budgeting (Term Paper Sample)

Student's Name Institution Course Code Instructor Name Budgeting My family consists of my two kids and me. I work at Grow Creative, a full-service digital marketing agency in Los Angeles, California, where I have been for the last five years. I earn around $2100 monthly since I have a small child and cannot do multiple jobs. My kids' names are Miguel, 6 years old, and Chloe, 1 year old. Miguel loves to draw, is a huge fan of superheroes, and is always looking for new ways to dress up like them. Chloe is just starting to explore her interests and loves to play with her dolls. This paper will evaluate my monthly stipend, the importance of budgeting, government measures to help the poor, and the state of the economy and welfare programs. My monthly budget is listed below: * I would use $415 at Remington Apartment, located approximately 3.1 miles from Grow Creative Company in California. * Miguel would attend Robert B. Deibler Elementary School since it offers free education to the residents of its district, which will cost around $20. The school is among the best public schools, providing a comprehensive curriculum and extra-curricular activities. Chloe would attend Little Sprouts Daycare which will cost $600 per month. * Our food would include Oatmeal and a banana for breakfast, a sandwich with lean protein and vegetables for lunch, baked chicken with a side of vegetables for supper, and apples and peanut butter as snacks. The list of groceries per Month will include Oatmeal, bananas, lean protein, vegetables, baking supplies, whole-grain bread, apples, and peanut butter which will lead to monthly expenses of $250. * Since we do not have many electronics, $130 would be spent on utility costs. * Public transport to and from work would cost around $66, while Miguel will take the school bus. * For the basics, such as clothes, toilet paper, diapers, and lotions, I would set $65. * Health insurance fund of $66 and save the rest.   The exercise above surprised me because I did not realize how hard it is to take care of a family, especially for most single parents who do not earn much yet can feed and school their children. Living off the minimum wage in America is not reasonable as the cost of living is too high to sustain a decent quality of life with a minimum wage salary. To make ends meet, many people who work for minimum wage must work multiple jobs and make difficult financial decisions. The most burdensome expenses for a person living below the poverty line are housing, food, and transportation. These three expenses make up most of the cost of living for individuals and families living in poverty. Additionally, childcare and medical expenses are often difficult to afford for those living in poverty and can be a significant financial burden. Budgeting is an essential concept for both work and the economy. It helps to ensure that individuals and businesses can manage their finances sustainably. Budgeting helps individuals to plan how much money they can spend on necessities, such as food and rent, and how much they can save for the future. In the larger economy, budgeting helps to ensure that resources are allocated efficiently and effectively. Budgeting ties in with the cost of living in that it helps one to plan for and manage expenses according to the amount of money available (Barr et al., 2018). It is crucial to create a budget that reflects the cost of living in one area to ensure one has enough money to cover all of their necessary expenses. For example, if rent in an area has increased, one needs to adjust the budget to account for this. A realistic budget can ensure one can comfortably live within their minimum wage while still affording the lifestyle one wants. Budgeting ensures that one spends their income in a disciplined way, preventing them from taking credits to cater for their expenses. ...