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Developing Monthly Household Budget

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       Developing
       a Monthly
    Household Budget
 
 
 
            A Learning Module
                        By

    Hong Ngo, Jonathan Wong, Lynda Hoang
 




                April 1, 2009
                          TABLE OF CONTENTS




 Introduction                                                      1

 Section 1:     Sum all net income                                2-4

                Introduction                                       2

                Monthly net income                                 2

                Practice exercise                                  4

 Section 2:     Sum all expenses in a month                       5-8

                Introduction                                       5

                Monthly expenses                                   5

                Practice exercises                                 7

 Section 3:     Prioritize needs and wants                       9-13

                Introduction                                       9

                Needs and wants                                    9

                Practice exercises                                12

 Section 4:     Develop a monthly household budget              14-22

                Introduction                                      14

                Developing a monthly household budget             14

                Practice exercise                                 19

Feedback for Practice exercises                                 23-32

                Section 1: Sum all net income                     23

                Section 2: Sum all expenses in a month            24

                Section 3: Prioritize needs and wants             26

                Section 4: Develop a monthly household budget     28
                                                Develop a monthly household budget         1



                 I N T R O D U C T I O N

       At the end of 2002, the average American consumer had a nonmortgage debt
of $8,460 (Federal Reserve, 2004). This includes not only men and women, but
children as well. Coupled with the current world financial-crisis, it is very clear that
more education needs to be focused on personal finance. The current school system
does not teach personal finance which has in part led to the current situation. The
realm of personal finance is a large one and it is beyond the scope of this module to
teach all aspects of personal finance. Rather, this instructional module focuses on
providing an introduction to household budgeting, a key component to a successful
personal financial plan.
       This instructional module is targeted toward young adults aged approximately
18 to 35 who are ready to assume financial responsibility as the head of household.
This module is non-gender, socioeconomic, and culturally specific, as personal
finance is a necessity for all people. You are assumed to be a high school graduate
and possess math skills at the 8th grade level or higher, be able to input data in a
computer, be emotionally mature, have some type of regular income stream, and have
a sincere interest in learning to take charge of your financial responsibility.
       The goal of this module is to prepare you to develop a monthly household
budget. Learning will be delivered through this paper-based module which
incorporates information as well as hands-on exercises in a workbook format.
Throughout this module you will learn to differentiate between "wants" and "needs.”
From there you will analyze, categorize and prioritize personal and dependent
expenses into wants and needs to develop a budget.
       This module also aims to improve your understanding of how the financial
planning process relieves financial stress and improve familial relationships. Upon
completion of the module, you will have learned the skills necessary in developing a
monthly household budget.
Ready, set, go!



   0:00:01
 



     
                 

                 


     
                    SECTION ONE 


                         SUM  
                    ALL NET INCOME 
             




                           
                                       




                                   


         
         
                                                        Develop a monthly household budget   2


Introduction


In Section 1, you will learn to determine your monthly income which is the first step
in developing your budget. The amount of money you make each month will
determine the amount of money you can spend in each monthly period. Specifically,
you will learn the following:

   1. How to identify various sources of income.
   2. How to sum income from various sources to determine your full monthly net
      income.

Monthly Net Income


1. Identify net income:

Net income is defined as the after-tax sum of money derived from any source
such as any salary, wage, interest, rental income, honoraria, return on capital,
forgiveness of indebtedness, social security and monetary gifts. The total net income
over a specific period of time (for example, a month) is listed in a standard financial
document which is called an income statement. Since the income statement
summarizes one's net income sources, he or she will know exactly how much was
earned during a given period of time.

2. Identify net income sources:

Net income sources are the entities or people through which a person derives money
from. A person can have more than one net income source. Examples of net income
sources could include monthly net salary, part-time wages, bonuses, dividends (stock
investment earnings), interest earnings, social security, tax refunds, and gifts.

3. Sum all net income:

Prior to summing up their net income, people need to identify all their net income
sources so it can be summed correctly and completely.
                                                       Develop a monthly household budget        3


Example:

James and Nicole are a married couple who both work full-time jobs. To supplement
their salaries, they also own and rent out a two bedroom apartment and earn rental
income. Finally, they also earn dividends from their mutual funds, as well as,
monthly bank interest. A summary of their earnings is detailed below.

 James’s monthly net income:    Nicole’s monthly net              Dividends: $20
 $2,500                         income: $2,200
 Bank interest income: $4       Rental income: $1,500


To determine their monthly net earnings, sum up all their net income sources as
follows:
                                               Net income sources                 Amount
                                     James’s monthly net income:                    $2,500
                                     Nicole’s monthly net income:                    2,200
                                                      Rental income:                 1,500
                                                          Dividends:                        20
                                              Bank interest income:                          4
                                                               Total :              $6,224
                                                       Develop a monthly household budget   4


Practice exercises


Read the following scenario and answer the questions that follow.

Rick and Jane are a married couple who both work full-time jobs. Also, Rick draws
retirement income from a previous career. In addition to Jane’s monthly net income,
she also receives child support payments from her ex-husband. The couple has
investment holdings which provide another stream of monthly revenue. Every month
the family also earns bank interest.

 Rick’s monthly net income:    Jane’s monthly net income: Dividends: $20
 $3,566                        $3,021
 Rick’s net retirement         Jane’s child support income: Bank interest income:
 income: $2,000                $750                         $4

Exercise 1:
       Please identify the net income sources of Rick and Jane’s family.
       A. Rick’s monthly net income, Rick’s retirement income, Jane’s monthly net
          income, Jane’s child support income, the family’s dividends, bank interest
          income
       B. Rick’s monthly net income, Rick’s retirement income, Jane’s monthly net
          income, Jane’s child support income, the family’s dividends
       C. Rick’s monthly net income, Rick’s retirement income, Jane’s monthly net
          income, Jane’s child support income, bank interest income
       D. Rick’s monthly net income, Rick’s retirement income, Jane’s monthly net
          income, the family’s dividends, bank interest income
Exercise 2:

       Please sum all of the net income for Rick and Jane’s family.

                           Net income sources                                Amount ($)




                                      Total ($):


                                  (Please see page 23 for feedback to both questions.)
                        
             GOOD JOB! 
                                         
                        
                        
                                     
 
    NOW, LET’S MOVE ON TO THE NEXT SECTION. 

