1. Since a budget is made up of fixed expenses and variable expenses, identify which of Shelby's expenses fall into each category. Then total each category and compare it to her monthly income to determine if she has a surplus or deficit.
2. Based on the information above, how much should Shelby have in an emergency fund? What steps should she take to reach this amount?
3.Describe how Shelby might use the following Personal Financial Planner sheets for assessing her financial condition (Creating a Personal Balance Sheet, Creating a Personal Cash Flow Statement, and Developing a Personal Budget).