Question

Create a budget that will allow you to save at least $100 by the end of October. (Remember, your old budget reflected a net income of $1850.00 and included these expenses:
$600 for your rent $475 for your car payment, car insurance, and gas $230 for your utilities, phone, and Internet $300 for your groceries $50 for your entertainment $20 for your renters insurance $75 for discretionary spending A final net total of $100 saved per month
Your new budget needs to include these changes: A new line to budget $50 per month toward a new computer A final net total of at least $300 saved per month.

Answer 1

Answer:

Income and Expenses Old Budget New Budget

Income    

Total income (net) 1850.00 2190.00

Fixed expenses Car payment/Ins 475.00 475.00

Utilities, phone, Intenet 230.00 230.00

Rent  600.00 600.00

Renters Insurance 20.00 20.00

Total fixed expenses 1325.00 1325.00

Variable expenses Groceries 300.00 300.00

Entertainment 50.00 25.00

Discretionary spending 75.00 50.00

Computer Savings  50.00

   

Total variable expenses 425.00 425.00

Totals Total expenses 1750.00 1750.00

Net savings 100.00 440.00

2. Which budgetary category changed the most between your old budget and your new budget? Why? (5 points)

The net income changed the most, increasing by 340.00.

3. How does your new budget help you to meet your short-term goal of buying a new laptop? (5 points)  

The new budget saves 50.00 a month towards the purchase of the laptop.

4. How does your new budget help you to meet your long-term goal of saving for college? (5 points)

The new budget allowed me to save $440.00 toward college savings

Step-by-step explanation: