Can someone please help me with this creating a budget project?
Look over the Spencer family's financial details. Their monthly income totals $2,500, and they earn $4.50 in interest on a savings account each month. Their monthly expenses are shown in the table below.
Tabel:
Expenses Current
short-term savings - $0
long-term savings - $0
rent/insurance - $700
donations to church - $250
groceries - $100
utilities - $150
TV/cable - $100
cell phones - $100
clothing - $175
entertainment/eating out - $250
recreation - $50
miscellaneous expenses - $100
Step One: Create a budget. You can use a spreadsheet, budget software, online budget tools, or a pencil and paper. Remember, to create a budget, you enter income and calculate the total, enter the expenses and calculate the total, and subtract the expenses from the income.
Step Two: It is now the next month, May. The Spencers have spent money and earned more income. Update your budget with the following expenses in May. Keep the original expenses.
In what areas did the Spencers overspend? What changes would you make to their spending?
Step Three: You probably noticed that the Spencer family is not putting money in their savings account. This would be a good idea since their financial goal is to buy a house. Make adjustments to the budget so that they have money going into short-term savings.
