 |
thanks
Miriam
Thinking about your own budget, describe how an economic trend (such as a change in employment, interest rates, or prices) within the last year has impacted or could impact your personal life and finances.
Type your response here.
If the economic trend you just described persists for another year or two, how will this affect your personal life and finances?
Type your response here.
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