Joel and Deanna have been married for two years. Their average monthly budget and spending over the past two years are shown below. Joel's yearly salary, after taxes, is $35 000. His wife, Deanna, has a yearly salary of $32 000, after taxes. Mortgage Payments $950 Phone/Cable/Internet $150 Gas/Hydro $150 Grocery $400 Insurance $805 (for 2 cars and house) Clothes $300 Gym Membership $70 Savings $800 Car Payment and Gas Cell Phone Other $800 $100 (for two cell phones) $300 $400 Entertainment Total $5225 1. What is Joel and Deanna's combined monthly income? 2. Based on their monthly income and expenses, were Joel and Deanna over or under budget? By how much? Joel has been cut back at work from full time to part time. He now earns $18 000/yr and Deanna still makes $32 000/yr. 3. Based on the pay reduction, what is Joel and Deanna's new combined monthly income? 4. How can you help them adjust their budget so that they can manage their fixed costs and cut back on their variable costs? Use the chart below. $ Mortgage Payments Phone/Cable/Internet $ Gas/Hydro $ Grocery $ Insurance $ Clothes $ $ $ Gym Membership Savings Car Payment and Gas Cell Phone $ $ $ Other $ Entertainment $ Total 5. Write a short report (under one page, double spaced) about how you were able to save them money in some areas. Explain why there were areas that you were not able to save them any money. Joel and Deanna have been married for two years. Their average monthly budget and spending over the past two years are shown below. Joel's yearly salary, after taxes, is $35 000. His wife, Deanna, has a yearly salary of $32 000, after taxes. Mortgage Payments $950 Phone/Cable/Internet $150 Gas/Hydro $150 Grocery $400 Insurance $805 (for 2 cars and house) Clothes $300 Gym Membership $70 Savings $800 Car Payment and Gas Cell Phone Other $800 $100 (for two cell phones) $300 $400 Entertainment Total $5225 1. What is Joel and Deanna's combined monthly income? 2. Based on their monthly income and expenses, were Joel and Deanna over or under budget? By how much? Joel has been cut back at work from full time to part time. He now earns $18 000/yr and Deanna still makes $32 000/yr. 3. Based on the pay reduction, what is Joel and Deanna's new combined monthly income? 4. How can you help them adjust their budget so that they can manage their fixed costs and cut back on their variable costs? Use the chart below. $ Mortgage Payments Phone/Cable/Internet $ Gas/Hydro $ Grocery $ Insurance $ Clothes $ $ $ Gym Membership Savings Car Payment and Gas Cell Phone $ $ $ Other $ Entertainment $ Total 5. Write a short report (under one page, double spaced) about how you were able to save them money in some areas. Explain why there were areas that you were not able to save them any money