Creating a budget will reveal where every dollar is currently being spent. A budget can help making purchasing and savings decision. It can provide a clear view of limits in spending and the opportunities to save further. Veronika Lodge is a 22-year old female who is a part-time student at Deakin College. She also works in Pandora as a retail-assistant on a part-time basis. Her short-term goal is to go on a holidays to Hamilton Island with her girl-friends in Nov 2021. This holiday will cost her around $1,000. Her long-term goal is also to purchase a car. Her goal is to save $5,000 to use as a down payment for a car she intends to purchase in the next 2 years. Use the set of information provided below and update the Money-Smart Budget Planner. Income and Expenses Cost Income and Expenses Cost Take home pay after tax $550 per week Groceries supermarket $200 per week Rent $300 per week Clothing $200 monthly Electricity bills $100 per qtr Gym membership $16 per week Streaming services $30 per month Gifts and celebrations $500 annually Internet $70 per month Transport card $50 per week Mobile $100 per month Movies $30 per month

1. Advise Veronika on her cash position based on the figures provided above. 2. Advise Veronika on how to manage the budget to ensure her short-term and long-term goals can be met by providing her with two suggestions on simple ways to reduce spending and increase income. The strategies suggested has to link with her budget.