Money Management Activities and Personal Financial Statement Life Situation Single Age 21 No dependents College student Financial Data Monthly Income (after taxes) Personal Property Savings Student loan P14,500.00 70,300.00 20,000.00 30,000.00 24,000.00 Credit card debt Rent 4,000.00 Utilities 750.00 Car insurance 1,000.00 Cellphone Credit card payment Gas/Car maintenance Cable/Internet Groceries Clothing Gifts and donations 500.00 400.00 1,000.00 450.00 3,000.00 500.00 500.00 Since Sonny has a fixed income per month, he has been using his credit card to make ends meet. Although he pays the minimum required by the credit card company each month, his credit card debt is rising at an alarming rate. He knows that he is not clear on where all of his money is going but he is glad to be able to share expenses with his roommate, Tony. He does have a small amount of savings, but he is not sure it is enough if an emergency were to occur. QUESTIONS: 1. Since a budget is made up of fixed expenses and variable expenses, identify which of Sonny's expenses fall into each category. Then total each category and compare it to his monthly income to determine if he has a surplus or deficit.

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