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. Rent payment Interest income Income tax withheld Electricity bill Groceries Wages earned Insurance $600 60 360 108 120 3,000 120 Miscellaneous costs Savings Eating out Telephone and Internet costs Student loan payments Entertainment costs Transportation costs $248 60 180 160 460 300 180 Using the information above, prepare a personal budget. Personal Budget Typical Month Income Wages earned Interest income Income subtotal Income tax withheld Spendable income $ 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