Family Life Management 7400.360
Take Home Assignment 6
Make Up A Realistic Budget
One for yourself as a member of a family (two adults and two children).
Include the monthly items listed in the flyer below from the list and the flyer from U.S. Dept of Labor (below).
Feel free to use the spreadsheet idea by using your computer's software (Microsoft Excel is a good one).

The List:
Your Income:
        Gross Monthy Income(s) - two or more if you and your spouse are working and/or are working more than 1 job.
minus Taxes (Federal, State, Local but not sales tax) For Ohioans, income taxes account for about 23% of your total income.
minus Savings Plans (contributed to monthly such as 401k, 403b, pensions)
minus Other monthy deductions (i.e., medical/dental benefits or any other deduction)
When you subtract taxes. savings plans, and other deductions from Gross Income you have your:
        Net Income

Now for your Expenses. Be conservative here and estimate on the high side.
        Personal Savings (the experts say you should pay yourself first and always be saving
                    10% of your income at least for the future)
        Housing (rent or mortgage) Here include any additional expense for your living space such as insurance,
                    property taxes and estimate a portion for repairs and upkeep (about 1-2% of your income).
        Utilities (electricity, water and sewage, natural gas, telephone service, internet service)
        Transportation (include car payments, public transportation expenses, car maintenance, expenses for
                    gas, oil, license, insurance, tune-ups, tires, insurance).
        Entertainment (cable television, new equipment, computers and software, internet services,
                    music purchases, books and magazines, subscriptions).
        Debt Repayment (Repaying credit cards, school loans, bank loans, any repayment of
                    debts not considered monthly expenses).
        Other Expenses (This category should include everything from costs of education, child care,
                    charitable contributions, to elective medical and dental work, gifts to church, hobbies
                    and so on).  The idea is not to forget any expense and try to account for every penny.
        Total Expenses (all the expenses added together)

When you subtract Total Expenses from your Net Income you have your:
Disposable Income - Think of this as extra money that you can begin to put back into your budget through
one of your line items.  This is also a "buffer zone" of income that can be used for unforseen emergencies.

Now the U.S. Dept. Labor information.
This is annual income and would have to be divided by 12 months in order to make these figures comparable to your budget.
 

Consumer Expenditures in 2000

Internet address:    http://www.bls.gov/cex      USDL-01-480
Technical information:         202-691-6900      FOR RELEASE:  10:00 A.M. EST
Media information:             202-691-5902      Thursday, December 27, 2001

                             CONSUMER EXPENDITURES IN 2000

      Average annual expenditures per consumer unit rose 2.8 percent in 2000,
following increases of 4.1 percent in 1999 and 2.1 percent in 1998, according 
to results from the Consumer Expenditure Survey released by the Bureau of Labor
Statistics of the U.S. Department of Labor.  The increase in expenditures from 
1999 to 2000 was less than the 3.4 percent annual average rise in the Consumer
Price Index (CPI) over this period.

      The changes in expenditures from 1999 to 2000 varied among the major 
components of spending.  Expenditures on housing and food rose less than the 
overall change--by 2.2 percent and 2.5 percent, respectively.  Spending on apparel 
and services, transportation, and health care rose in the 5.5- to 6.5-percent range,
whereas spending on entertainment and on personal insurance and pensions each  
decreased in 2000--by 1.5 percent and 2.1 percent, respectively.

Annual expenditures of all consumer units and percent changes, 
Consumer Expenditure Survey, 1998-2000
____________________________________________________________________________
                                                         Percent change
Item                         1998     1999     2000    1998-99  1999-2000
----------------------------------------------------------------------------
Number of consumer 
 units (000's)            107,182  108,465  109,367             

Income before taxes 1/    $41,622  $43,951  $44,649     
        
Average age of 
 reference person            47.6     47.9     48.2     
        
Average number in 
 consumer unit:                                 
  Persons                     2.5      2.5      2.5             
  Earners                     1.3      1.3      1.4             
  Vehicles                    2.0      1.9      1.9             
Percent homeowner              64       65       66             
                                        
Average annual 
 expenditures             $35,535  $36,995  $38,045      4.1      2.8
  Food                      4,810    5,031    5,158      4.6      2.5
    At home                 2,780    2,915    3,021      4.9      3.6
    Away from home          2,030    2,116    2,137      4.2      1.0
  Housing                  11,713   12,057   12,319      2.9      2.2
  Apparel and services      1,674    1,743    1,856      4.1      6.5
  Transportation            6,616    7,011    7,417      6.0      5.8
  Health care               1,903    1,959    2,066      2.9      5.5
  Entertainment             1,746    1,891    1,863      8.3     -1.5
  Personal insurance 
   and pensions             3,381    3,436    3,365      1.6     -2.1
  Other expenditures        3,693    3,868    4,001      4.7      3.4
______________________________________________________________________________
1/ Income values are derived from "complete income reporters" only.


      Consumer Expenditure Survey data include the expenditures and income of 
consumers, as well as the demographic characteristics of those consumers.  A 
soon-to-be-published report will include tables showing the 2000 data classified
by income quintile, income class, size of consumer unit, number of earners, 
composition of consumer unit, age of the reference person, region of residence,
housing tenure, type of area (urban-rural), race, Hispanic origin, occupation, 
and education.  These are standard classifications that have been published in
prior reports and bulletins.


Other available data

      Detailed reports that include integrated Consumer Expenditure (CE)
Survey data are published at two-year intervals and contain tables of 
average annual expenditures, income, and characteristics for the same 
classifications that are shown in the annual report but with additional detail.
The most recent two-year report included CE Survey data for 1998 and 1999 and 
was published in the fall of 2001.  Also included in the two-year reports are 
tables showing average annual data over a two-year period for the following
characteristics: income before taxes cross-tabulated by either age, consumer 
unit size, or region; single consumers by gender cross-tabulated by either income
or age; and selected Metropolitan Statistical Areas (MSAs).  The two-year report
also includes analyses of expenditure data as they apply to various topics of
interest.  
        
      Tables with the same level of detail as shown in the two-year reports are
available on the Internet by accessing the BLS site(http://www.bls.gov/cex).  
Other survey information also is available on the Internet, including answers to 
frequently asked questions, a glossary, and order forms for survey products.  
The data are available back to 1984.  Variance estimates for integrated Diary 
and Interview survey data for 2000 will be available upon request.

      The 2000 Diary and Interview microdata soon will be available on CD-ROM. 
The Interview files contain expenditure data in two different formats:  MTAB files 
that present monthly values in an item-coding framework based on the CPI pricing
scheme, and EXPN files that organize expenditures by the section of the Interview
questionnaire in which they are collected.  Expenditure values on the EXPN files
cover different time periods depending on the specific question asked, and the 
files also contain relevant non-expenditure information not found on the MTAB files.
The Interview and Diary microdata files are available on CD-ROM back to 1990 and for
selected earlier years.  Tabulations of integrated data for 2000 with more detail 
than is shown in this news release or in the annual report are included on the CD-ROM.  
Beginning with the 1996 microdata on CD-ROM, files are available in a choice of either 
ASCII format or PC SAS datasets.

      For further information, contact the Division of Consumer Expenditure Surveys, 
Office of Prices and Living Conditions, Bureau of Labor Statistics, 2 Massachusetts 
Ave., N.E., Washington, DC  20212-0001 or call 202-691-6900.  Information in this 
release will be made available to sensory impaired individuals upon request. 
Voice phone:  202-691-5200; TDD message referral phone number:  1-800-877-8339.

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