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: other person is correct but here is the chart completed. the other person has the questions completed as well. hope this helped :)

Answer 2

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;

$\begin{array}{|c|l|c|c|c|}Income&&Old \ budget&New \ budget&\\&Total \ income& \ 1850.00&\ 2190.00&\ 26,280\\Fixed \ expenses&Rent&\ 475.00&\ 475.00&\ 5,700\\&Internet, \ Utilities, \ Phone&\ 230.00&\ 230.00&\ 2,760\\&Car, \ insurance,\, gas\ payment&\ 600.00&\ 600.00&\ 7,200\\&Renters \ insurance&\ 20.00&\ 20.00&\ 240\\&\underline{\mathbf{Total \ fixed \ expenses}}&\ 1325.00&\ 1325.00&\ 15,900\end{array}\right]$$\begin{array}{|c|l|c|c|c|}&&Old \ budget&New \ budget&\\&& \ &&\\Variable\ expenses&Entertainment \ cost&\ 50.00&\ 50.00&\ 600\\&Groceries&\ 300.00&\ 300.00&\ 3,600\\&Discretionary \ spending&\ 75.00&\ 75.00&\ 900\\&Savings \ for \ new \ computer&&\ 50.00&\ 600\\&\underline{\mathbf{Total \ variable\ expenses}}&\ 425.00&\ 475.00&\ 15,900\\&\underline{\mathbf{Total \ fixed \ expenses}}&\ 1325.00&\ 1325.00&\ 15,900.00\\& \mathbf{Net \ savings} &\ 100&\ 390&\end{array}\right]$

The above table combined shows the monthly personal budget with a net total savings of $390 which is larger than $300 as required

Learn more about creating a budget here:

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