Question

In order to get your personal finances under control, you need to prepare a personal budget. Assume that you have compiled the following information regarding your expected cash flows for a typical month. $210 Rent payment Interest income Income tax withheld Electricity bill Groceries Wages earned Insurance $500 Miscellaneous costs 50 Savings 300 Eating out 85 Telephone and Internet costs 100 Student loan payments 2,500 Entertainment costs 100 Transportation costs 150 125 375 250 150 Using the information above, prepare a personal budget. Personal Budget Typical Month Income Whpes earned Interest income Income subtotal Income tax withheld Spendable income Expenses Rent Utilities Electricity Telephone and internet AOD 9:07 PM 10/27/2019 Fond

Answer 1

Personal Budget is as prepared below:

Personal Budget
Typical Month
Income
Wages Earned	2,500
Interest Income	50
Income subtotal		2,550
Income tax withheld	300
Spendable Income		2,250
Expenses
Rent	500
Utilities
Electricity	85
Telephone and Internet	125
Food
Groceries	100
Eating Out	150
Insurance	100
Transportation costs	150
Student loan payments	375
Entertainment costs	250
Savings	50
Miscellaneous Costs	210
Total investments and expenses		2095
Surplus/Shortage		155