Jack & Mary Budget Extracts Income: Combined take home pay 340,000 Expenses Monthly Mortgage Helpers weekly wages Motor vehicle expenses Monthy Utilities Monthly medical expenses Local travel Food & entertainment Mary's monthly car loan Monthly Life insurance premiums Hire purchase instalments School Fees Ron 55,000 4,500 25,000 45,000 15,000 30,000 50,000 30,000 18,000 9,500 35,000 317,000 Notes: A 20% increase in utilities is expected in month 3 (ii) Mary's car loan will be settled in month 4 (iii) The couple owns 50,000 shares in IBM. A dividend of $1.20 per share will be paid in month 5 iv) Ron's school fee is paid quarterly at the beginning of the month v) All expenses occur monthly unless otherwise stated Required: (a) Prepare monthly budget for Jack&Mary for 6 months showing their contributions to savings (b) Jack & Mary wants to save 20% of their monthly income. Comment on their current percentage saving and Advise them on how their target might be achieved