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Budget Plan

The personal budget plan outlines a monthly income of PHP 25,000 with total expenses of PHP 21,260, resulting in a net income of PHP 3,740. The individual expresses dissatisfaction with their savings rate and identifies shopping and dining out as areas to cut back on. A financial goal mentioned is to save for a property investment.

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marivicllenaresas
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17 views2 pages

Budget Plan

The personal budget plan outlines a monthly income of PHP 25,000 with total expenses of PHP 21,260, resulting in a net income of PHP 3,740. The individual expresses dissatisfaction with their savings rate and identifies shopping and dining out as areas to cut back on. A financial goal mentioned is to save for a property investment.

Uploaded by

marivicllenaresas
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

PERSONAL BUDGET PLAN

CATERGORY PLANNED BUDGET (PHP) ACTUAL SPENDING

Income

Salary PHP 25,000.00 PHP 25,000.00

Freelance/Other

Total Income

Expenses

Rent PHP 2,250.00 PHP 2,250.00

Utilities (electricity, water, etc.) PHP 1,000.00 PHP 1,000.00

Transportation PHP 600.00 PHP 600.00

Groceries PHP 2,000.00 PHP 2,000.00

Dining out PHP 1,000.00 PHP 1,000.00

Entertainment PHP 1,000.00 PHP 1,000.00

Shopping PHP 1,000.00 PHP 2,000.00

Tuition PHP 4,500.00 PHP 4,500.00

Loan PHP 4,500.00 PHP 4,500.00

Phone Bill PHP 500.00 PHP 500.00

Savings

Emergency Fund PHP 1,000.00 PHP 1,000.00

Retirement Savings PHP 2,800.00 PHP 910.00

Total Expenses PHP 22,150.00 PHP 21,260.00

Net Income PHP 2,850.00 PHP 3,740.00

Analyze Your Budget

Based on the budget you've created, answer the following questions:


1. Do your expenses exceed your income? If so, what adjustments could you make
to avoid overspending?

Answer: My expenses did not exceed my income.

2. How much are you able to save each month? Are you happy with your savings
rate?

Answer: My savings varies depending on my net income since my expenses


change every month. Based on my actual spending, I am not satisfied with my
net income because I know that I can save more. Still, I am grateful because I
can survive everyday without getting starved.

3. Which categories of expenses could be reduced without significantly affecting


your lifestyle?

Answer: Shopping and dining out could be reduced since they could be
classified into wants and I can still be happy without it.

4. What financial goals could you set for yourself based on this budget (e.g., save
for a new phone, build an emergency fund, pay off debt)?

Answer: One of the financial goals I could set for my self is to buy a property as
an investment. Because I know that a real estate property is a good investment.

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