If your "Net Amount Left" row was positive, for what purpose(s) will you save the surplus? How much surplus will you allocate to each of the following areas: children's education, retirement savings, etc.? 3. If your "Net Amount Left" row is zero, what will you do to generate surplus so you can save for your future? What will you cut back on? How much will you cut back in each category? Part B (10 Marks) - All students must answer the following questions: 1. Imagine that it is 5 years after you graduate from Mohawk College and you suddenly are faced with a decline in your monthly income. What spending areas would you reduce first? Why? 2. You can learn great deal about budgeting from what other people do. Interview a person or couple that you believe have good financial goals and savings habits. a. What actions do they take to determine and achieve their various financial goals? b. What are three saving habits you like that they shared that you might incorporate into your budget?

c. What did you like about these three habits that made you think to use them in your own planning

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INCOME: (Your Name)'s Monthly Budget CURRENT BUDGET Dollars FUTURE BUDGET Dollars Income from employment after taxes Other income: TOTAL INCOME EXPENSES: Fixed Expenses: Rent Payment Property Tax Car loan payment Life insurance Other-list items below Total Fixed Expenses Variable Expenses: Food/Groceries Utilities (Heat hydro, gas,etc) Clothing Personal grooming and Health care Transportation (gasoline, public transit, parking) Cell phone Entertainment Education/Training Gifts - (Christmas, birthdays, etc..) Bank Charges Donations Miscellaneous (example: coffee, muffins, etc..)- list others below Total Variable Expenses TOTAL EXPENSES (Fixed + Variable) NET AMOUNT LEFT (Total Income Less Expenses) 0 $0.00 0 0 0 0 0 0 0 0 INCOME: (Your Name)'s Monthly Budget CURRENT BUDGET Dollars FUTURE BUDGET Dollars Income from employment after taxes Other income: TOTAL INCOME EXPENSES: Fixed Expenses: Rent Payment Property Tax Car loan payment Life insurance Other-list items below Total Fixed Expenses Variable Expenses: Food/Groceries Utilities (Heat hydro, gas,etc) Clothing Personal grooming and Health care Transportation (gasoline, public transit, parking) Cell phone Entertainment Education/Training Gifts - (Christmas, birthdays, etc..) Bank Charges Donations Miscellaneous (example: coffee, muffins, etc..)- list others below Total Variable Expenses TOTAL EXPENSES (Fixed + Variable) NET AMOUNT LEFT (Total Income Less Expenses) 0 $0.00 0 0 0 0 0 0 0 0