Consider whether you are able to make any savings and assume these savings are constant each month. Suppose you invest these savings on the first day of the month with interest paid monthly and compounded. 

Investigate a possible savings rate and create spreadsheets for a) your monthly expense account and b) your savings account for 6 months and 1 year from the first investment (a monthly statement is received)?

 

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Amount per week No of weeks Total Particulars Food Transport Clothing Housing Utility bills Entertainment and recreation Other Expenses Total expense Balance Week 1 100 4 400 50 20 100 200 30 0 0 400 400 0 Week 2 50 20 0 200 30 50 50 400 Week 3 40 20 0 200 30 0 110 400 Week 4 40 20 80 200 30 30 0 400 Amount per week No of weeks Total Particulars Food Transport Clothing Housing Utility bills Entertainment and recreation Other Expenses Total expense Balance Week 1 100 4 400 50 20 100 200 30 0 0 400 400 0 Week 2 50 20 0 200 30 50 50 400 Week 3 40 20 0 200 30 0 110 400 Week 4 40 20 80 200 30 30 0 400

Answer rating: 100% (QA)

To create the spreadsheets Ill assume a constant monthly savings rate and compound interest on the s... View the full answer