LT 1 : DATA COLLECTION (FINANCE) 1. You are a recent graduate starting your first job with a monthly income of R12 000. You nee to create a monthly budget to manage your expenses and savings. Steps: - List your monthly expenses (e.g., rent, groceries, etc.). - Allocate 10\% of your income to savings. - Include a financial goal (e.g., saving for a car, paying off a student loan, or builc - Create a budget table showing your income, expenses, and savings. - SuRT 2: DATA HANDLING AND ANALYSIS 2.1.

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**Monthly Income and Budget Breakdown**

1. **Determine Income and Savings**

- Monthly income: $$12000$$ Rands  
- Savings allocation (10%):  
  $$
  \text{Savings} = 0.1 \times 12000 = 1200 \text{ Rands}
  $$
- Amount available for expenses:  
  $$
  12000 - 1200 = 10800 \text{ Rands}
  $$

2. **List of Monthly Expenses**

Below is an example list of expenses with assigned amounts that total $$10800$$ Rands:
- **Rent:** $$4000$$ Rands  
- **Groceries:** $$2000$$ Rands  
- **Utilities:** $$1000$$ Rands  
- **Transportation:** $$1000$$ Rands  
- **Entertainment:** $$800$$ Rands  
- **Other Expenses:** $$2000$$ Rands

3. **Financial Goal**

- **Goal:** Save for a car.  
  This goal can be tracked by monitoring your savings account or setting up a dedicated sub-account for your car fund.

4. **Budget Table**

| Category           | Amount (Rands)           |
|--------------------|--------------------------|
| **Monthly Income** | $$12000$$                |
| **Savings (10\%)** | $$1200$$                 |
| **Rent**           | $$4000$$                 |
| **Groceries**      | $$2000$$                 |
| **Utilities**      | $$1000$$                 |
| **Transportation** | $$1000$$                 |
| **Entertainment**  | $$800$$                  |
| **Other Expenses** | $$2000$$                 |
| **Total Expenses** | $$4000 + 2000 + 1000 + 1000 + 800 + 2000 = 10800$$ |

This table summarizes your monthly income, allocated savings, and expenses, with your financial goal of saving for a car considered as part of your savings plan.
**Monthly Budget Plan** 1. **Income and Savings** - **Monthly Income:** R12,000 - **Savings (10%):** R1,200 - **Amount for Expenses:** R10,800 2. **Monthly Expenses** - **Rent:** R4,000 - **Groceries:** R2,000 - **Utilities:** R1,000 - **Transportation:** R1,000 - **Entertainment:** R800 - **Other Expenses:** R2,000 3. **Financial Goal** - **Save for a Car** 4. **Budget Summary** - **Total Income:** R12,000 - **Total Savings:** R1,200 - **Total Expenses:** R10,800 - **Remaining Amount:** R0 (Ensure all expenses are covered by income and savings) This budget helps manage your finances by allocating 10% to savings and covering all necessary expenses.

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