Selena has been working at her first post-college job for almost a year when her company gives her a raise, resulting in a paych
eck increase of $150, for a total of $300 extra in take-home pay every month. She makes a quick list of possible ways to use that money, along with relevant notes for each. Provide a detailed plan, including actual dollar amounts, for Selena to wisely use the extra $300 per month from her raise. For each part of the plan, briefly describe why you’re making this choice.
A detailed plan that Selena can make use of to wisely use the $300 is:
Pay her student debt in installments of 10% of her income monthly.
Use $100 to learn/invest in a skill that would also increase her income.
<h3>What is a Budget?</h3>
This refers to the financial plan that is made in order to account for the expenses, income, and other financial involvements for a set period of time.
Hence, to make a detailed plan for Selena who recently got a pay raise at her post-college job would be to pay off debts she has in installments and also to make investments in either a business or a skill to increase her income.
