In this chapter, you learned about the benefits of budgeting for a business. It is also important for individuals, especially students. Jo is an accounting major. Jos estimate of expenses for the next eight-month academic year (September to May) are given in the chart below. Jo receives $750 per month from family members, Annually, Jo gets a total of $700 from a part-time job and $1,200 from a bursary.

Tuition and fees		$6,200		Books and supplies		$1,500
Residence and food		9,200		Internet connection		295
Local travel (included with student fees)		0		Travel home		400
Clothing		400		Personal sundries		560
Entertainment and going out		424		Misc.		420

Jo's eight-month budget for the academic year (September to May) is provided below.

Budget for Jo
Cash inflows:
Family support		$6,000
Part-time job		700
Bursary		1,200
		7,900
Less: Cash outflows
Tuition and fees		6,200
Books and supplies		1,500
Internet connection		295
Residence and food		9,200
Clothing and personal sundries		960
Travel home		400
Entertainment and miscellaneous		844
		19,399
Shortfall		$(11,499)

What suggestions do you have to fund and reduce the shortfall? type your answer here

Jo has the option of renting a room, with shared kitchen facilities, off campus. For the eight-month period, rent would be $4,800, utilities $800, and cable/Internet charges $640, with food estimated at $2,800. It would take about one and a half hours a day to travel to and from campus. Do you think Jo should take this option?