Develop a personal budget using the main components of wise money management

Assignment Instructions:

Using thePersonal Monthly Budgettemplate found in Microsoft Excel, make a personal record of your money coming in and money going out by completing entries under theProjectedcolumn of the spreadsheet. Summarize what you learn from this exercise addressing these questions

1. Does your income exceed your expenses?

• If so, how much are you saving each month and is it enough? How do you know it is enough?
• If not, what are your goals for addressing the deficit (i.e. job change, cut back on expenses, etc)

1. How is your short-term savingsif you had an emergency, would you have enough in savings to handle the situation?
2. Why is a savings account important?How much do you need to have in savings?What are some tips to accumulating savings?