Paul's budget includes expenses for rent, school uniforms, essential food, snacks, electricity, water, internet and a video streaming site.
Which of these are best described as fixed expenses?
Which of these are best described as variable expenses?
Which of these are best described as discretionary expenses?
The table shows Fiona’s weekly budget:
Find the value of:
Fiona saves any money that she has not spent. How much does Fiona save each week?
| Income | Expenses | ||
|---|---|---|---|
| \text{Wages} | \$80 | \text{Phone} | \$8.50 |
| \text{Umpiring} | \$25 | \text{Bus ticket} | \$13 |
| \text{Entertainment} | B | ||
| \text{Food} | \$45.25 | ||
| \text{Total} | A | \text{Total} | \$91.15 |
A weekly budget is shown in the table:
Calculate the weekly expenses.
Calculate the weekly savings.
Calculate the percentage of income saved correct to two decimal places.
Calculate the percentage of income spent on mortgage payments correct to two decimal places.
Calculate the amount paid on the mortgage in one year.
| Income | Expenses | ||
|---|---|---|---|
| \text{Earnings} | \$505 | \text{Mortgage} | \$147 |
| \text{Electricity} | \$23 | ||
| \text{Food} | \$64 | ||
| \text{Council Rates} | \$22 | ||
| \text{Insurance} | \$20 | ||
| \text{Water} | \$64 | ||
| \text{Clothing} | \$46 | ||
| \text{Entertainment} | \$56 |
Amelia earns a weekly salary of \$723 and receives income from other sources of \$126. Her weekly expenses are: rent \$199, groceries \$51, petrol \$33, electricity \$33, telephone \$23, magazines \$13 and clothes \$62. Calculate:
A weekly budget has total expenses of \$1235 and a total income of \$1350. Assume there are 52 weeks in a year.
Find the weekly savings.
Find the annual savings.
Judy writes down a bi-weekly budget and finds that she has total expenses of \$1830 and a total bi-weekly income of \$1712.
Find the bi-weekly defecit in dollars.
Judy is using her credit card to pay the budget deficit. How big is her credit card debt in dollars after 10 weeks? Assume there's no interest charged.
Oliver's driver's licence renewal costs \$135 each year. He is preparing a bi-weekly budget. How much should he include in the bi-weekly budget for driver's licence renewal?
Michael has a bi-weekly income of \$1200 and his expenses are \$400 per bi-week for rent, \$140 per bi-week for food, \$90 per bi-week for transportation, and \$40 per month for his phone bill. Determine how much money Michael can save each bi-week.
Max creates the following bi-weekly budget table:
Find the minimum amount that Max can put aside for savings each bi-week.
Max decides to eliminate all discretionary expenses to save for a new car. How much can he save per bi-week now?
| Income | Expenses | ||
|---|---|---|---|
| \text{Wage} | \$1850 | \text{Rent} | \$750 |
| \text{Fuel} | \$120 | ||
| \text{Essential} \\ \text{groceries} | \$190 | ||
| \text{Take-away} \\ \text{dinners} | \$55 | ||
| \text{Take-away} \\ \text{coffees} | \$50 | ||
| \text{Electricity} | \$42 | ||
| \text{Water} | \$33 | ||
| \text{Phone and} \\ \text{internet} | \$48 | ||
| \text{Video} \\ \text{streaming site} | \$7 |
Sally earns \$610 per week. Her weekly work related expenses are \$185 on travel and \$86 on lunch. What percentage of her weekly income goes towards work related expenses?
Amerie pays rent of \$239 per week, and must budget for electricity and water costs of \$533 per quarter. How much should she put aside each week to cover these expenses?
Ursula is preparing a weekly budget. Her phone and internet bills combined is \$109 per month. How much should she set aside each week for this expense?
Edward's gas bill arrives quarterly and is \$120 on average. How much does he pay for gas each week?
Third party property insurance costs \$33.34 a month. What is the cost per week?
Ronald bought a new truck for \$25\,530. His vehicle registration is \$647 per year and his comprehensive insurance is \$76.95 per month. What is the total cost of registration and insurance per year?
Amelia earns a gross annual salary of \$34\,500. She wants to put aside equal monthly amounts towards starting her own business. If she must pay income tax of 24\% and other expenses adding up to \$19\,650 per annum, how much does she have left to set aside each month?
Buzz’s current income of \$327 is to increase by \$6.54, but his current expenses of \$114.45 are also set to increase by 4\%.
What percentage of his income is currently consumed by expenses?
Calcuate the percentage of income consumed by expenses after the increases. Give your answer to two decimal places if necessary.
Calculate the change in percentage of his income consumed by expenses.
Sally earns a weekly salary of \$1195 and receives income from other sources of \$181. Her weekly expenses are on the right:
Calculate:
The percentage of income saved, correct to two decimal places.
The percentage of income spent on magazines and clothes, correct to two decimal places.
The number of full weeks needed to accumulate enough savings to pay for a holiday that costs \$3800.
Rent \$122
Groceries \$97
Petrol \$60
Electricity \$46
Telephone \$28
Magazines \$10
Clothes \$79
Rosey wants to take out a car loan, making regular monthly repayments. She expects the other costs to be:
\$40 per week for petrol
\$80 per month for insurance
\$60 per annum for the renewal of her driver's license
\$400 every six months for servicing
\$600 per annum for registration
Calculate the equivalent annual cost of each of the following:
Petrol
Insurance
License
Servicing
Registration
What is the total annual cost of running the car?
If she has an annual income of \$79\,000, and can spend 13\% of it on buying and running the car, what monthly repayment can she afford to make on the car loan?
Ellie has an annual income of \$65\,000 and wants to buy a house. The bank determines how much she can safely borrow by requiring that the weekly repayment is at most 40\% of her weekly income. Find her maximum weekly repayment.
Derek has an annual income of \$55\,000 and his partner Sam has an annual income of \$70\,000. Their expenses are:
Mortgage repayments of \$1800 per bi-week
Council rates of \$1640 per year
\$330 per quarter for electricity
\$110 per quarter for gas
\$240 per quarter for water
\$120 per week for fuel
\$1450 per year for vehicle registrations
\$90 per week for groceries
\$1600 per year for insurances
\$95 for phone and internet per month
\$110 per week for entertainment
\$120 for restaurants per week
Determine how much money Derek and Sam can save each week.
If Derek and Sam decide to put all their disposable income towards paying off their mortgage, what will their new bi-weekly mortgage repayments be?