Question

Create a monthly budget for yourself using the steps discussed in the unit. If you don't wish to discuss your financial situation, you can create a budget based on an average individual your age.Income: $200 a weekExpenses’: Phone $50 monthTanning: $30 monthActivities: About $100All the rest gets put into savings

Answer 1

It is a financial summary of your expenses and income over a defined time period (one month in this case). It provides control and helps you to take better financial decisions.

Step 1: List Income

$200/week

200*4=800

Total Income: $800/month

Step 2: List Expenses

Phone= $50/month

Tanning= $30/month

Activities= $100/month

Total Expense= $180

Step 3: Compare Income and Expenses

Savings=Income - Expenses

Savings= $800 - $180

Savings=$620/month

Answer 2

Step-by-step explanation:

Monthly Budget Plan:

It is a financial summary of your expenses and income over a defined time period (one month in this case). It provides control and helps you to take better financial decisions.

Step 1: List Income

$200/week

200*4=800

Total Income: $800/month

Step 2: List Expenses

Phone= $50/month

Tanning= $30/month

Activities= $100/month

Total Expense= $180

Step 3: Compare Income and Expenses

Savings=Income - Expenses

Savings= $800 - $180

Savings=$620/month