Budget Breakdown Quiz Worksheet
Business & Personal Finance Unit 3: Budgeting
Budget Breakdown Quiz
Score / 10 pts
Name:
Date:
Period:
Noah is required to pay at least $260 a month toward his student loans, but he has set a goal to pay them off as quickly as possible by paying more. Go through his monthly budget to determine the maximum amount he can afford to put toward his loans. Subtract each monthly expense from the running total, and be sure to add any additional income.
Starting Net Monthly Income Noah earns $2,850 after taxes each month
Expense / Income Description Running Total
- $1700Â for rent (shared with a roommate)
$ left over
- $340 on groceries and dining out
$ left over
- $150 toward an emergency fund
$ left over
- $190 on gas and transportation
$ left over
- $80 for YouTube TV
$ left over
- $210 on job training classes and computer supplies
$ left over
- $110 in extra income from weekend pet-sitting
$ left over
- $320 for his remaining utility and phone expenses
$ total remaining
9. Noah is required to make a minimum monthly payment of $260. How much more can Noah afford to pay toward his student loans on top of that required $260?
Additional amount Noah can afford: $
10. Once Noah completely pays off his student loans, what would you recommend he do with that extra money each month? Explain your reasoning.