                        
 
  



      
                  

                  


      
                        SECTION TWO 

                              SUM  
                     ALL EXPENSES IN A MONTH 
              




                                             
                                




                                        



          
          
                                                         Develop a monthly household budget        5


Introduction


In Section Two, you will learn to determine your monthly expenses. This is the
second step in developing your budget. To develop a budget you must have a realistic
understanding of what your expenses for the month are going to be. Specifically, you
will learn the following:

   1. How to collect and track expenses.
   2. How to sum expenses.

Monthly Expenses


1. Collect and track all expense records:

Typically whenever money exchanges hands in any type of transaction, a written
statement or record is given as record of the transaction. This is typically called a
sales receipt. For transactions done via credit card, the credit card company will send
a monthly statement of all transactions done on your account. For transactions done
via checks or debit cards, your bank will also send you a monthly statement of all
transactions. Cash transactions are trickier as depending on the situation, you may or
may not receive a receipt. Without a receipt, there is no monthly statement to
reconcile against. In this instance, you will need to take responsibility to record all of
your cash transactions in a method that works for you.

There are various methods to use for tracking expenses (Personal Finance software
packages, spreadsheet software, or paper and pencil ledgers). Typically to track your
spending you will note down the following information regarding your transaction:
the date of transaction, the vendor purchased from (in case of returns), the item or
service bought, and the price paid. Tracking your expenses is a key success factor
toward staying within one’s monthly budget.

Example:

On Saturday, 2/28/09, Lenny purchased two movie tickets for $20 at Ward Theatre.
He also had dinner which cost $30 at Big City Diner. Finally, he filled gas in his car at
Chevron for $30 before going home. Track Lenny’s expenses for Saturday in the
spreadsheet below.

Track Lenny’s expenses:

                 Date of transaction      Vendor               Items              Price ($)
                 2/28/09                  Ward Theatre         Movie tickets                  20
                 2/28/09                  Big City Diner       Dinner                         30
                 2/28/09                  Chevron              Gas                            30
                                                         Develop a monthly household budget        6


2. Sum all expenses in a month:

Summing all expenses in a month can be done via a software system with all expenses
entered or via paper, pencil and good old arithmetic. A person should review the
complete record of all his or her spending for the month and sum all the transactions.

Example:

Following are bills of Nick's family for a month:

                          No.                                Items
                                1. 2/05/09, Rent, Hawaiian Realty: $2,500
                                2. 2/20/09, Electricity, HECO: $120
                                3. 2/23/09, Medications, Longs: $50
                                4. 2/15/09, Mobile phone service, Verizon: $120
                                5. 2/14/09, Haircut, Salon 808: $20
                                6. 2/15/09, Cable TV, Oceanic: $100
                                7. 2/10/09, Grocery, Costco: $1,000
                                8. 2/03/09, Gasoline, Costco: $120
                                9. 2/09/09, Doctor visits, Queens: $30
                               10. 2/11/09, Car payment, Lexus: $200
                               11. 2/01/09, Ballet lessons, Ballet Hawaii: $100
                               12. 2/22/09, Dog food, Pets Discount: $25


To sum Nick’s family’s total expenses for the month, add all amounts listed:

         Date of transaction             Vendor                    Items            Price
        2/05/09                  Hawaiian Realty            Rent                      $2,500
        2/20/09                  HECO                       Electricity                  120
        2/23/09                  Longs                      Medications                       50
        2/15/09                  Verizon                    Mobile phone                  120
        2/14/09                  Salon 808                  Haircut                           20
        2/15/09                  Oceanic                    Cable TV                      100
        2/10/09                  Costco                     Grocery                    1,000
        2/03/09                  Costco                     Gasoline                      120
        2/09/09                  Queens                     Doctor visits                     30
        2/11/09                  Lexus                      Car payment                   200
        2/01/09                  Ballet Hawaii              Ballet lessons                100
        2/22/09                  Pets Discount              Dog food                          25
                                                                       Total:         $4,385
                                                        Develop a monthly household budget   7


Practice Exercises


Let’s practice what we’ve learned with tracking and summing expenses!

Exercise 1:

Read the following scenario and track Lina’s expenses.

On Sunday, 3/01/09, Lina purchased a dress to wear on her date for $21 at a clothing
store named Forever 21. She then went to Ross Dress for Less to buy matching
sandals for $10. Finally, she went on a date at Mac 24/7 restaurant where she paid for
parking, which cost $3.

 Date of transaction    Vendor                         Items                  Price ($)
                                                        Develop a monthly household budget   8


Exercise 2:

Sum all of Nick’s family’s expenses for the month. Here are the bills for Nick’s
family from last month:

                          No.                               Items
                             1. 3/05/09, Rent, Hawaiian Realty: $2,600
                             2. 3/20/09, Electricity, HECO: $110
                             3. 3/10/09, Medications, Walgreens: $60
                             4. 3/15/09, Mobile phone, AT&T: $80
                             5. 3/14/09, Haircut, Paul Brown: $40
                             6. 3/20/09, Cable TV, Oceanic: $45
                             7. 3/07/09, Grocery, Safeway: $600
                             8. 3/10/09, Gasoline, Chevron: $80
                             9. 3/20/09, Doctor visits, Straub: $30
                            10. 3/15/09, Car payment, Nissan: $200
                            11. 3/01/09, Hula lessons, Halau Hula Olana: $100
                            12. 3/03/09, Cat food, Pets Discount: $25

To sum Nick’s family’s total expenses for the month, add all amounts listed:


     Date of               Vendor                         Items                 Price ($)
   transaction




                                                                   Total:     $_________

                                   (Please see page 24 for answers to both questions.)
                        
                        


            WELL DONE! 
                                        
                        
                        
                                    
 
    NOW, LET’S MOVE ON TO THE NEXT SECTION. 
                        
 
 



     
                 

                 


     
                    SECTION THREE 

                       PRIORITIZE  
                    NEEDS AND WANTS 
             




                                           




                                       

         
         
                                                         Develop a monthly household budget   9


Introduction

In this section, you will learn to differentiate between your needs and your wants. In
order to formulate a budget which will allow you to spend within your income, also
known as “living within your means,” you must have a firm understanding of what
your “needs” are (expenses that you must incur to maintain your basic living
necessities) versus your “wants” (expenses that you incur to increase your value and
happiness in life). Many families incur a considerable amount of consumer debt due
to overspending on their “wants” often times spending far beyond what it is they can
afford.

