Budget for Mason & Sophia Smith.docx

3 Budget for Mason & Sophia Smith ©CQ Resources, LLC About Mason and Sophia Smith: Mason and Sophia are both 40 years old and working full-time. Mason works as a Supervisor at a power plant, making a net monthly income of $3,575. Sophia works in a bank, and her net income is $4,435. The Smith...

3 Budget for Mason & Sophia Smith ©CQ Resources, LLC About Mason and Sophia Smith: Mason and Sophia are both 40 years old and working full-time. Mason works as a Supervisor at a power plant, making a net monthly income of $3,575. Sophia works in a bank, and her net income is $4,435. The Smiths have $8,000 in savings and $22,000 in investments. They have two children and own a home in the suburbs with a house payment of $1,980/month. Terrance drives to work daily, and Sophia takes the subway each day. Their financial goals are to pay off their house and begin a college fund for their kids. They are investing $500/month for retirement. What is their monthly cash surplus (the money left after their bills and investments are paid) if they contribute $1,000/month to a college fund? Use the chart to complete the budget.