Objective: Student will be able to compute the average monthly expenses by using the sum of monthly expenses, and the total number of months. Recordkeeping: is a way for you to manage your money. Budget Sheet: a notepad to record your expenses on the day you make them.
Average Monthly = Sum of Monthly ÷ Number of Months Expenditure Expenditures
Ex 1: Amy and Todd Irvings’ monthly expense 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? Sum of Monthly Expenditures
= 3260 +3537 + 3430 = $10,227
Average Monthly Expenditure
= 10227 ÷ 3 = $3,409
Ex 2: The Benson family has weekly grocery bills in April for the amounts of $90.85, $106.24, $79.87, and $101.16. What is their average weekly expense for groceries? Sum of Monthly Expenditures = 90.85 +106.24 +79.87 + 101.16 = $378.12
Sue and Bob Miller keep records of their expenditures. They want to know how much they spend each month (on the average). Here is their record for three months. July August September Mortgage Payment $ 675.00 Mortgage Payment $ 675.00 Mortgage Payment $ 675.00 Grocery bill 51.35 Beth’s allowance 32.00 Electric bill 51.42 Beth’s allowance 32.00 Electric bill 73.56 Doctor bill 35.00 Electric bill 71.47 Restaurant 27.80 Cleaners 17.56 Dentist 43.50 Movies 13.50 Telephone bill 32.75 Telephone bill 27.85 Telephone bill 26.45 Gasoline 16.75 Gasoline 15.60 Donation 25.00 Football game 15.00 Water/sewer bill 31.45 Grocery bill 62.35 Credit card payment 71.46 Credit card payment 41.74 Personal expenses 75.00 Gasoline 16.45 Baseball game 19.50 Credit card payment 54.92 Beth’s allowance 32.00 Gift 45.00 Gasoline 17.94 Grocery bill 56.74 Clothing 71.56 Magazine subscription 31.50 Car payment 178.50 Car payment 178.50 Car payment 178.50 Fuel oil 78.75 Grocery bill 63.79 Grocery bill 71.48 TOTAL $1,368.22 TOTAL $1,365.00 TOTAL $1,337.21 a. What is their average monthly expenditure?
b. What is the Miller’s average monthly expenditure for groceries?
c. What is their average monthly expenditure for household expenses?
d. What is their average monthly expenditure for entertainment?
e. What do the Millers pay each month to repay their mortgage loan?
f. What is their average monthly expenditure for transportation costs?
g. Can you determine how much the Millers save each month? Why or Why not?