Specifically, you will learn the following:

   1. Identify the differences between needs and wants as it comes to formulating a
      budget.
   2. Prioritize spending based on identified needs and wants.

Needs and Wants

1. Identify Needs and Wants:

Expenses can be classified into either needs or wants.

Needs are the things that money must be spent on to maintain one’s basic living
necessities which are required to live a healthy life. At the bare minimum, needs
usually include housing, food, medical care, basic clothing, and transportation
expenses.

Wants are the things that money is spent on that bring pleasure and value into
life. It is said that people have unlimited wants, but limited resources. Thus, people
cannot have everything they want and must look for the best alternatives which they
can afford. Spending on wants is typically either entertainment or status related.

Example:

Following is a list of typical needs and wants that people incur expenses for.

                                Special occasions                Vacation travel
                                A swimming pool                  Toys
                                Basic clothing                   Movie tickets
                                Mortgage                         Nutritious food
                                Candies                          Medical care
                                Water utility service            Latest laptops
                                Cosmetics                        Electricity
                                                      Develop a monthly household budget   10




To identify which are needs and which are wants, it is important to examine the
necessity of each item to one’s life.

                               Needs                           Wants
                               Home                            Special occasions
                               Water utility service           Movie tickets
                               Basic clothing                  Latest laptops
                               Medical care                    Toys
                               Electricity                     A swimming pool
                               Nutritious food                 Candies
                                                               Cosmetics
                                                               Vacation travel



2. Prioritize Needs and Wants:

Needs are distinguished from wants because a deficiency would cause a clear negative
outcome, such as dysfunction or death. In planning expenses it is very important to
prioritize your spending by wants and needs. You need to ensure that you have
enough money to cover your basic expenses. From there any remaining cash can be
spent on purchasing those important wants that bring pleasure or value to life. For
many people, spending uncontrollably on these wants is what leads to financial debt.

Example:

The following are some expenses families typically incur.

                               Video games                     Doctor visits
                               A swimming pool                 Gasoline
                               Basic clothing                  Little League
                               Rent                            Grocery
                               Daily Starbucks                 Spa day
                               Water utility service           Poker night
                               UH sporting event               Electricity
                                                      Develop a monthly household budget   11



In determining spending priorities, the expenditures are classified into needs and
wants and then ranked from most necessary to least necessary (1 = most necessary).

             Rank #     Needs                        Rank #       Wants
                    4. Basic clothing                      10. Video games
                    1. Rent                                14. A swimming pool
                    2. Water utility service                 9. Daily Starbucks
                    5. Doctor visits                       12. UH sporting event
                    3. Groceries                             8. Little League
                    7. Gasoline                            11. Spa day
                    6. Electricity                         13. Poker night


Please note: Ranking will vary according to each individual’s priorities. However,
             needs should always take priority over wants.
                                                      Develop a monthly household budget   12


Practice Exercises

Let’s practice what we’ve learned with identifying and prioritizing needs and wants!


Exercise 1:

The following are some expenses families typically incur.

                              A yacht                           Vacation travel
                              A swimming pool                   Premium digital cable
                              Basic clothing                    Childcare
                              Home                              Nutritious food
                              Fancy restaurant meals            Medical care
                              Water utility service              Nintendo Wii
                              Designer handbag                  Electricity



Please identify which are needs and which are wants.

        Needs                                  Wants




                                    (Please see page 26 for answers to this question.)
                                                      Develop a monthly household budget   13


Exercise 2:

Please classify the following monthly expenditures into needs and wants. Then rank
them from most necessary to least necessary (1 = most necessary).

The following is a table of some monthly expenses.

                                Comic books                     Psychiatric medication
                                Surfboard                        Bus pass
                                Basic clothing                   Soccer league
                                Mortgage                        Grocery
                                Daily Jamba Juice                Manicure/pedicure
                                Clean water                     Bowling night
                                UFC pay per view                Electricity


The expenditures are classified into needs and wants, then ranked from most
necessary to least necessary (1 = most necessary).

    Rank #    Needs                          Rank #       Wants




                                    (Please see page 27 for answers to this question.)
                        
                        

             GREAT JOB! 
                                        
                        
                        
                                    
 
    NOW, LET’S MOVE ON TO THE NEXT SECTION. 
                        
 
 



     
             

             


     
                 SECTION FOUR 

                      DEVELOP 
                A MONTHLY HOUSEHOLD  
                      BUDGET 




                                    




         
         
                                                      Develop a monthly household budget   14


Introduction

    In this section, you will practice all the skills you’ve learned throughout this
    module and develop a monthly household budget. Specifically you will do the
    following:

       1.   Identify and sum all of net income.
       2.   Identify and sum all expenses.
       3.   Determine if income covers all expenses.
       4.   Differentiate and prioritize expenses based on needs and wants.
       5.   Determine where to cut expenses based on prioritized needs and wants.

Developing a monthly household budget

A budget (spending plan) basically takes into account two major factors: The amount
of money you expect to earn (net income) and the amount of money you expect to
spend (expenses). To meet your expenses, you will need to plan accordingly so that
you are not spending more than you make. This is done by subtracting expenses from
net income. Those who do not successfully do this eventually acquire consumer
debt.

In order to keep your spending within budget, you must be able to differentiate your
needs from your wants and prioritize your wants accordingly. If your expenses
exceed your income, you must prioritize your expenses and trim your budget where
needed. Money is a finite resource and unfortunately many of the wants we have in
the world cost money - often more money than is available to us.
                                                       Develop a monthly household budget     15


Example:

Peter is a single father of one child. He holds a stable job from which he earns $2,300
a month. He collects child support from his ex-wife which is $300. He also earns
$20 per month from investments. His family’s monthly expenses are listed in the table
below.

              No.                                     Items
                    1. 4/05/09, Rent, Hawaiian Realty: $1,070
                    2. 4/20/09, Electricity, HECO: $70
                    3. 4/23/09, Medication, Longs: $40
                    4. 4/28/09, Bus pass, The Bus: $60
                    5. 4/14/09, Internet, Comcast : $45
                    6. 4/15/09, Cable TV, Oceanic: $50
                    7. 4/10/09, Groceries, Safeway: $800
                    8. 4/09/09, Childcare, Kama’aina Pre-School: $250
                    9. 4/11/09, Clothes, Walmart and Old Navy: $120
                 10. 4/01/09, 4/02/09, 4/03/09, 4/04/09, 4/05/09, 4/08/09, 4/09/09,
                     4/10/09, 4/11/09, 4/12/09, Daily Starbucks, Starbucks: $60
                 11. 4/22/09, Night club, Level 4: $50
                 12. 4/25/09, Alcohol, Costco: $80
                 13. 4/03/09, Video games, Game Stop: $20


 Sum Net Income:       Recall from Section 1 where we discussed how to identify and
                       sum income sources. You will want to itemize each income
                       source and add up the amount of each income source to
                       determine total net income.




