Financial Literacy: Budgeting and Saving

Maya earns $1,650 per month from a part-time job. Her monthly expenses are $650 for rent, $220 for food, $90 for transportation, $75 for phone service, and $140 for entertainment. How much money does she have left after these expenses?

A common budgeting guideline is the 50-30-20 rule: 50% for needs, 30% for wants, and 20% for savings or debt repayment. If Jordan's monthly take-home pay is $2,400, how much should Jordan budget for each category using this rule?

Taylor wants to save $900 for a laptop in 6 months. How much should Taylor save each month to reach the goal on time?

Sofia currently saves $35 each week. How much will she save in 12 weeks if she does not withdraw any money?

A student earns $14.50 per hour and works 18 hours in one week. If 12% of the student's gross pay is taken out for taxes, what is the student's take-home pay for the week?

Look at this monthly budget: income is $1,200, needs are $760, wants are $310, and savings are $80. Is the budget balanced, in surplus, or in deficit? Explain.

Andre spends $6.75 on coffee every school day. If there are 20 school days in a month, how much does he spend on coffee in one month?

Andre decides to make coffee at home instead and spends $25 per month on supplies. Using the coffee cost from the previous problem, how much money does he save in one month?

A bank account pays 3% simple interest per year. If Leah deposits $800 and leaves it in the account for 1 year, how much interest will she earn?

Leah deposits $800 in an account that earns 3% annual interest compounded yearly. If she leaves the money for 2 years and makes no withdrawals, how much money will she have at the end of 2 years?

A student's emergency fund goal is to save 3 months of essential expenses. The student's essential expenses are $950 per month. How much should the student save for the emergency fund?

Compare these two phone plans. Plan A costs $45 per month plus a one-time $60 activation fee. Plan B costs $55 per month with no activation fee. Which plan costs less over 12 months, and by how much?

Nia's monthly income is $1,800. She wants to save at least 15% of her income each month. What is the minimum amount she should save monthly?

A class trip costs $540. Carlos already saved $180 and can save $45 each week. How many more weeks will he need to save enough money for the trip?