Question

you are putting together your first post-graduation budget. your take-home pay will be $2,500 per month. you estimate your monthly costs to be rent of $900, car related expenses to be $550, entertainment of $200, food expense of $250, cable bill of $75, mobile phone of $100, student loan payment of $400 and other expense of $150. how would you describe your budget after analyzing all of your income and expenses?

Answer 1

After analysing all of your income and expenses you have a deficit of $125.

Budget deficit= home pay- expenses

Budget= $2,500-$900- $550-$200-$250- $75-$100-$400- $150= $125.

What does budget deficit mean?

When spending exceeds revenue, the situation is referred to as a budgetary deficit. Despite being primarily utilised by governments, this has a wide range of applications for both people and companies. When spending surpasses income, that is, when the entire amount of money you spend exceeds the total amount of money you get in, a budget deficit results.

What occurs when the deficit is large?

A budget deficit may result in increased borrowing, greater interest costs, and insufficient reinvestment, all of which reduce revenue for the next year.

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