                                Net income sources                       Amount ($)
                                                    Peter’s job                       2,300
                             Child support from his ex-wife                                 300
                                           Investment interest                              20
                                            Total net income                          2,620
                                                      Develop a monthly household budget     16

 Sum Expenses:        Recall from Section 2 where we discussed tracking expenses
                      by date, vendor, item and price. Once all expenses are tracked
                      and itemized, simply add all expenditures together to determine
                      the total expenses.



   Date of                     Vendor                             Items           Price ($)
 transaction
 4/5/09          Hawaiian Realty                           Rent                            1,070
 4/20/09         HECO                                      Electricity                       70
 4/23/09         Longs                                     Medications                       40
 4/28/09         The Bus                                   Bus pass                          60
 4/14/09         Comcast                                   Internet                          45
 4/15/09         Oceanic                                   Cable TV                          50
 4/10/09         Safeway                                   Grocery                          800
 4/9/09          Kama’aina Pre-school                      Childcare                        250
 4/11/09         Wallmart and Old Navy                     Clothes                          120
 4/01/09
 4/02/09
 4/03/09         Starbucks                                 Daily Starbucks                   60
 4/04/09
 4/05/09
 4/08/09
 4/09/09
 4/10/09
 4/11/09
 4/12/09
 4/22/09         The Green Room at Indigo                  Nightclub                         50
 4/25/09         Costco                                    Alcohol                           80
 4/3/09          Game Stop                                 Video games                       20
                                                                       Total:          $2,715

To determine if Peter’s expenses exceeded his total income, he needs to find the
balance between his total expenses and total income. This is conducted by
subtracting his expenses from his net income.

                                                   Total net income ($)                2,620
                                                     Total expenses ($)                2,715
                                                             Balance ($)                   -95
                                                      Develop a monthly household budget     17

The result (-$95) tells us that Peter overspent his money. To stay within his budget,
Peter needs to prioritize his needs and wants and then trim his budget where needed.

Determine and         Recall from Section 3 where we discussed determining your
Prioritize Needs      needs and wants and prioritizing them from most to least as a
and Wants:            way to help you spend within your means. Often times our
                      wants cost far in excess of the income we make. By
                      prioritizing them we can ensure that we spend within our
                      means.




 Rank #                 Needs                  Rank #                   Wants
        1. 4/05/09, Rent, Hawaiian                    8. 4/14/09, Internet, Comcast:
           Realty: $1,070                                $45
        2. 4/10/09, Groceries, Safeway:               9. 4/15/09, Cable TV, Oceanic:
           $800                                          $50
        3. 4/09/09, Childcare,                      10. 4/01/09, 4/02/09, 4/03/09,
           Kama’aina Pre-School: $250,                  4/04/09, 4/05/09, 4/08/09,
                                                        4/09/09, 4/10/09, 4/11/09,
                                                        4/12/09, Daily Starbucks,
                                                        Starbucks: $60
        4. 4/11/09, Clothes, Wallmart               11. 4/22/09, Night club, Level 4:
           and Old Navy: $120                           $50
        5. 4/23/09, Medication, Longs:              12. 4/25/09, Alcohol, Costco:
           $40                                          $80
        6. 4/28/09, Bus pass, The Bus:              13. 4/03/09, Video games, Game
           $60                                          Stop: $20
        7. 4/20/09, Electricity, HECO:
           $70

In order to stay within his budget, which item or items should Peter trim from the
prioritized list of needs and wants?

                                             Items to be trimmed                  Price ($)
                                                          Item #12: Alcohol                  80
                                                   Item # 13: Video games                    20
                                                                       Total:              $100
                                                      Develop a monthly household budget      18

Calculate Peter’s adjusted expenses by subtracting the cost of the items trimmed
from the expenses.

                                                               Expenses ($)                2,715
                                         Total cost of items trimmed ($)                    100
                                                   Adjusted expenses ($)                   2,615


After trimming items to stay within budget, what is Peter’s adjusted balance? Find
his adjusted balance by subtracting his adjusted expenses from his net income.



                                                            Net income ($)                 2,620
                                                    Adjusted expenses ($)                  2,615
                                                    Adjusted balance ($)                      5

For the following month, Peter can expect to have a savings of $5 if he eliminates his
alcohol and video game expenses from his budget. Ideally, a larger savings is
desirable in the event of emergencies or other expenses.
                                                       Develop a monthly household budget   19


Practice Exercise

Let’s practice what we’ve learned in developing a monthly budget!

Michael is a single male who lives in a pet-friendly building with a dog. He holds a
stable job from which he earns $2,000 a month. He owns a side business selling
jewelry on eBay which earns him $600 a month. He also earns $20 per month from
investments. His monthly expenses are listed in the table below.

          No.                                        Items
                1. 5/05/09, Rent, Hawaiian Realty: $1,100
                2. 6/20/09, Electricity, HECO: $70
                3. 5/23/09, Insulin shots, Kaiser: $60
                4. 5/04/09, 5/11/09, 5/18/09, 5/25/09, gasoline, Costco Gas: $120
                5. 5/14/09, Internet, Comcast : $45
                6. 5/15/09, Cable TV, Oceanic: $50
                7. 5/03/09, 5/10/09, 5/17/09, 5/24/09, Groceries, Safeway: $500
                8. 5/09/09, Pet Day Spa, Kama’aina Pets: $500
                9. 5/11/09, Clothes, Walmart and Old Navy: $120
              10. 5/01/09, 5/02/09, 5/03/09, 5/04/09, 5/05/09, 5/08/09, 5/09/09,
                  5/10/05, 5/11/09, 5/12/09, Daily Jamba, Jamba Juice: $60
              11. 5/22/09, Karaoke Night, Krazy Karaoke: $50
              12. 5/25/09, Cigarettes, 7-11: $80
              13. 5/03/09, Music, iTunes Music Store: $20

Question 1:

Sum all of Michael’s total net income.

