Question

James has worked full time as an entry-level web designer since earning his certification. He

Answer 1

A budget is a periodical compilation of the estimated revenue earned and expenses incurred within a given time period

Monthly income calculation

James monthly income is calculated as follows;

Monthly income = $\dfrac{\ 47,000}{12} \approx \ 3,916.\overline 6$

The required James' monthly personal budget is presented as follows;

Based on the above monthly income, the monthly personal budget is found by entering the given values in a budget template as follows;

$\begin{array}{lllc}& Incone &\ 3,916.6 \\&Rent&\ 950\\&Insurance \ (renter's)&\ 25\\&Insurance \ (health)&\ 185\\&Retirement \ (401 (k))&\ 157\\&Car \ insurance &\ 120 \\Fixed \ expenses&Utilities&\ 100 &\\&Cell \ phone &\ 85 &\\&Cable \ TV& \ 70 &\\&Credit \ card& \ 150 \\&Car \ payment&\ 554\\&\underline{ \mathbf{Total \ fixed \ expenses}}& \ 2,396 \\&&\\&Clothing& \ 80 & \\Variable \ expenses&Groceries& \ 300 \\&Entertainment&\ 196 \\&\underline{ \mathbf{ Total \ variable \ expenses}}&\ 576 \end{array}$

                                Savings   ${}$                             $944.$\overline 6$

Learn more about how to make a budget here:

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