Jamie Lee Jackson, age 24, now a busy full-time college student and part-time bakery clerk, has been trying to organize all of her priorities, including her budget. She has been wondering if she is allocating enough of her income towards savings, which includes accumulating enough money towards the $13,000 down payment she needs to begin her dream of opening a cupcake caf.

Jamie Lee has been making regular deposits to both her regular, as well as her emergency savings account. She would really like to sit down and get a clearer picture of how much she is spending on various expenses, including rent, utilities, entertainment and how her debt compares to her savings and assets. She realizes that she must stay on track and keep a detailed budget if she is to realize her dream of being self-employed after college graduation.

Use the details below to complete Jamie Lee's personal financial plan to determine her financial position. Each answer must have a value for the assignment to be complete. Enter "0" for any unused categories.

Current Financial Situation

Assets:			Monthly Expenses:
Checking account	$1,650		Rent obligation	$315
Emergency fund savings account	$3,900		Utilities/electricity	$120
Car	$4,800		Utilities/water	$85
Computer & iPad	$900		Utilities/cable TV	$100
Liabilities:			Food	$200
Student loan	$6,200		Gas/maintenance	$140
Credit card balance	$800		Credit card payment	$90
Income:			Car insurance	$90
Gross monthly salary	$2,525		Clothing	$90
Net monthly salary	$1,970		Entertainment:
Savings allocation:			Cake decorating class	$70
Regular savings	$190		Movies with friends	$90
Rainy day savings	$35

For month ending 31-Dec Cash Inflows Salary (take-home) Other income Other income Total Cash Outflows Fixed expenses Mortgage or rent Loan/credit card payment Insurance Other Total fixed outflows Variable expenses Food Clothing Electricity Telephone Water Transportation Variable expenses Food Clothing Electricity Telephone Water Transportation Personal care Medical expenses Recreation/entertainment Gifts Donations Cable Other Total variable outflows Total outflows Surplus (deficit) Allocation of surplus Emergency fund savings Financial goal savings Other savings