                               Net income sources                          Amount ($)




                                             Total net income
                                                     Develop a monthly household budget   20


Question 2:

Sum Michael’s total expenses for the month.

   Date of              Vendor                        Items                  Price ($)
 transaction




                                                              Total:

Question 3:

Find the balance between Michael’s total net income and total expenses. This is
conducted by subtracting his expenses from his net income.

                                        Total net income ($)
                                          Total expenses ($)
                                                  Balance ($)
                                                      Develop a monthly household budget   21


Question 4:

Prioritize Michael’s wants and needs to see where he can trim his spending.

       Rank #               Needs                 Rank #                   Wants
              1.                                          8.
              2.                                          9.
              3.                                         10.
              4.                                         11.
              5.                                         12.
              6.                                         13.
              7.                                          14

Question 5:

If Michael has overspent his money (his expenses exceed his income), in order to stay
within his budget, which item or items should Michael trim from the prioritized list of
needs and wants?

                         Item (s) to be trimmed                         Price ($)




                                                               Total:      $_____________


Question 6:

Calculate Michael’s adjusted expenses by subtracting the cost of the items trimmed
from the expenses.

                                                     Expenses ($)
                               Total cost of items trimmed ($)
                                         Adjusted expenses ($)
                                                     Develop a monthly household budget   22



Question 7:

After trimming items to stay within budget, what is Michael’s adjusted balance? Find
his adjusted balance by subtracting his adjusted expenses from his net income.

                                                Net income ($)
                                        Adjusted expenses ($)
                                        Adjusted balance ($)



                                    (Please see page 28 for answers to this exercise.)
 



     
                 

                 


     
                     FEEDBACK 


             
                    PRACTICE EXERCISES 




         
         
                                                      Develop a monthly household budget    23


SECTION 1: SUM ALL NET INCOME


Exercise 1:
       Please identify the net income sources of Rick and Jane’s family.

       Feedback:
       A. Correct. Based on the scenario, all of the net income sources of Rick’s
          family include: Rick’s monthly net income, Rick’s retirement income,
          Jane’s monthly net income, Jane’s child support income, the family’s
          mutual fund dividends, and bank interest income.
       B. Incorrect. Bank interest income is missing.
       C. Incorrect. The family’s dividends are missing.
       D. Incorrect. Jane’s child support income is missing.


Exercise 2:

       Please sum all of the net income for Rick and Jane’s family.

       Feedback:

                                                 Net income sources          Amount ($)
                                         Rick’s monthly net income                   3,566
                                       Rick’s net retirement income                  2,000
                                          Jane’s monthly net income                  3,021
                                        Jane’s child support income                    750
                                                             Dividends                     20
                                                Bank interest income                        4
                                                              Total ($)              9,361

       The total net income for Rick’s family is the sum of all these net income
       sources. When all income sources are added up, the sum total net income is
       $9,361.




                                                                                                 

 
                                                       Develop a monthly household budget   24


SECTION 2: SUM ALL EXPENSES

Exercise 1:

Read the following scenario and track Lina’s expenses.

Feedback:

To track expenses, log the date of transaction, vendor, item, and the cost of the item.
For accuracy, do not leave out any transactions.

               Date of transaction       Vendor                    Items           Price ($)
               3/01/09                   Forever 21                Dress                 $21
               3/01/09                   Ross Dress for Less       Sandals               $10
               3/01/09                   Mac 24/7                  Parking                $3


Exercise 2:

Sum all of Nick’s family’s expenses for the month. Here are the bills for Nick’s
family from last month:

                            No.                               Items
                                  1. 3/05/09: Rent, Hawaiian Realty: $2,600
                                  2. 3/20/09: Electricity, HECO: $110
                                  3. 3/10/09: Medications, Walgreens: $60
                                  4. 3/15/09: Mobile phone service, AT&T: $80
                                  5. 3/14/09: Haircut, Paul Brown: $40
                                  6. 3/20/09: Cable TV, Oceanic: $45
                                  7. 3/07/09: Grocery, Safeway: $600
                                  8. 3/10/09: Gasoline, Chevron: $80
                                  9. 3/20/09: Doctor visits, Straub: $30
                               10. 3/15/09: Car payment, Nissan: $200
                               11. 3/01/09: Hula lessons, Halau Hula Olana: $100
                               12. 3/03/09: Cat food, Pets Discount: $25




                                                                                                

 
                                                       Develop a monthly household budget   25


Feedback:

To sum Nick’s family’s total expenses for the month, add all amounts listed:


    Date of transaction         Vendor                     Items                Price ($)
    3/05/09               Hawaiian Realty        Rent                                2,600
    3/20/09               HECO                   Electricity                            110
    3/10/09               Walgreens              Medication                              60
    3/15/09               AT&T                   Mobile phone service                    80
    3/14/09               Paul Brown             Haircut                                 40
    3/20/09               Oceanic                Cable TV                                45
    3/07/09               Safeway                Grocery                                600
    3/10/09               Chevron                Gasoline                                80
    3/20/09               Straub                 Doctor visits                           30
    3/15/09               Nissan                 Car payment                            200
    3/01/09               Halau Hula Olana       Hula lessons                           100
    3/03/09               Pets Discount          Cat food                                25
                                                               Total:            $_3,970_

After tracking expenses by date, vendor, item and cost, sum up the cost of all items to
determine the total expenses for the month.




                                                                                               

 
                                                       Develop a monthly household budget   26


SECTION 3: PRIORITIZE NEEDS AND WANTS


Let’s practice what we’ve learned with identifying and prioritizing needs and wants!


Exercise 1:

Following is the list of needs and wants.

                             A yacht                           Vacation travel
                             A swimming pool                   Premium digital cable
                             Basic clothing                    Childcare
                             Home                              Nutritious food
                             Fancy restaurant meals            Medical care
                             Water utility service             Nintendo Wii
                             Designer handbag                  Electricity

Please identify which are needs and which are wants.

Feedback:

                             Needs                             Wants
                             Basic clothing                    A yacht
                             Home                              A swimming pool
                             Water utility service             Fancy restaurant meals
                             Childcare                         Designer handbag
                             Nutritious food                   Vacation travel
                             Medical care                      Premium digital cable
                             Electricity                       Nintendo Wii


All basic expenses necessary to maintaining a healthy life and home should be
classified under needs such as home, food, clothing, medical care, utilities and
dependent care expenses. All other expenses are typically wants as these are related
to entertainment or objects of status.




