Calculate the expenses you believe a family of 3 needs to live. A divorced single mother or father with 2 children (one is 3 years old and one is 7 years old) the single parent is not receiving child support as the spouse died in a car accident. Make sure you account for all the basic categories (shelter & bills, transportation, communication, food, child care, clothing, and entertainment) This may require you asking other people about their expenses and making calls to providers about the costs of various services.
What each of you should put in your Dropbox is a table that breaks out expenses in several basic categories
Food
Rent
Utilities (Gas, Electric, Cable, Internet, Cell Phone
Medical
Transportation (Car Payment, insurance, gas repairs)
Childcare
Entertainment
Taxes
other expenses?
I would like to see it calculated on a monthly basis and then extrapolate the results to an annual cost of living. Be specific about the types of things you are including in each category. Make sure to detail what expenses you put in each category and how much those expenses are each month.
A table or spreadsheet with explanations is necessary to complete this assignment correctly.
After you complete the estimated expenses, calculate the hourly wage someone needs to earn to make ends meet. Then find the average hourly wage and the minimum wage in Houston from the Bureau of Labor Statistics. Discuss how someone earning the average wage would make ends meet? Where should they cut expenses. What would someone earning $10.00 an hour in an unskilled position do? Your analysis should be at least 300 words in addition to the calculations and explanations above