Reference no: EM13811690

Budgets planning and control

Budgets are both planning and controlling tool. They help supervisors determine the use of available funds and controlling spending.

1. Identify and list your major expense categories- for example, tuition, books,

supplies, transportation, lodging, food, fees, healthcare costs,

recreation/entertainment, past credit charges, and the like. (Note: Many of you are

part-time students and have family expenses and other costs that are not typical

for the full-time college student)

I have transportation cost (Such as gas, tire if needed, oil change, etc.), food, fees,

health care costs, because I have children they need to be in any type of recreations

and/or entertain, I have mortgage, utilities, I have loan and past credit charges.

 

2. Estimate your expenditures in each of these categories for the next three months.

FIXED EXPENSES

EXPENSES______

PERIODIC EXPENSES

Mortgage $2,187

Car Insurance $522

Utilities $555

VARIABLE

Recreation (Sport) $600

Transportation cost $ 480

Health care $175

Food $1140

3. Identify your sources of revenue for the next three months.

Only my husband is working and I get extra revenue of around 600 monthly.

4. Will you need to secure additional sources of income (loans, etc.) or reduce your

expenses? Why or why not?

I always try to reduce expenses. By buying Things that are necessary

5. Keep a log of revenue and expenses for the next three months.

a. How accurate do you expect your budget to be?

b. Why might deviations occur?

6. Compare your budget categories with those of several other students. Did you fail

to include some possible expenses? If so, why did you forget about them?

Comparing with others students I did not forget about some possible expenses.

7. How difficult will it be to live within the budget?