Monthly Budget
Sources of Income Amount Expenses Amount
Salary/Wages $ - Mortgage/Rent $ - 1000
4725
Add Income Source $ - Job Food $ - 100
Add Income Source $ - Childcare $ - 100
Job
Add Income Source $ - Job Transportation $ - 100
Add Income Source $ - Job Loan Payments $ - 0
Add Income Source $ - Job Entertainment $ -
50
Add Income Source $ - Add Other Expense $ -
Job 300
Add Income Source $ - Add Other Expense $ -
Job 50
Add Income Source $ - Add Other Expense $ -100
Job 550
Add Income Source $ - Add Other Expense $ - 25
Job
Add Income Source $ - Add Other Expense $ - 10
Job
Total Monthly Income $ - 4725 Total Monthly Expenses $ - Net Remaining $ -
1,835 2890
Directions: Complete the Personal Finance Assignment re ection by answering the following questions.
Pay close
attention to which questions to answer as they vary depending on the results of your budget creation.
1. After creating your budget, re ect on the numerical result.
i. Do you have a surplus or a de cit?
Surplus
ii. How do you know?
I think Ihavea surplus because Ihave moremoney left over
2. If you had a de cit, leave this question blank and move to question three. If you had a surplus,
answer the following
questions:
i. Identify where you will allocate some the money to savings or paying o debts.
I will it to savings
ii. Identifyput
which debts you will speci cally pay o ? Be speci c.
I would it in a
put piggy bank Just in case anything
iii. Would it be more bene cial for you to place some of the money into a savings account rather than
It wouldbe more beneficial to save
pay o more debts?
Explain.
It is because saving is always better because I winmake sure I have no debt
3. If you had a surplus, leave this question blank and move to question 4. If you had a de cit, answer
the following
questions:
i. Identify the areas where you can cut expenses. Be speci c.
ii. Identify ways you can nd additional sources of income. Be speci c.
iii. Which would be more bene cial, cutting expenses or increasing income? Explain.
4. Re ect on your spending habits and future nancial goals.
i. What changes do you want to make to your spending or saving? Identify at least one action you want
to take in your
current or future budget.
I would probably add to spendingbudget because I like to
my
even if Idon'tneedit but i wouldprobably save it always buy thing
