Recordkeeping Skill 08 Why is recordkeeping important Recordkeeping

Recordkeeping Skill 08

Why is recordkeeping important? Recordkeeping is a way to manage money and to understand how the money is spent each month. Expenditures are things one spends money on. To keep track of all of these expenses a budget sheet would come in handy. things one spends money on.

It is a good idea to keep your records from month to month and make comparisons at the end of the month. In doing this you can understand how your money is being spent. This also helps you to know how much you need each month to get by, on average.

Suppose the Pierce family has kept close spending records for the last 4 months. They spent $1, 640 in July; $1, 545 in August; $1, 395 in September; and $1, 850 in October. What is their average monthly expenditure?

Suppose the Johnson family has kept their credit card statements for the last 6 months. They spent $85. 46; $103. 97; $78. 36; $80. 50; $76. 32; and $32. 99. What is their average monthly expenditure?

There are several items that need to be included when it comes to creating a budget. You will need to calculate your living expenses. These are things like food, utilities, pocket money and other

There are several items that need to be included when it comes to creating a budget. Fixed expenses are things that do not change from month to month. These could be rent or a mortgage payment and maybe TV.

There are several items that need to be included when it comes to creating a budget. Annual expenses are things that are “charged” once a year. Sometimes the charges are taken out of the paycheck. These include insurance and taxes.

The Grant family has broken down their budget and found that their living expenses for the month were $763. 75; their fixed expenses were $650. 95; and this month’s share of the annual expenses was $314. 65. Find their total monthly expenses. Monthly Living Expenses + Monthly Fixed Expenses + Monthly Share of Annual Total Monthly Expenses 763. 75 +650. 95 +314. 65 $1, 729. 35

The Miller’s have broken down their budget and now want to know what their total monthly expenses are. Look at the Miller’s Budget Sheet. What is the total of their monthly living expenses? Monthly Living Expenses + Monthly Fixed Expenses + Monthly Share of Annual Total Monthly Expenses 505. 00 +978. 50 +219. 29 $1, 702. 79

The Berry family has broken down their budget and found that their living expenses for the month were $665. 50; their fixed expenses were $545. 95; and their annual expenses were $4145. 00. Find their total monthly expenses. Monthly Living Expenses + Monthly Fixed Expenses + Monthly Share of Annual Total Monthly Expenses 665. 50 +545. 95 +345. 42 $6, 465. 87

Monthly expense summary done at the end of the month to gauge how much was spent. Also, used to compare what was budgeted and what was actually spent.

$250 was budgeted and $234. 25 was spent. How much more or less was spent? A family spent $523. 47 on entertainment, they had budgeted $500. How much more or less was spent than they had budgeted for?

The Moore family earns $2, 500 per month. They spent $767. 55 on fixed expenses, $925. 64 on living expenses, and their monthly share of annual expenses was $635. 85. If they also want to save $500 on top of their expenses, how much more or less was spent than they had budgeted? Monthly Living Expenses + Monthly Fixed Expenses + Monthly Share of Annual + Savings Total Monthly Expenses 925. 64 +767. 55 +635. 85 +500. 00 $2, 329. 04 Spent – Budget = More was Spent 2, 829. 04 – 2, 500 = $329. 04 more

Complete the Budget Sheet for Walter and Betty Kujawa, then answer the questions below. Complete the Budget Sheet for Joe and Nancy Thomas, then answer the questions below

#08: Recordkeeping � Summarize � Homework ◦ Worksheets your notes