                                                                                              

 
                                                       Develop a monthly household budget   27


Exercise 2:

Please classify the following monthly expenditures into needs and wants. Then rank
them from most necessary to least necessary (1 = most necessary).

The following is a table of some monthly expenses.

                             Comic books                     Psychiatric medication
                             Surfboard                       Bus pass
                             Basic clothing                  Soccer league
                             Mortgage                        Grocery
                             Daily Jamba Juice               Manicure/pedicure
                             Water utility service           Bowling night
                             UFC pay per view                Electricity

Classify the expenditures into needs and wants, then rank them from most necessary
to least necessary (1 = most necessary).

Feedback:

          Rank #     Needs                           Rank #      Wants
                1.   Mortgage                              8.    Soccer league
                2.   Grocery                               9.    Surfboard
                3.   Water utility service               10.     Daily Jamba Juice
                4.   Electricity                         11.     Manicure/pedicure
                5.   Psychiatric medication              12.     Bowling
                6.   Basic clothing                      13.     Comic books
                7.   Bus pass                            14.     UFC pay per view

All basic expenses such as housing and food costs should take top priority followed
by medical, clothing and transportation expenses. Prioritization of wants is open to
interpretation as each person has different values.




                                                                                              

 
                                                          Develop a monthly household budget    28


SECTION 4: DEVELOP A MONTHLY HOUSEHOLD BUDGET

    Let’s practice what we’ve learned in developing a monthly budget!

Michael is a single male who lives in a pet-friendly building with a dog. He holds a
stable job from which he earns $2,000 a month. He owns a side business selling
jewelry on eBay which earns him $600 a month. He also earns $20 per month from
investments. His monthly expenses are listed in the table below.

             No.                                     Items
                   1. 5/05/09, Rent, Hawaiian Realty: $1,100
                   2. 6/20/09, Electricity, HECO: $70
                   3. 5/23/09, Insulin shots, Kaiser: $60
                   4. 5/04/09, 5/11/09, 5/18/09, 5/25/09, gasoline, Costco Gas: $120
                   5. 5/14/09, Internet, Comcast : $45
                   6. 5/15/09, Cable TV, Oceanic: $50
                   7. 5/03/09, 5/10/09, 5/17/09, 5/24/09, Groceries, Safeway: $500
                   8. 5/09/09, Pet Day Spa, Kama’aina Pets: $500
                   9. 5/11/09, Clothes, Walmart and Old Navy: $120
                10. 5/01/09, 5/02/09, 5/03/09, 5/04/09, 5/05/09, 5/08/09, 5/09/09,
                    5/10/05, 5/11/09, 5/12/09, Daily Jamba, Jamba Juice: $60
                11. 5/22/09, Karaoke Night, Krazy Karaoke: $50
                12. 5/25/09, Cigarettes, 7-11: $80
                13. 5/03/09, Music, iTunes Music Store: $20

Question 1:

Sum all Michael’s total net income:

Feedback:

                                      Net income sources                   Amount ($)
                                                 Michael’s salary                       2,000
                                   Michael’s eBay side business                           600
                                          Michael’s investments                            20
                                               Total net income                       $2,620


The total net income for Michael’s household is the sum of all these net income
sources. When all income sources are added up, the sum total net income is $2,620
                                                                                                  

 
                                                          Develop a monthly household budget    29


Question 2:

Sum Michael’s total expenses for the month.

Feedback:

        Date of                  Vendor                     Items                 Price ($)
      transaction
    5/05/09             Hawaiian Realty             Rent                                   1,100
    6/20/09             HECO                        Electricity                                 70
    5/23/09             Kaiser                      Insulin shots                              60
    5/04/09, 5/11/09,   Costco Gas                  Gasoline                                   120
    5/18/09, 5/25/09
    5/14/09             Comcast                     Internet                                    45
    5/15/09             Oceanic                     Cable TV                                    50
    5/03/09, 5/10/09,   Safeway                     Groceries                                  500
    5/17/09, 5/24/09
    5/09/09             Kama’aina Pets              Pet Day Spa                                500
    5/11/09             Walmart & Old Navy          Clothes                                    120
    5/01/09, 5/02/09,   Jamba Juice                 Daily Jamba                                 60
    5/03/09, 5/04/09,
    5/05/09, 5/08/09,
    5/09/09, 5/10/09,
    5/11/09, 5/12/09
    5/22/09             Krazy Karaoke               Karaoke Night                               50
    5/25/09             7-11                        Cigarettes                                  80
    5/03/09             iTunes Music Store          Music                                      20
                                                                  Total:                 $2,775

After tracking expenses by date, vendor, item and cost, sum up the cost of all items to
determine the total expenses for the month. Michael’s total expenses is $2,775.




                                                                                                      

 
                                                       Develop a monthly household budget   30


Question 3:

Find the balance between Michael’s total net income and total expenses.

Feedback:

                                                       Total net income ($)           $2,620
                                                          Total expenses ($)          $2,775
                                                                 Balance ($)            -$155



Question 4:

Prioritize Michael’s wants and needs to see where he can trim his spending.

Feedback:

                 Rank #              Needs              Rank #                Wants
                         1. Rent, $1,100                        7. Internet, $45
                         2. Groceries, $500                     8. Cable TV, $50
                         3. Electricity, $70                    9. Pet Day Spa, $500
                         4. Insulin shots, $60                 10. Daily Jamba, $60
                         5. Clothes, $120                      11. Karaoke Night, $50
                         6. Gasoline, $120                     12. Cigarettes, $80
                                                               13 Music, $20

All basic expenses such as housing and food costs should take top priority followed
by medical, clothing and transportation expenses. Prioritization of wants is open to
interpretation as each person has different values.




                                                                                                 

 
                                                       Develop a monthly household budget    31


Question 5:

If Michael has overspent his money (his expenses exceed his income), in order to stay
within his budget, which item or items should Michael trim from the prioritized list of
needs and wants?

Feedback:

                                                Items to be trimmed          Price ($)
                                                                    Music                    20
                                                               Cigarettes                    80
                                                          Karaoke Night                      50
                                                            Daily Jamba                      60
                                                                   Total:               $_210

Michael is spending $155 in excess of what he earns. Based on his prioritized list of
wants, remove items until you meet or exceed the $155 threshold. In this case, based
on the prioritized list, he will cut back spending on music, cigarettes, karaoke and
Jamba Juice.


