case study

xlsx

School

Brigham Young University *

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Course

108X

Subject

Finance

Date

Feb 20, 2024

Type

xlsx

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Uploaded by ElderGalaxy13327

MATH 108X - Budgeting Case Study Excel File Cash Financial Aid Step 1. #3 Juan's Receipt Record #1 Juan's Background Story Check Other Income Semesterly Income 1st Semester Credit Card Paycheck Step 2. Financial Aid 500.00 1,000.00 Date Store Details Amount Expense Category Payment Method Debit Card Savings Withdrawal Other Income 50.00 50.00 Direct Deposit Step 3. 1,050.00 Payroll Dedu Cell Phone Semesterly Expenses 1st SemesterCombined Total Charitable Donations Housing 975.00 1,950.00 Eating Out Step 4. Tuition 2,150.00 4,300.00 Entertainment Textbooks 385.42 770.84 Gifts School Supplies 14.25 28.50 Groceries Step 5. Tithing (Special Income) 55.00 105.00 Housing 7,154.34 School Supplies Previous Savings Balance New Savings Balance Taxes 8,615.00 2,510.66 Textbooks Tithing Travel #4 Tuition Monthly Income January Miscellaneous Step 6. Paycheck 135.00 135.00 Savings Withdrawal 626.65 268.23 761.65 403.23 Monthly Expenses January New Monthly Goa Tithing 13.50 13.50 Charitable Donations 5.00 5.00 Taxes 31.04 31.04 Groceries 414.34 203.71 #5 Eating Out 34.01 0.00 Cell Phone 99.98 99.98 Travel 40.00 10.00 #2 Gifts 58.39 0.00 Entertainment 60.50 20.00 Miscellaneous 4.89 20.00 761.65 403.23 Cash Flow Summary January New Monthly Goal 0.00 0.00 uan's Final Savings Balance at the end of Two Semester 6.40 #6 Hover Mouse here to begin. 2-Semester Combined Total Juan just finished the first month of his first semester of college. He has decided it is time to take the advice he heard in his class and start his own personal budget! You will be helping him set a monthly goal that will apply for the 7 remaining months of the school year (there are 8 months in 2 semesters). What he typed in already... Juan collected the receipts from all his purchases since the start of the semester. Today he finally sat down to type his receipts into his budget. Your job is to help him finish. Juan arrived at school on January 3rd and did a lot of spending. As you can see in "Juan's Receipt Record," he bought groceries for $150.78, paid his housing contract for the semester at $975, paid his semester's tuition of $2150, and bought his textbooks for $385.42. He received a $500 scholarship that he will get every semester. He also received a $50 cash birthday gift from his parents. He paid tithing of $55 for the gift and scholarship money he received. On January 5th, Juan took his friend Jenny out for ice cream, which cost $4.88. He paid a $5.00 Fast Offering at church on January 6th. On the first day of school, January 7th, he forgot his lunch and bought lunch at the Crossroads Cafeteria, which cost $9.75. The next day he got his first paycheck for $67.50, which had his taxes of $15.52 taken out directly. He also put $20 worth of gas in his car and paid his tithing online for his paycheck ($6.75). The next day, January 9th, he purchased notebooks and pens from the Bookstore for $14.25. Later he returned to buy ear muffs for $4.89. Rexburg was colder than he expected! He also paid for lunch at the Crossroads Cafeteria with Jenny for $19.38. Friday, the 10th, he played lazer tag for $32. Saturday, the 11th, he bought weekly groceries for $75.32. That night he went to dinner and bowling with Jenny and some friends for $28.50. On the 18th he bought groceries again for $148.22. He also bought a gift for Jenny for $58.39 since he was out shopping already. Later he paid his monthly cell phone bill online for $99.98.He was happy to get his second paycheck of the usual $67.50 on the 23rd and recorded the $15.52 in taxes that was removed. What Juan needs help with... Now is where Step #2 begins. Help Juan finish typing in his last three receipts for January (shown to the left). He purchased "weekly groceries", put in his "regular fill-up for my car", and paid his tithing, or as he would write in the description: "blessings!" One final thing needed for Steps #3 and #4 ... Prior to the start of school, Juan saved up $8,615. He needs your help in coming up with a Monthly Spending Goal to be sure he doesn't run out of money before the end of the first year of school (8 months total). He needs a budget plan! New Monthly Goal Text box for Part #5 Explain your Monthly Budget Goals for Juan here... Juan will need to make a major change in his habits of spending. I had to change his budget for groceries to two hundred dollars less this means he will need to find deals and coupons when buying groceries. He will also need to find ways to find foods that will make bigger amounts for less money and meal plan. If he is making food at home he doesn’t need to eat out, or he will have to make one of his friends to pay whenever they eat out. he will need to take the bus and buy a bus pass. He will also need to refrain from buying gifts for people and make things that are home made. He will also need to find new ways to have fun that are free like hiking or going to the park because his new budget is a third of what he was spending. Text box for Part #6 Type your reflection paragraph here... After doing this assignment it shows you the reality and importance of budgeting. It can be hard to be okay financially if you dome budget because then you use funds that might not be there and it’ll be hard to pay for things that are actually important. Applying these methods to real life can give opportunities to do a lot more with money. Using budgeting method can help with saving and paying of debt that someone might have.

