The school Spanish Club is sponsoring a trip to Mexico that will cost $1000 per student. Your parents will contribute $300 but you need to save the remaining $700 over the next four months. You currently work seven hours a week babysitting for $10 per hour. The following are your monthly expenses.

Variable Expenses (Clothes, CS’s, Movie Tickets etc. ) $180.00
Fixed Expenses (school fees, buss pass) $65.00

Calculate your monthly earnings and expenses

Compute how much you will need to earn and/or reduce your expenses to meet your goal.


Real World Application
You want to save $2000 for college by working over the summer. You can find a job that will pay you for 40 hours per week at a regular rates plus an average of 10 hours per week at Overtime rates at 1.5 times your regular rate. You can work fro 10 weeks. You figure that you need to spend $150 per week to pay miscellaneous variable expenses.

Calculate how much you will need to earn per hour to save at least $2000 in addition to meeting your weekly expenses?

Think Critically, is $150.00 in weely expenses a realistic estimate? What are you not including?