A budget for a family of four — Question 1

It’s a good thing the family has their “Just in Case” funds because one month they got a flat tire, and it cost $97 for a new tire! What percent of their monthly income was that expense?

Remember to round your answer to the nearest whole percent.

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Budget for a family of four
Total take-home income: $3,500

Expenses Amount Percentage of Income
Housing costs (mortgage payment and insurance) $1,050 30%
Food $700 20%
Clothing $350 10%
Transportation (car payment, insurance, bus fare) $420 12%
Medical $420 12%
Savings $350 10%
Entertainment $140 4%
“Just in case” funds $70 2%