Questions:
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.
|
Rent payment
|
$400
|
Miscellaneous costs
|
$110
|
|
Interest income
|
50
|
Savings
|
50
|
|
Income tax withheld
|
300
|
Eating out
|
150
|
|
Electricity bill
|
22
|
Telephone and Internet costs
|
90
|
|
Groceries
|
80
|
Student loan payments
|
275
|
|
Wages earned
|
2,000
|
Entertainment costs
|
250
|
|
Insurance
|
100
|
Transportation costs
|
150
|
Instructions
Using the information above, prepare a personal budget. Just skip any unused line items.