Question

Todd has a net monthly income of $2,000. Create a reasonable monthly budget for Todd. Be sure to include the following expenses: Todd and two friends are sharing a $900/month apartment. Todd's share of the rent is $300. They are also splitting utilities 3 ways. Utility costs average $150/month ($50 per person). Todd is a student. He has a tuition waiver, but he must pay about $250 per month for books and supplies.

Answer 1

Okay, so if Todd has to pay 300 for rent, 2,000-300=1,700.
Then, 50 for utilities, 1,700-50= 1,650.
Then for books and supplies- 1,650-250=1,400.
He'd have $1,400 left after his fees are paid.
That money would most likely go towards food, clothes, household supplies, etc.
Lets say he uses 75 for clothes.
1,400-75= 1,325.
And then for clothes, he can have a $100 budget.
1,325-100=1,225.
Cleaning supplies can be $25.
1,225-25=1,200.
Now, since he's a big boy, he probably has a car and insurance to pay. His car payment is around $400, and insurance is $125. That's $525.
$1,200-525=675.
The left over $675 can go in the bank, or towards anything else he needs.