Question

Please use table and answer questions below briefly.

At least 200 words required.

Monthly Budget Income Salary 1 (Take Home Pay) Salary 2 (Take Home Pay) Total Income 1,500.00 798.38 2,298.38 Expenses 950.00 415.00 150.00 50.00 120.00 1,685.00 80.00 Fixed Costs Mortgage / Rent Expense Car / Lease Payment(s) Loan Payment(s) Insurance - Car Insurance - Homeowner's Insurance - Life Childcare Total Fixed Costs Semi Variable Costs Electric/Gas Expense Telephone Expense Cable / Satellite Television Expense Internet Expense Food (Dining Out & Groceries) Gasoline Pet Supplies Medical/Healthcare Personal Care Total Semi Variable Costs Total Expenses Net Income 30.00 39.00 30.00 200.00 100.00 80.00 559.00 2,244.00 54.38 $

Answer 1

The person in question seems to be working in 2 work contracts. The savings are less per month and the actual expenses more or less covers most part of salary. This seems to be a mistake as without savings, there cannot be a better quality of life in future. Instead of taking loans as far as possible loans should be avoided. This will save on the interest which is normally more than the return from usage of loan. Lease payments can be lowered by forming groups of people to commute to common locations and sharing expenses on lease payments. Dining out can be avoided as outside food are not hygienic as well as cost more. Home made food cooked in good state of mind is good for health compared to outside food. One might hire a cook to cook home food or may request people in the neighbourhood to cook food and pay them the cost. Rent expense being the highest cost contributor, can be reduced by searching for a house near the above mentioned options (groups, home cooked food etc.) at lower rent expense. Thus cost savings are required to increase the investments of the person for the future. It is said that a fraction saved is a better life in future. Fractions may sometimes add to a big amount.