Question

Goal

Answer 1

The development of the personal budget that convinces parents that one can maintain an independent living is detailed as follows using the 50: 30: 20 rule:

50% for necessities (housing, food, transportation, utilities) $740

30% for luxuries, savings, vacations, entertainment, etc. $461

20% for Emergency Funds and Retirement $335

What is a personal budget?

A personal budget is the household budget for a single person for a period.

The personal budget shows an estimate of the person's revenue and expenses over the period.

Data and Calculations:

Hourly rate of earnings = $12

Working hours per week = 40 hours

Working hours per month = 160 hours (40 x 4 weeks)

Total monthly earnings = $1,920 ($12 x 160)

Assumed tax rate = 20%

After-tax take-home pay = $1,536 ($1,920 x 1 - 20%)

Monthly Necessities:

Rent of apartment = $300

Heating = $40

Water cost = $20

Sewage bill = $10

Food = $300

Transportation = $50

Other costs = $20

Total cost for necessities = $740

Thus, the development of the personal budget shows that one can maintain an independent living from the parents as a single person.

Learn more about personal budgets at brainly.com/question/1943261

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