Question 6:

Calculate Michael’s adjusted expenses by subtracting the cost of the items trimmed
from the expenses.

Feedback:

                                                       Expenses ($)                     2,775
                                 Total cost of items trimmed ($)                            210
                                            Adjusted expenses ($)                       2,565

The sum of the cost of items removed is $210. Subtract this amount from his initial
expense total to determine his new adjusted expenses which is $2,565.




                                                                                                   

 
                                                      Develop a monthly household budget     32


Question 7:

After trimming items to stay within budget, what is Michael’s adjusted balance?

Feedback:

                                                       Net income ($)                  2,620
                                               Adjusted expenses ($)                       2565
                                               Adjusted balance ($)                          55



Question 8:

For the following month, how much can Peter expect to save if he eliminates his
expenditures determined in Question 5?

Feedback:

Answer: $_______$55_____




                                                                                                   

 
                           
                           




              EXCELLENT! 
     
                           
                           
 
                                           
    Now, you have done with the four sections of 
               the learning module.  
         Please go to the Post‐test section.  

                           
 
 



     
             

             


     
                POST‐TEST 




         
         
                                                                                  Post-Test   46


Questions 1 and 2.

Tommy and Tina are a married couple who both have jobs. Tommy works full-time
and Tina works part-time. Also, Tina runs a side business selling crafts on Etsy.com
to supplement the family earnings. The couple has investment holdings which
provide another stream of monthly revenue. Every month the family also earns bank
interest. The family earnings are summarized in the table below.

    Tommy’s monthly net        Tina’s monthly net income: Tina’s side business
    income: $4,200             $1,500                     income: $500
    Dividends: $20             Bank interest income: $4

Question 1:
      Please identify the net income sources of Tommy and Tina’s family.
         A. Tommy’s monthly net income, Tina’s monthly net income, Tina’s side
            business income, the family’s dividends, bank interest income
         B. Tommy’s monthly net income, Tina’s monthly net income, Tina’s side
            business income, the family’s dividends
         C. Tommy’s monthly net income, Tina’s monthly net income, Tina’s side
            business income, bank interest income
         D. Tommy’s monthly net income, Tina’s monthly net income, the family’s
            dividends, bank interest income
Question 2:
      Please sum all the net income sources of Tommy and Tina’s family.

                                           Net income sources                Amount ($)




                                                     Total ($):




                                                                                                    

 
                                                                                     Post-Test   47


Question 3.

Read the following scenario and track Carla’s expenses in the table below.

Carla is getting ready for a night out on the town with the girls. On Friday, 4/3/09, she
purchased a new dress to wear that night from Bebe for $80. She then went to Ross
Dress for Less to buy matching sandals for $10. After that, she got her hair styled at
Salon 808 for $45. Finally, she ate dinner with her girlfriends at Indigo Restaurant for
$20.

    Date of transaction         Vendor                   Items                   Price ($)




Question 4.

Please sum all of Mitchell’s family’s expenses for the month. Here are the bills for
Mitchell’s family from last month:

          No.                                    Items
            1. 3/05/09: Rent, Hawaiian Realty: $1600
            2. 3/20/09: Electricity, HECO: $100
            3. 3/10/09: Medications, Walmart: $60
            4. 3/15/09: Mobile phone service, AT&T: $80
            5. 3/14/09: Hairstyling, Chop Salon: $45
            6. 3/20/09: Cable TV, Oceanic: $45
            7. 3/07/09: Grocery, Safeway: $240
            8. 3/10/09: Gasoline, Chevron: $60
            9. 3/20/09: Doctor visits, Straub: $20
          10. 3/15/09: Car payment, Infinity: $200
          11. 3/01/09: Tahitian dance lessons, Aloha Activity Center: $80
          12. 3/03/09: Rabbit food, Pets Discount: $15




                                                                                                       

 
                                                                                     Post-Test   48

To sum Mitchell’s family’s total expenses for the month, add all amounts listed:

          Date of            Vendor                  Items                       Price ($)
        transaction




                                                              Total:              $_________


Question 5.

Following is the list of needs and wants.

    Kayak                                   Vacation travel
    Massage chair                           Satellite radio service
    Basic clothing                          Elder care
    Home                                    Nutritious food
    Fancy restaurant meals                  Medical care
    Water utility service                   Playstation 3
    Car audio system                        Electricity




                                                                                                       

 
                                                                                     Post-Test   49


Please identify which are needs and which are wants.

    Needs                                  Wants




Question 6.

The following is a table of some monthly expenses.

    Trading cards                        Insulin
    Golfing                              Rail transit pass
    Basic clothing                       Youth football
    Mortgage                             Groceries
    Daily musubi                         Facial
    Water service                        Salsa night
    Monthly drag race                    Electricity

Please classify the monthly expenditures listed previously into needs and wants. Then
rank them from most necessary to least necessary (1 = most necessary).

    Rank #              Needs           Rank #                      Wants




                                                                                                       

 
                                                                                   Post-Test   50


Questions 7 - 13.

Molly is a single mother of one child. She holds a stable job from which she earns
$2,700 a month. She collects child support from her ex-husband which is $250. She
also earns $40 per month from investments. Her family’s monthly expenses are listed
in the table below.

    No.                                         Items
           1. 4/05/09: Rent, Aloha Realty: $1,700
           2. 4/20/09: Electricity, HECO: $70
           3. 4/23/09: Medication, Longs: $60
           4. 4/28/09: Car payment, Toyota: $200
           5. 4/14/09: Internet, Verizon: $45
           6. 4/15/09: Cable TV, Oceanic: $40
           7. 4/10/09: Groceries, Safeway: $300
           8. 4/09/09: Childcare, Alphabetland Pre-School: $250
           9. 4/11/09: Clothes, Express and Gap Kids: $200
          10. 4/01/09, 4/02/09, 4/03/09, 4/04/09, 4/05/09, 4/08/09, 4/09/09, 4/10/09,
              4/11/09, 4/12/09: Daily Coffee, Coffee Bean: $60
          11. 4/22/09: Dinner, Macaroni Grill: $50
          12. 4/25/09: Cosmetics, Sephora: $80
          13. 4/03/09: Video games, Game Stop: $20



Question 7:

Sum all of Molly’s total net income.

