Income vs Expenses
50 points

SECTION 1: Calculate total income for the month.

Income	Monthly Amount
Scholarships	$7000
Work-study pay	$0
Loans	$0
Grants	$0
Work	$1800
Family support	$0
Other	$500
Other
Total Income	$9300
Enter Monthly Expenses (subtract from Total Income)	$7033.01
Total Surplus or Deficit	2266.99

SECTION 2: Address the following questions:

Complete the table below to identify product categories, total dollar amount that will be saved, and strategies that will be used to reduce spending.  The total amount saved should equal the deficit. If you have a surplus, you will need to complete the table to reduce spending to start an emergency fund and/or increase savings.

Product category from monthly expenditure record	Amount of dollar reduction	Strategy to reduce spending in this category

*I highly recommend cutting back at least an additional $25 to place in an emergency fund for unexpected expenses orjob loss.

Visit the following resource to identify strategies to start an emergency fund

1. Four Quick Way to Build Your Emergency Fund
   https://www.daveramsey.com/blog/4-quick-ways-to-build-your-emergency-fund
   1. Emergency Fund: What it is and Why it Matters
      https://www.nerdwallet.com/blog/banking/banking-basics/life-build-emergency-fund/
   1. A Step by Step Guide to Building a Big Healthy Emergency Fund
      https://www.thesimpledollar.com/a-step-by-step-guide-to-building-a-big-healthy-emergency-fund/

SECTION 3: Reflection: Address the following questions:

1. How has the overall assignment, Personalized Budget Plan(include setting goals, tracking expenses, comparing income & expenses), helped you with your current financial situation?
   
   
   
2. How do you anticipate that this assignment, Personalized Budget Plan(include setting goals, tracking expenses, comparing income & expenses), will help you in the future?