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Back to 6.5 Making a Personal Budget

6.5 Exercise 7

Avg difficulty 2.5

In the example above, after Carol added before school care for her daughter to the budget, her budget was as shown below. Evaluate Carol’s budget using the 50-30-20 budget philosophy.

Income Source Amount Expense Amount
Job $2,816.00 Rent $700
Child support $320.00 Car Payment $229
Student Loan $250
Car Insurance $119
Utilities $80
Health insurance $225
Clothing $75
Entertainment $200
Food $275
Gasoline $275
Before-school care $252

OpenStax Contemporary Mathematics, 6.5 Making a Personal Budget, exercise 7

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Adapted from Contemporary Mathematics © 2023 Rice University. Licensed under CC BY 4.0. Source: Contemporary Mathematics. Imported at revision fa7c1a1.