Capstone Assessment Minimum Lifestyle on Minimum Wage

Introduction: For many of us our first job consists of an entry level, minimum wage job. This type of job is great for spending money, but could we support ourselves? What does it look like to live by ourselves, pay all our own bills, and supply our own needs? In this assessment you will compute the yearly expenses for a person who lives on minimum wage. Then you will prepare a budget. Basic Necessities: Listed are the expenses for a person who lives on a tight budget. Using the data given, calculate the yearly expenses of each item. Remember, there are 12 months in a year and 52 weeks in a year. The number of weeks per month varies. Expenses Water - $32.00/month Electricity - $120.00/month Heat - $40/month Food - $120.00/week Cleaning supplies, laundry, & personal hygiene - $60.00/month Auto (older model) Insurance - $450 every six months Maintenance - $520.00/ year Gas - $55.00/week Medical insurance - $90.00/month Clothes & shoes (second hand) - $60.00/month Furniture, Kitchenware, etc. (second hand) - $200/year Rent - $900/month Cellphone - $75.00/month