Rebecca is a part time college student and she has many part time jobs. Rebecca is not very good at budgeting her money. as a result, she is asking for assistance. my goal is to be able to save some of her income to generate 25,000. Rebecca has been saving money but wants to make sure she is on the right track towards her goal. She is asking you, the new new financial counselor at ABC Inc to help her evaluate her expenses, debts, savings, and assets. desperately needs to keep a detailed budget so that she reaches her goal in 1 or 2 years.

- create her a detailed income statement and balance sheet to determine her financial position using the provided spreadsheet.

- what are three ways to effectively reduce Rebecca's expenses without experiencing dramatic changes in her lifestyle.

- What are three ways to effectively reduce her expenses without experiencing dramatic changes in her lifestyle.

Please use the excel spreadsheet provided, I do apologize for the format as I just copy and pasted from Excel.

Assets

Liquid assets

Checking account balance

Savings/money market accounts, funds

Cash value of life insurance

Other

Total liquid assets

Household assets and possessions

Current market value of home

Market value of automobiles

Furniture

Computer, electronics, camera

Jewelry

Other

Other

Total household assets

Investment assets

Savings certificates

Stocks and bonds

Assets

Mutual funds

Other

Total investment assets

Total assets

Liabilities

Current liabilities

Charge account and credit card balances

Loan balances

Other

Total current liabilities

Long-term liabilities

Mortgage

Other

Total long-term liabilities

Total liabilities

Net Worth

(Assets minus liabilities)

		Cash Inflows
Salary (take-home)
Other income :
Other income :
Total Income
		Cash Outflows
Fixed expenses
Mortgage or rent
Loan payments
Insurance
Other
Other
Total fixed outflows
Variable expenses
Food
Clothing
Electricity
Telephone
		Cash Inflows
Transportation
Personal care
Medical expenses
Recreation/entertainment
Gifts
Donations
Other
Other
Total variable outflows
Total Outflows
		Surplus	Deficit

Transcribed Image Text:

Monthly Expenses: $2,000 Rent obligation Assets: Checking account Emergency fund savings $500 $1,600 Utilities/electricity $100 account $5,500 Utilities/water $50 $1,250 Utilities/cable TV $165 $200 $6,900 Gas/maintenance $110 Car Computer & iPad Liabilities: Food Student loan Credit card balance $1,150 Credit card $60 payment Car insurance Income: $60 $100 Gross monthly salary Net monthly salary $2,305 Clothing $1,895 Entertainment: Cake decorating class Movies with friends $40 $65 Monthly Expenses: $2,000 Rent obligation Assets: Checking account Emergency fund savings $500 $1,600 Utilities/electricity $100 account $5,500 Utilities/water $50 $1,250 Utilities/cable TV $165 $200 $6,900 Gas/maintenance $110 Car Computer & iPad Liabilities: Food Student loan Credit card balance $1,150 Credit card $60 payment Car insurance Income: $60 $100 Gross monthly salary Net monthly salary $2,305 Clothing $1,895 Entertainment: Cake decorating class Movies with friends $40 $65

Answer rating: 100% (QA)

Balance Sheets Assets Liquid assets Checking account balance 20000 Savingsmoney market accounts fund... View the full answer