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Budgeting Scenario Culminating Task

Budgeting Scenario Culminating Task. Michael’s Jones’ $2,000 Monthly Budget. Michael’s Profile. Name: Michael Jones Age: 23 Marital Status: Single Place of Employment: BJ’s Restaurant Position: Waiter/Part-time student Hometown: Los Angeles, CA Monthly Income: $2,000. Michael’s Profile.

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Budgeting Scenario Culminating Task

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  1. Budgeting ScenarioCulminating Task Michael’s Jones’ $2,000 Monthly Budget

  2. Michael’s Profile • Name: Michael Jones • Age: 23 • Marital Status: Single • Place of Employment: BJ’s Restaurant • Position: Waiter/Part-time student • Hometown: Los Angeles, CA • Monthly Income: $2,000

  3. Michael’s Profile • Position: Waiter • Task/Responsibilities: • Check patrons' identification in order to ensure that they meet minimum age requirements for consumption of alcoholic beverages. • Check with customers to ensure that they are enjoying their meals and take action to correct any problems. • Escort customers to their tables. • Explain how various menu items are prepared, describing ingredients and cooking methods. • Inform customers of daily specials. • Prepare checks that itemize and total meal costs and sales taxes. • Present menus to patrons and answer questions about menu items, making recommendations upon request. • Remove dishes and glasses from tables or counters, and take them to kitchen for cleaning. • Serve food and/or beverages to patrons; prepare and serve specialty dishes at tables as required.

  4. Housing Budget • Mid Wilshire Apartments • Address: 3251 West Sixth Street Los Angeles, CA 90020 • Studio Apartment • Bedroom=0 • Bathroom: 1 • Sq. ft= 550 • Pricing • $525 Per Month • Utilities • Gas= $25 • Electricity= $25 • Home telephone= $50 Monthly Housing Budget= $625

  5. Housing Amenities • Covered Parking • Fitness Center • Garage • Gated Access • High Speed Internet Access • Laundry Facility • Public Transportation • Rooftop sundecks • Close to metro red line • Courtyards • Elevators • Hardwood floors • Cable Ready • Some Paid Utilities

  6. Transportation Budget • Make: Chevrolet • Model: Camaro • Year: 1999 • Total cost of car: $3,999

  7. Vehicle Price: $3,999 Down Payment: $500 Sales Tax: 8% Interest rate: 4.5% Term (months): 48 Monthly payment: 87.08 Monthly car payment= $87 Gasoline= $100 Maintenance= $70 Insurance= $113 Total= $370 Transportation BudgetFinancing

  8. Clothing Budget • Number of people: 1 • Clothing plan: Always buy on sale • Size of wardrobe: moderate-size wardrobe • Stores: JC Penny, Macy’s, local swapmeets • Annual Budget: $900 [divide by 12] • Monthly Clothing Budget: $76

  9. Clothing BudgetExample Only buy on sale • 2 button-up shirts= $12.50 each • 12.50 x 2= $25.00 • 4 pairs of jeans= $45.00 each • 45 x 4= $180.00 • 2 pairs of Creative Creations sneakers= $55.00 each • 55 x 2= $110 • 1 sweater= $23.00 each • 23 x 1= $23.00 • 1 Winter coat= $88.00 • 88 x 1= $88.00 • 15 pairs of underwear= $2.15 each • 2.15 x 15= $32.25 • 30 pairs of socks= $2.50 each • 2.50 x 30= $75.00 • 12 undershirts= $1.33 each • 1.33 x 30= $39.90 Annual Total: $573.15 Monthly Total: $47.76

  10. Food and Sundries • Food: $150 • Sundries: $40

  11. Entertainment and Recreation • As a 23 year old single male, Michael will eat out at restaurants, go to the movies and clubs frequently as he is dating and meeting females. Michael also wants to make sure that is looking his best so he purchased a gym membership at 24-Hour Fitness.

  12. Entertainment and Recreation • Movies/concerts/sporting events= $50 • Restaurants= $128 • Nightclubs= $120 • Gym membership= $22 Monthly Total: $320

  13. Vacations • Michael plans to attend the annual Super Bowl cruise from the Port of Long Beach to Ensenada, Mexico which is $240 if he rooms with 3 of his friends. Monthly total: $20

  14. Health Care (insurance) • Michael can not afford health care insurance on his own. However, since he is a student at Harbor City Community College, he can receive some services free of charge. But he wishes he had medical coverage from his job.

  15. Furnishings • Since Michael is living in a studio apartment, he doesn’t have much to decorate. He rather just buy small olds and ends at Big Lots and IKEA to make his small apartment feel like a spacious loft. Plus he likes to impress the ladies. Monthly Total: $39

  16. Savings • Just in-case of an emergency and for income cushion, Michael will deposit $50 a month in his savings account.

  17. Miscellaneous • Michael faithfully attends City of Refuge Church of God in Christ in Gardena, CA and will donate $25 each month. • Verizon Fios Cable and Internet service bill= $85 • Metro PCS cell phone bill=$40 Monthly Total: $150

  18. Housing= $625 Transportation= $370 Clothing= $76 Food= $150 Sundries= $40 Entertainment= $320 Vacations=$20 Child care=$0 Health care=$0 Furnishings=$39 Savings=$50 Miscellaneous=$150 Total=$1,840 Michael’s Budget Profile

  19. Weekly schedule

  20. Maslow’s Hierarchy Self-actualization Self-actualization Self-confidence Self-esteem Belonging Love Emotional and spiritual security Financial and Physical safety Food and Shelter Health

  21. Michael’s Check Registry

  22. Michael’s Check Registry Part 2

  23. Michael’s Check Registry Part 3

  24. Michael’s Check Registry Part 4

  25. Michael Jones 3251 West Sixth Street Los Angeles, CA 90020 02/02/2010 Mid-Wilshire Apartment Management 625.00 Six hundred twenty five dollars xx/100 Michael Jones Rent Michael Jones 3251 West Sixth Street Los Angeles, CA 90020 Michael Jones 3251 West Sixth Street Los Angeles, CA 90020 02/06/2010 Metro PCS 40.00 Forty dollars xx/100 Michael Jones Attn #: 2310847370

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