A budget is a method, usually by using a table, of examining all your incomings (income) and outgoings (expenditure). Normally this is carried out on a month by month basis. the aim of a budget is to make sure that you have enough money to cover all your expenditure.
Naomi has created a table with all her incomings and outgoings.
Complete the table.
| Jan | Feb | Mar | Apr | May | Jun | |
| Income | 1530 | 1530 | 1530 | 1530 | 1530 | 1530 |
| Rent | 950 | 950 | 950 | 950 | 950 | 950 |
| Food | 240 | 240 | 240 | 240 | 240 | 240 |
| Utilities | 315 | 315 | ||||
| Travel | 70 | 70 | 70 | 70 | 70 | 70 |
| Entertain | 55 | 55 | 55 | 55 | 55 | 55 |
| Expend | 1315 | 1630 | 1315 | 1315 | ? | ? |
| Balance | 215 | -100 | 215 | ? | ? | ? |
Answer:
| Jan | Feb | Mar | Apr | May | Jun | |
| Income | 1530 | 1530 | 1530 | 1530 | 1530 | 1530 |
| Rent | 950 | 950 | 950 | 950 | 950 | 950 |
| Food | 240 | 240 | 240 | 240 | 240 | 240 |
| Utilities | 315 | 315 | ||||
| Travel | 70 | 70 | 70 | 70 | 70 | 70 |
| Entertain | 55 | 55 | 55 | 55 | 55 | 55 |
| Expend | 1315 | 1630 | 1315 | 1315 | 1630 | 1315 |
| Balance | 215 | -100 | 215 | 215 | -100 | 215 |
Naomi wants to go on holiday at the end of June. The holiday will cost £600.
Will she have enough money left to go on holiday?
Total the balances at the end of each month.
The total comes to £660.
£660 less £600 for the holiday leaves her with £60.
Answer: Yes.
She will have £660 by the end of June.