Preparing a Personal Budget Most people have the ability to spend more than they make. As a student, you probably fit in that category. This writing assignment requires you to prepare a personal budget for a one-month period. Forecast your income and expenses to determine what your cash position will be at the end of the month. If you forecast a cash shortage, what actions can you take to address the problem (e.g., increase income, reduce expenses, borrow money, etc.)?

If you forecast a cash surplus, what are your options for the surplus?