David Chan, age 30, full-time bakery trainee, has been trying to organize all of his priorities, including his budget. He has been wondering if she is allocating enough of his income toward savings, which include accumulating enough money for wedding expenses.

David Chan has been making regular deposits to both his regular and his emergency saving accounts. He would really like to sit down and get a clearer picture of how much he is spending on various expenses, including rent, utilities and entertainment, and how his debt compares to his savings and assets. He realizes that he must stay on track and keep a detailed budget if he is to get married and set up his home.

Current Financial Situation as on 30 September, 2019

Assets:			Income:
Checking Account	$10,000		Gross monthly salary	$20,000
Emergency fund savings account	$10,000		Take-home pay*	$18,500
Residential flat	$3,000,000
Investment account balance	$100,000		Monthly Expenses:
			Mortgage payment	$4,500
Liabilities:			Utilities obligation	$500
Personal loan due	$50,000		Food	$1,000
Credit card balance	$8,000		Credit card payment	$3,000
Mortgage balance	$1,800,000		Personal loan payment	$3,000
Savings:			Entertainment:
Regular savings	$4,800		Video games	$500
Emergency savings	$1,000		Movies with friends	$200

*Take home pay = $20,000 - $1,000 (MPF Contribution) - $500 (Salary tax)

a. Briefly describe personal balance sheet and prepare a personal balance sheet for David Chan using the provided information.

b. Calculate debt ratio and saving ratio of David Chan and evaluate his financial progress.

c. Give any FIVE budget items for wedding expenses.