Based on the information below, prepare a budget for Madison. Use the template provided or one similar to it. Income Madison works part-time at a restaurant and part-time at her dad's bike shop. The net monthly income from her first job is $500. The net monthly income from her second job is $900. Her planned FIXED monthly expenses include: $300 for rent $250 for car insurance $50 for phone, cable, internet Her planned VARIABLE monthly expenses: $150 food $50 gas $150 for entertainment $50 miscellaneous cash Here is how Madison's month actually went: Income Madison made her usual salary and an extra $45 in overtime pay this month. FIXED Expenses Her rent was $300 Her car insurance was $260 (Her premium, as of this month, went up $10.) Her phone, cable, and internet were $50 VARIABLE Expenses $110 on food $60 gas and parking $200 in car repairs $50 for new shoes $40 for a new shirt $75 for entertainment $35 for a birthday gift for her sister Use the budget template below to prepare a budget for Madison. You can print it out, use a spreadsheet, or create your own Income Budget Actual Difference Job N1 Job 2 Other Total Income Actual Difference Budget Expenses Fixed Expenses Variable Expenses Exit Fullscreen Variable Expenses Total Expenses Answer the following: 1. What is the difference between Madison's planned budget and her actual budget? 2. In what areas did she overspend? 3. In what areas did she spend less than she thought she would? 4. How much did she spend for the use of her car this month? 5. Did she have any money left at the end of the month? If so, how would you advise her to spend it? Part B A Budaet for You