J is a 25 year old young woman who is a student and part time bakery clerk and has been trying to organize her priorities, including her budget. She makes regular savings in her savings account and emergency fund account to accumulate $9,000 for down payment of her own café. She is not sure about her spending and she wants to be on track and as per the budget to save more and utilize the money to achieve her dream of being self employed after her college. Characters in the case: J. Adequate information: Checking account balance is $1,250. Emergency funds saving account balance is $3,100. Car value is $4,000. Student loan amounts to $5,400. Credit card balance is $400. Gross monthly salary is $2,125. Net monthly salary is $1,560. Rent obligation is$275. Utilities obligation is $125. Food expense is $120. Gas/maintenance expense is $100. Credit card payment is $50. Regular savings is $150. Rainy day savings is $25. Cake decorating class expense is $35. Movies with friends expense is $50. To determine: The budget allocations for J, using her net monthly savings amount and whether she is within the recommended parameters as a student.

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Chapter 3, Problem 4CC

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Case summary:

J is a 25 year old young woman who is a student and part time bakery clerk and has been trying to organize her priorities, including her budget. She makes regular savings in her savings account and emergency fund account to accumulate $9,000 for down payment of her own café. She is not sure about her spending and she wants to be on track and as per the budget to save more and utilize the money to achieve her dream of being self employed after her college.

Characters in the case: J.

Adequate information: Checking account balance is $1,250.
Emergency funds saving account balance is $3,100.
Car value is $4,000.
Student loan amounts to $5,400.
Credit card balance is $400.
Gross monthly salary is $2,125.
Net monthly salary is $1,560.
Rent obligation is$275.
Utilities obligation is $125.
Food expense is $120.
Gas/maintenance expense is $100.
Credit card payment is $50.
Regular savings is $150.
Rainy day savings is $25.
Cake decorating class expense is $35.
Movies with friends expense is $50.

To determine:

The budget allocations for J, using her net monthly savings amount and whether she is within the recommended parameters as a student.

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