0 Number Correct 2-Semester Estimated Total #3 Juan's Receipt Record Semesterly Income January 43 Financial Aid Correct Date Store Details Amount Expense Category Payment Method Other Income Correct 1/3 Gauss's Market start of semester groceries $ 150.78 Groceries Debit Card Out of 43 Possible Estimated Total Semesterly Income: Correct 1/3 The Housing Place first semester housing contract $ 975.00 Housing Check Semesterly Expenses January Estimated Total 1/3 BYU-Idaho Bursar's Office tuition $ 2,150.00 Tuition Debit Card Housing Correct 1/3 BYU-Idaho Bookstore textbooks $ 385.42 Textbooks Credit Card Tuition Correct 1/3 Financial Aid Office scholarship money $ 500.00 Financial Aid Direct Deposit Correct Textbooks Correct 1/3 Mom & Dad gift to me for starting school $ 50.00 Other Income Cash School Supplies Correct 1/3 scholarship and gift tithing $ 55.00 Tithing (Special Income) Direct Deposit Tithing (Special Income) Correct 1/5 Frozen Berry Shoppe ice cream (date with Jenny) $ 4.88 Eating Out Cash Estimated Total Semesterly Expenses: Correct 1/6 fast offering $ 5.00 Charitable Donations Cash Written Comments Previous Savings Balance New Savings Balance 1/7 Crossroads Cafeteria forgot my lunch $ 9.75 Eating Out Debit Card Correct 1/8 My Boss first paycheck $ 67.50 Paycheck Direct Deposit #5 1/8 The Government taxes paid directly from my paycheck $ 15.52 Taxes Payroll Deduction 1/8 Fuel Center regular fill up for my car $ 20.00 Travel Credit Card #4 1/8 blessings! $ 61.75 Tithing Check Monthly Income January 1/9 BYU-Idaho Bookstore notebooks and pens $ 14.25 School Supplies Cash Paycheck Correct 1/9 BYU-Idaho Bookstore ear muffs $ 4.89 Miscellaneous Credit Card Savings Withdrawal Correct Correct 1/9 Crossroads Cafeteria lunch date with Jenny $ 19.38 Eating Out Debit Card Total Monthly Income: 1/10 The Fun Center lazer tag with my roomates $ 32.00 Entertainment Credit Card Monthly Expenses January Monthly Goal 1/11 Gauss's Market weekly groceries $ 75.32 Groceries Debit Card Tithing Correct Correct 1/11 Local Bowling Place bowling and pizza (with Jenny and friends) $ 28.50 Entertainment Credit Card Charitable Donations Correct Correct 1/19 Gauss's Market weekly groceries $ 148.22 Groceries Debit Card Taxes Correct Correct 1/19 Bix Box Store gift for Jenny $ 58.39 Gifts Credit Card Groceries Correct Correct 1/19 The Cellphone Company monthly cell phone bill $ 99.98 Cell Phone Debit Card Eating Out Correct Okay, explain eating out plan. 1/23 My Boss second paycheck $ 67.50 Paycheck Direct Deposit Cell Phone Correct Correct 1/23 The Government taxes paid directly from my paycheck $ 15.52 Taxes Payroll Deduction Travel Correct Okay, explain travel plan. #2 Correct Correct Correct Correct Correct Correct Gifts Correct Okay, explain gift ideas. Correct Correct Correct Correct Correct Correct Entertainment Correct Correct Correct Correct Correct Correct Correct Correct Miscellaneous Correct Correct Total Monthly Expenses: 2024 23-Jan Cash Flow Summary January Monthly Goal 26-Jan Correct Correct 27-Jan This should be zero. This should be zero. Juan's Final Savings Balance at the end of Two Semesters Correct 50% of your Grade 20% of your Grade Balanced Budget (i.e. cell K40 is computed correctly) The Church of Jesus Christ of Latter-day Saints The Church of Jesus Christ of Latter- day Saints 30% of your Grade This part will be graded after you submit this Case Study to I-Learn. Caution: did you type in your explanations for your new Monthly Goal for Juan as explained in Step #5? Also, did you type in a reflection paragraph detailing what you have learned from this Budgeting Case Study as explained in Step #6? Make sure you demonstrate the Quantitative Reasoning Process as you give specific insights to Juan on how to live within your new budget goal for him. Monthly Goal (7 months) The Church of Jesus Christ of Latter- day Saints Total Cash Flow :

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Note My Receipt Record #4 Date Store Details Amount Expense Category Payment Method Income January Goal Income Label 1 0.00 Income Label 2 0.00 Customize these labels 0.00 Total Income: 0.00 0.00 Expenses January Goal Expense 1 0.00 Expense 2 0.00 Expense 3 0.00 Customize these labels 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Total Expenses: 0.00 0.00 Cash Flow Summary January Goal Total Income 0.00 0.00 Total Expenses 0.00 0.00 Monthly Cash Flow: 0.00 0.00