A budget is forecast of both income and expenses over a given income that is compiled and revised at
regular intervals
Please find included the table having the new monthly personal budget with a total net savings of $390
The reasons the above values are correct are as follows:
Question: Based on a similar question, the net income to be used for the new budget is $2,190
The parameters for the expenses in old budget are;
Net income: $1,850.00
Rent cost = $600
Car payment, car insurance, and gas cost = $475
Internet, utilities, and phone cost = $230
Groceries cost = $300
Entertainment cost = $50
Renters insurance cost = $20
Amount kept for discretionary spending = $75
Net total saved per month = $100
Changes to include in new budget:
Net income = $2,190 (Based on similar question)
Budget towards a new computer = $50
Net total saved per month = $300
Description of terms in the table:
Fixed expenses; Also known as indirect expenses, are expenses that have costs that remain the same,
during the course of an activity, and is expected to be incurred to carry out the activity
The fixed expenses items are;
Rent
Car payment, insurance, and gas
Internet, utilities, and phone costs
Renters insurance
Variable expenses; These are the expenses that can change or vary with time, or that can be changed
easily without affecting a business activity
The variable expenses are;
Groceries
Entertainment cost
New computer budget
Discretionary spending
Filling the Personal Budget Table using the above guide gives;
The above table combined shows the monthly personal budget with a net total savings of $390 which is
larger than $300 as required