Question
LT 1 : DATA COLLECTION (FINANCE)
- 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.
to create a monthly budget to manage your expenses and savings.
Steps:
2.1.
Ask by Whittaker Williams. in South Africa
Mar 14,2025
Upstudy AI Solution
Tutor-Verified Answer
Answer
Monthly Budget Plan
-
Income and Savings
- Monthly Income: R12,000
- Savings (10%): R1,200
- Amount for Expenses: R10,800
-
Monthly Expenses
- Rent: R4,000
- Groceries: R2,000
- Utilities: R1,000
- Transportation: R1,000
- Entertainment: R800
- Other Expenses: R2,000
-
Financial Goal
- Save for a Car
-
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.
Solution
Monthly Income and Budget Breakdown
- Determine Income and Savings
- Monthly income:
Rands - Savings allocation (10%):
- Amount available for expenses:
- List of Monthly Expenses
Below is an example list of expenses with assigned amounts that total
- Rent:
Rands - Groceries:
Rands - Utilities:
Rands - Transportation:
Rands - Entertainment:
Rands - Other Expenses:
Rands
- 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.
- Budget Table
| Category | Amount (Rands) |
|---|---|
| Monthly Income |
|
| Savings (10%) |
|
| Rent |
|
| Groceries |
|
| Utilities |
|
| Transportation |
|
| Entertainment |
|
| Other Expenses |
|
| Total Expenses |
|
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.
Answered by UpStudy AI and reviewed by a Professional Tutor
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Explain 
Simplify this solution Beyond the Answer
Congratulations on your new job! Creating a budget is a smart way to start handling your finances. Make sure to categorize your expenses like rent (R4,000), groceries (R2,000), transportation (R1,500), entertainment (R1,000), and others (R2,500). This thoughtful allocation will help you keep track of spending and savings effortlessly!
Now, let’s visualize your financial plan! You can create a table with your monthly income of R12,000 at the top. Below that, show your total expenses of R11,000, leaving you with a savings allocation of R1,200 (10% for your financial goal). This goal could be a mighty R15,000 for a shiny new car! Visual representation will make it easier to stick to your plan. Happy budgeting!
