Importance of Family Budget

This week you read about the importance of a budget when managing family resources. As part of your final paper, you are going to develop a budget for the family you picked. There is an interactive budgeting sheet attached. You will fill it out using the information given to you in the textbook for the family you pick. Then, fill in the remaining blanks on the form based on what you think the information would be based on your research. For example, if you pick the Beta family, you can research the average salary for the mom and dad. According to salary.com:

“The average Medical Laboratory Technician salary in Georgia is $48,223 as of September 01, 2018, but the range typically falls between $43,180 and $52,955. Salary ranges can vary widely depending on the city and many other important factors, including education, certifications, additional skills, the number of years you have spent in your profession.”

If I were filling out the salary part of the form for the Beta family I would use $48,000 and write in the “Annual Income Before Taxes” box (double click in the box you want to type in) “average salary for med tech in GA per salary.com”

The Beta family belongs to the YMCA. You can research what a family membership is at the YMCA (or a gym) closest to you and use that number. If I were filling out the form I would go down to expenses and add YMCA of GA $99 and in the empty box next to it, double click and write, “https://www.ymcaatlanta.org/membership/”

There are some spots on the form that you may not need to fill in. For example, the family may not have a pet, so there are no vet bills. Maybe the family is struggling financially so they aren’t spending money on beauty expenses. The point of this assignment is for you to take a realistic look at the family’s situation. You have the freedom to be creative, but again, be realistic based on the family’s situation.