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SSCA 2014

Your Budget and Savings

\begin{tabular}{|l|r|}
\hline
Monthly expenses & Amount budgeted \\
\hline
Rent & [tex]$\$[/tex] 600[tex]$ \\
\hline
Utilities, phone, Internet & $[/tex]\[tex]$ 230$[/tex] \\
\hline
Groceries & [tex]$\$[/tex] 350[tex]$ \\
\hline
Entertainment & $[/tex]\[tex]$ 100$[/tex] \\
\hline
Renter's insurance & [tex]$\$[/tex] 20[tex]$ \\
\hline
Total expenditures & $[/tex]\[tex]$ 1,300$[/tex] \\
\hline
\end{tabular}

Remember, your net income is [tex]$\$[/tex] 1,850[tex]$ each month.

1. According to your current budget, how much money do you have left for savings and discretionary spending each month? $[/tex]\square[tex]$

2. If you wanted to include a savings category of $[/tex]\[tex]$ 100$[/tex] per month, how much would you have left for discretionary spending? [tex]$\square$[/tex]



Answer :

GinnyAnswer
To determine how much money you have left for savings and discretionary spending each month according to your current budget, follow these steps:

### Step 1: Calculate the Amount of Money Left After Expenditures
First, identify your total expenditures and your net income:
- Total Expenditures: \[tex]$1,300 - Net Income: \$[/tex]1,850

Subtract the total expenditures from your net income to find out how much money you have left after covering your expenses:
[tex]\[ \$1,850 - \$1,300 = \$550 \][/tex]

So, you have \[tex]$550 left each month after covering your expenses. ### Step 2: Calculate the Amount Left for Discretionary Spending After Savings Next, if you decide to allocate \$[/tex]100 each month for savings, you need to subtract this savings amount from the money left after expenditures:
[tex]\[ \$550 - \$100 = \$450 \][/tex]

So, after saving \[tex]$100 each month, you have \$[/tex]450 left for discretionary spending.

### Summary
1. Money left after expenditures: \[tex]$550 2. Money allocated for savings: \$[/tex]100
3. Money left for discretionary spending: \$450

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