Sample Research Paper On Family Budget Worksheet

Based on the available resources as indicated on the family budget worksheet, there are various challenges and opportunities facing the family. The challenges affecting the family include overspending on electricity bill, car loan payment, gasoline, car maintenance, and clothing. As a result, the family had been unable to allocate enough money for basic expenditures such as medical care, investment, and child care. On the other hand, opportunity facing the family includes effective mortgage repayment, homeowner insurance cover, and ability to save and invest if the income is allocated effectively. The opportunities and challenges faced by the family indicate that there are measures need to be undertaken to balance the situation. For instance, the family can reduce the expenses on car in able to pay the loan effectively. This can be done by choosing bus and cabs as mode of transport to save the family from straining on car maintenance and gasoline. The family can also reduce luxurious expenses such as luxurious clothing and entertainment in order to induce investment and cover the medical and child care.
According to the budget, the family quality of life is below average since it is constrained from enjoying basic necessities like medical care and enough investments. Also, the family lacks sufficient resources to cater for child care expenses. In comparison to my life, I live better since my health insurance coverage caters for my hospital bills, dental care and drugs. Personally, I would not wish to live the life of this family. An individual enjoys life if the necessities are guaranteed as well as resources to cater for luxuries. The calculations are realistic since they are based on the average cost per household in Massachusetts. I did the calculations based on monthly average spending. In conclusion, the role of finances in family life is to sustain the livelihoods of the family, cater for the necessities and cover all insurances and mortgages if any.

Works Cited

"Mortgage Calculator." Going Green Pro Theme. Studio Press, 2015 Web. 18 Feb. 2015. <www.mortgagecalculator.com/will-mortgage-payments/>.