                Net income sources                              Amount ($)




                            Total net income ($)




                                                                                                     

 
                                                                                   Post-Test   51


Question 8:

Sum Molly’s total expenses for the month.

     Date                Vendor                    Items                       Price ($)




                                                           Total:

Question 9:

Find the balance between Molly’s total net income and total expenses.

                        Net income ($)
                          Expenses ($)
                           Balance ($)




                                                                                                     

 
                                                                                   Post-Test   52


Question 10:

Prioritize Molly’s wants and needs to see where she can trim her spending.

    Rank #             Needs                Rank #                     Wants




Question 11:

If Molly has overspent her money (her expenses exceed her income), in order to stay
within her budget, which item or items should Molly trim from the prioritized list of
needs and wants?

    Item(s) to be trimmed                                Price ($)




                                                 Total

Question 12:

Calculate Molly’s adjusted expenses.

                                          Expenses ($)
                       Total cost of items trimmed ($)
                                Adjusted expenses ($)




                                                                                                     

 
                                                                                    Post-Test   53


Question 13:

After trimming items to stay within budget, what is Molly’s adjusted balance?



                                           Net income ($)
                                    Adjusted expenses ($)
                                    Adjusted balance ($)




                                                                                                      

 
 



     
             

             


     
                     KEY  
                FOR POST‐TEST 




         
         
                                                                          Post-Test Key   60


Questions 1 and 2.

Question 1:
      A. Correct.
Question 2:

                                         Net income sources               Amount ($)
                               Tommy’s monthly net income                     4,200
                                  Tina’s monthly net income                   1,500
                                 Tina’s side business income                    500
                                                   Dividends                     20
                                        Bank interest income                       4
                                                   Total ($):                 6,224

Question 3.

 Date of transaction        Vendor                Items                    Price ($)
 4/3/09                     Bebe                  Dress                                   80
 4/3/09                     Ross Dress for Less   Sandals                                 10
 4/3/09                     Salon 808             Hairstyling                             45
 4/3/09                     Indigo Restaurant     Dinner                                  20

Question 4.

      Date                Vendor                  Items                      Price ($)
 3/05/09         Hawaiian Realty         Rent                                     $1,600
 3/20/09         HECO                    Electricity                                 100
 3/10/09         Walmart                 Medications                                   60
 3/15/09         AT&T                    Mobile phone service                          80
 3/14/09         Chop Salon              Hairstyling                                   45
 3/20/09         Oceanic                 Cable TV                                      45
 3/07/09         Safeway                 Grocery                                     240
 3/10/09         Chevron                 Gasoline                                      60
 3/20/09         Straub                  Doctor visits                                 20
 3/15/09         Infinity                Car payment                                 200
 3/01/09         Aloha Activity Center   Tahitian dance lessons                        80
 3/03/09         Pets Discount           Rabbit food                                   15
                                                          Total:                  $2,545
                                                                              Post-Test Key   61


Question 5.

                                   Needs                          Wants
                                   Basic clothing                 Kayak
                                   Home                           Massage chair
                                   Water utility service          Fancy restaurant meals
                                   Elder care                     Car audio system
                                   Nutritious food                Vacation travel
                                   Medical care                   Satellite radio service
                                   Electricity                    Playstation 3

Question 6.

The expenditures are classified into needs and wants, then ranked from most
necessary to least necessary (1 = most necessary).

 Rank #                  Needs           Rank #                 Wants
 1            Mortgage                   8          Youth football
 2            Water service              9          Golfing
 3            Groceries                  10         Daily musubi
 4            Electricity                11         Facial
 5            Basic clothing             12         Salsa night
 6            Insulin                    13         Trading cards
 7            Rail transit pass          14         Monthly drag race

Question 7.

                              Net income sources                       Amount ($)
                                                     Job                                 2,700
                                           Child support                                   250
                                      Investment income                                     40
                                    Total net income ($)                                $2,990
                                                                           Post-Test Key     62


Question 8.

     Date               Vendor                 Items                        Price ($)
 4/05/09      Aloha Realty              Rent                                           1,700
 4/20/09      HECO                      Electricity                                         70
 4/23/09      Longs                     Medication                                          60
 4/14/09      Verizon                   Internet                                            45
 4/28/09      Toyota                    Car payment                                        200
 4/15/09      Oceanic                   Cable TV                                            40
 4/10/09      Safeway                   Groceries                                          300
 4/09/09      Alphabetland Pre-School   Childcare                                          250
 4/11/09      Express and Gap Kids      Clothes                                            200
 4/01/09,     Coffee Bean               Daily Coffee                                        60
 4/02/09,
 4/03/09,
 4/04/09,
 4/05/09,
 4/08/09,
 4/09/09,
 4/10/09,
 4/11/09,
 4/12/09
 4/22/09      Macaroni Grill            Dinner                                              50
 4/25/09      Sephora                   Cosmetics                                           80
 4/03/09      Game Stop                 Video games                                         20
                                                         Total:                      $3,075

Question 9.

                                                 Net income ($)                      $2,990
                                                    Expenses ($)                       3,075
                                                     Balance ($)                           -$85
                                                                              Post-Test Key    63


Question 10.

 Rank #                Needs                Rank #                      Wants
        1. Rent, $1,700                            7. Internet, $45
        2. Grocery, $40                            8. Cosmetics, $80
        3. Electricity, $70                        9. Cable TV, $40
        4. Clothes, $200                          10. Daily Coffee, $60
        5. Childcare, $250                        11. Video games, $20
        6. Car payment, $200                      12. Dinner at restaurant, $50

All basic expenses such as housing and food costs should take top priority followed
by medical, clothing and transportation expenses. Prioritization of wants is open to
interpretation as each person has different values.

Question 11.

                                       Items to be trimmed                         Price ($)
                                       Daily Coffee                                             60
                                       Video games                                             20
                                       Dinner at restaurant                                     50
                                                                        Total                 $130

Based on the prioritized list of wants, remove items until you meet or exceed the $85
amount which Molly overspent. In this case, based on the prioritized list, she will
eliminate daily coffee, video games, dinner at restaurant, and cable TV.

Question 12.

                                                          Expenses ($)                    3,075
                                      Total cost of items trimmed ($)                         130
                                               Adjusted expenses ($)                      2,945

Question 13.

                                                       Net income ($)                     2,990
                                                Adjusted expenses ($)                     2,945
                                                Adjusted balance ($)                           45

				
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