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Budget for Fun

Budget for Fun Purchasing concert tickets, buying electronics, and dining out can become expensive. Why should you budget for entertainment?. Lesson Objective Compute the average monthly expenditure. Content Vocabulary. recordkeeping. recordkeeping

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Budget for Fun

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  1. Budget for Fun Purchasing concert tickets, buying electronics, and dining out can become expensive. Why should you budget for entertainment?

  2. Lesson Objective Compute the average monthly expenditure. Content Vocabulary • recordkeeping recordkeeping Keeping track of items you spend money on during a period of time, to help you manage your money. expenditures Items you spend money on. budget sheet A record of monthly expenses. living expenses Routine expenses, including amounts for food, utility bills, and pocket expenses. budget A plan for using money in a way that meets your wants and needs. • expenditures • budget sheet • living expenses • budget

  3. Example 1 Sue and Bob Miller keep records of their expenditures. They want to know how much they spend each month (on the average). Below are their records for three months. What is their average monthly expenditure?

  4. Figure 3.1

  5. Figure 3.1 (cont.)

  6. Example 1 Answer Step: Compute the average monthly expenditure. A. Find the sum of monthly expenditures. $1,368.22 + $1,365.00 + $1,337.21 = $4,070.43 B. Divide the sum by the number of months. Sum of Monthly Expenditures ÷Number of Months $4,070.43 ÷3 = $1,356.81

  7. Example 2 Use the Millers’ records of monthly expenditures to find the average monthly amount spent for the electric bill?

  8. Example 2 Answer Step: Compute the average monthly expenditure. A. Find the sum of monthly expenditures. $71.47 + $73.56 + $51.42 = $196.45 B. Divide the sum by the number of months. Sum of Monthly Expenditures ÷Number of Months $196.45 ÷ 3 = $65.48

  9. Practice 1 Amy and Todd Irvings’ monthly expenses for June, July, and August are as follows: June, $3,260; July, $3,537; and August, $3,430. Find the average monthly expenditure for the Irvings.

  10. Practice 1 Answer $3,409

  11. Practice 2 The Benson family has grocery bills in the months of April through July for the following amounts: $90.85; $106.24; $79.87; and $101.16. What is their average monthly expense for groceries?

  12. Practice 2 Answer $94.53

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