In order to get your personal finances under control, you need to prepare a personal budget. Assume that you have compiled the following information regarding your expected cash flows for a typical month. $210 50 Rent payment Interest income Income tax withheld Electricity bill Groceries Wages earned Insurance $500 Miscellaneous costs 50 Savings 300 Eating out 85 Telephone and Internet costs 100 Student loan payments 2,500 Entertainment costs 100 Transportation costs 150 125 375 250 150 Using the information above, prepare a personal budget. Personal Budget Typical Month Income Wages earned Interest income Income subtotal Income tax withheld Spendable income Expenses: Rent Utilities: Electricity Telephone and Internet Food: Groceries Eating out Insurance Transportation costs Student loan payments Entertainment costs Savings Miscellaneous costs Total investments and expenses Surplus/Shortage