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ART 1 : DATA COLLECTION (FINANCE)
You are a recent graduate starting your first job with a monthly income of R12 000. You need
to create a monthly budget to manage your expenses and savings.
Steps:
a) - List your monthly expenses (e.g., rent, groceries, etc.).
b) - Allocate of your income to savings.
c) - Include a financial goal (e.g., saving for a car, paying off a student loan, or building
d) an emergency fund).

Ask by Montgomery Ramos. in South Africa
Mar 05,2025

Solución de inteligencia artificial de Upstudy

Respuesta verificada por el tutor

Responder

Here’s a simplified version of the monthly budget:
  • Monthly Income: R12,000
  • Savings: R1,200 (10% of income)
  • Expenses:
    • Rent: R4,000
    • Groceries: R2,000
    • Utilities: R1,500
    • Transportation: R1,000
    • Insurance: R1,000
    • Entertainment: R800
    • Miscellaneous: R700
  • Total Expenses: R10,800
  • Financial Goal: Save R1,200 each month towards purchasing a car.
This budget ensures you save 10% of your income while covering all necessary expenses.

Solución

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Beyond the Answer

When it comes to monthly expenses, think of the essentials like rent, groceries, transportation, utilities, and entertainment—don’t forget about those sneaky subscriptions! For example, your budget might look something like this: R5000 for rent, R2000 for groceries, R1000 for transport, and R500 for fun outings. This gives you a concrete framework to understand where your money is going.
Now, saving 10% of your income, which is R1200, is a smart move! Let’s aim for that financial goal: let’s say you want to save for a car. If you aim for a vehicle that costs R60,000, you’ll reach that goal in just 50 months by consistently setting aside your monthly savings. Who knew budgeting could be such a smooth ride?

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