hġ case study - 1 Student boarding with friends Mai is 22 and is studying a Bachelor of Business/Bachelor of Laws full-time at Parramatta Campus. She has completed her business subjects, and is in her final year of law subjects. She had to move out of home last year due to family difficulties, and is boarding with a family at Bossley Park. Mai receives Youth Allowance at the living away from home rate of $355.40 per fortnight. She works two shifts each weekend in a local restaurant, and earns around $100 per week, depending on tips. This session she had to borrow $400 from Centrelink to pay for textbooks, so her Youth Allowance will be reduced to $280 for six months. Her HECS is around $2700 per session, and she has deferred this until she is working full-time. Mai pays $100 a week board, which includes electricity costs and some meals. She spends around $50-70 extra each week on food-lunches, snacks, etc. Mai doesn't use the home phone, since she has a mobile phone her parents bought her when she had to move out, and she uses pre-paid calls. She bought furniture for her bedroom gradually, as she could afford it. Textbooks are Mai's most expensive uni cost, with law texts costing a minimum of $300 per session. She has to buy all essential texts because they are often used in open book exams. Occasionally she has been able to find second hand texts. Mai doesn't have a computer. She does all her assignments in the uni computer labs, which are open 24 hours a day. She prints her assignments in the labs. Mai doesn't have a car, she catches public transport (a bus then two trains) to uni and gets a bus to work or the shops. She doesn't buy many clothes, but shops at bargain outlets or looks for specials at jeans shops, etc. She says that when you haven't got much money, it's really important to write out a budget and to have the willpower not to overspend.
hġ case study - 1 Student boarding with friends Mai is 22 and is studying a Bachelor of Business/Bachelor of Laws full-time at Parramatta Campus. She has completed her business subjects, and is in her final year of law subjects. She had to move out of home last year due to family difficulties, and is boarding with a family at Bossley Park. Mai receives Youth Allowance at the living away from home rate of $355.40 per fortnight. She works two shifts each weekend in a local restaurant, and earns around $100 per week, depending on tips. This session she had to borrow $400 from Centrelink to pay for textbooks, so her Youth Allowance will be reduced to $280 for six months. Her HECS is around $2700 per session, and she has deferred this until she is working full-time. Mai pays $100 a week board, which includes electricity costs and some meals. She spends around $50-70 extra each week on food-lunches, snacks, etc. Mai doesn't use the home phone, since she has a mobile phone her parents bought her when she had to move out, and she uses pre-paid calls. She bought furniture for her bedroom gradually, as she could afford it. Textbooks are Mai's most expensive uni cost, with law texts costing a minimum of $300 per session. She has to buy all essential texts because they are often used in open book exams. Occasionally she has been able to find second hand texts. Mai doesn't have a computer. She does all her assignments in the uni computer labs, which are open 24 hours a day. She prints her assignments in the labs. Mai doesn't have a car, she catches public transport (a bus then two trains) to uni and gets a bus to work or the shops. She doesn't buy many clothes, but shops at bargain outlets or looks for specials at jeans shops, etc. She says that when you haven't got much money, it's really important to write out a budget and to have the willpower not to overspend.
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter2: Using Financial Statements And Budgets
Section: Chapter Questions
Problem 5FPE
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Transcribed Image Text:Budgeting case study - 1
Student boarding with friends
Mai is 22 and is studying a Bachelor of Business/Bachelor of Laws full-time at Parramatta
Campus. She has completed her business subjects, and is in her final year of law
subjects. She had to move out of home last year due to family difficulties, and is boarding with
a family at Bossley Park.
Mai receives Youth Allowance at the living away from home rate of $355.40 per fortnight. She
works two shifts each weekend in a local restaurant, and earns around $100 per week,
depending on tips. This session she had to borrow $400 from Centrelink to pay for textbooks,
so her Youth Allowance will be reduced to $280 for six months. Her HECS is around $2700
per session, and she has deferred this until she is working full-time.
Mai pays $100 a week board, which includes electricity costs and some meals. She spends
around $50-70 extra each week on food-lunches, snacks, etc. Mai doesn't use the home
phone, since she has a mobile phone her parents bought her when she had to move out, and
she uses pre-paid calls. She bought furniture fy her bedroom gradually, as she could afford
it.
Textbooks are Mai's most expensive uni cost, with law texts costing a minimum of $300 per
session. She has to buy all essential texts because they are often used in open book
exams. Occasionally she has been able to find second hand texts.
Mai doesn't have a computer. She does all her assignments in the uni computer labs, which
are open 24 hours a day. She prints her assignments in the labs.
Mai doesn't have a car, she catches public transport (a bus then two trains) to uni and gets a
bus to work or the shops. She doesn't buy many clothes, but shops at bargain outlets or looks
for specials at jeans shops, etc. She says that when you haven't got much money, it's really
important to write out a budget and to have the willpower not to overspend.
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