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


You have a deficit of $125

You have a surplus of $125

You have a deficit of $2,625

You have a surplus of $2,500

Answer 1

Based on the information provided, it can be inferred that our accounts have a deficit of $125.

How to calculate if our money is enough for our expenses?

To know if our money is enough for our expenses, we must carry out the following procedure:

Add up our expenses:

$900 + $550 + $200 + $250 + $75 + $100 + $400 + $150 = $2,625

Subtract the total expenses from our budget:

$2,500 - $2,625 = $-125

According to the above, it can be inferred that the budget of $2,500 that we have is not enough for the total expenses that we have, because it exceeds our income by $125.

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