Monthly Budget #1 Name: Sybil Smith Monthly Budget (dollars) Projected Inflows (income) Salary net of tax (take home) 3,854 Project Outflows (disbursements) Emergency Fund and Savings: EmergencyfundsavingsSavingsforautoinsuranceSavingsforvacationSavingsforinvestmentsTotalsavings1003555195385 Fixed Expenses \begin{tabular}{lr} Mortgage payment & 994 \\ Property taxes & 136 \\ Auto loan payment & 291 \\ Life insurance & 52 \\ \cline { 2 } Total fixed expenses & 1,473 \end{tabular} Variable Expenses Food 511 Utilities (telephone, heat, electric, water)Clothing273191 Transportation (automobile operation, repairs, public \begin{tabular}{lr} transportation) & 518 \\ Personal and health care & 247 \\ Entertainment & 221 \\ Reading, education & 94 \\ Gifts, donations & 189 \\ Personal allowances, miscellaneous & \\ expenses & 102 \\ Total variable expenses & 2,346 \\ \cline { 2 } Total outflow & 4,204 \\ \cline { 2 } Net & (350) \\ \cline { 2 } \end{tabular} Questions: 1. Do you think this budget will help you successfully achieve the goal of a balanced budget? Why or why not? Minimum of 50 words required for your response. One point. 2. If you decide to make changes to this budget, which specific expenses would you target for reduction and what specific actions mo take reduce each of those specific expenses? Minimum of 50 words required for your response. One point