Business, 21.05.2020 01:03, amandasantiago2001

Step 2: Calculating Monthly Expenses The second step to building a family budget is to outline your expenses in greater detail, itemizing fixed and variable expenses. Suppose the table below shows your family’s monthly expenses by category. Expense Fixed or Variable Expense? Average Monthly Cost Yearly Cost Percent of Yearly Budget (Rounded) Income Tax Fixed $400 $4,800 "$4,800" /"$48,900" " = 9.8%" Housing $950 Food $7,800 Clothing Variable $75 Transportation Fixed $6,000 Insurance & Medical $1,200 Entertainment $100 $1,200 Emergency Fund Fixed $50 Savings for College Fixed $600 Savings for Retirement $100 $1,200 Total $4,075 $48,900 100%

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Step 2: Calculating Monthly Expenses The second step to building a family budget is to outline your...