In the last chapter, after the grandparents visit, the housemates discussed putting at least $20/month toward savings. In order to achieve this goal, they decide that they need to come up with a spending and savings plan. Previously, everyone fended for themselves, with the majority meals eaten out. They discuss that one way they can cut back on expenses is to start making more meals at home. They agree that each will make three evening meals a month. For the meals that they are responsible for, they will buy the groceries. The meals-at-home dates will be decided at the start of each month. Other monthly expenses are divided equally among the housemates: utilities $250, internet/cable $150, water/garbage $100. 

Build Jack’s monthly budget, taking into consideration that he works four nights a week bartending, where he averages $100 in tips and $49 in wages each night. He pays $350 a month in rent. He believes each meal that he makes for his housemates will cost him $40. He spends about $20 a week on other groceries, $75 a month on his paint ball hobby, $50 a week on entertainment, and $200 a month on clothing and incidentals. He is thinking about going back to school, so he would like to start putting money toward this goal, as well as the $20 a month toward long-term savings, and then a 3^rd savings account of $75 a month to cover monthly variance expenses and emergencies. 

1) Create a cash flow statement to assess how much money would potentially be available for savings?

2) Create a monthly budget for Jack.

3) How much money could Jake reasonably save for college each month?