Print Completed Schedule 3 Critical Thinking Return the January Beginning Cash Balance in your schedule to the original amount as you have determined that increasing your beginning cash for January is not possible. You called Dad to see if he could increase your monthly stipend, but every time you mentioned needing more money (mysteriously) the cell phone connection would drop Your study schedule would suffer significantly if you tried to work more hours. It looks like you are going to have to cut expenses In business we view some expenses as necessary and some expenses as discretionary Discretionary expenses are those that could be discontinued or postponed without detrimentally impacting the normal operating goals of the business As individuals we have to prioritize our spending Some spending is critical to us achieving lifestyle and career goals, this spending has priority in our budget. Other spending may fu f an immediate desire but has little long-term impact. Consider the expense categories and identify the three discretionary expenses that you believe could be reduced or eliminated given your priorities described in the Situation section above. Briefly justify why you feel the expense is discretionary. (Do not use Other as one of your discretionary expenses Mark your answers in the space provided on the Check of sheet Adjust the spending in the discretionary categories you just identified and produce a revised budget that prevents a negative cash balance in any month, but allows as balanced an amount of discretionary spending as possible Revised Budget Schedule END PROBLEM Checkout Nam 036 May Jul A B D E F G H K L M N 1 Reena De Guzman 2 Personal Budget 3 Monthly 4 Jan Feb Mar Apr Jun Aug Sep Oct Nov Dec Total 5 Income 6 Salary.net $640 $640 S640 $640 $640 $640 $640 S640 $640 $640 $640 $640 $7,680 Interest & Dividends 20 20 20 20 20 20 20 20 20 20 20 20 240 8 Parent Subsidy 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 12000 9. Other 700 700 1400 10 Total Income $1,660 $1,660 $1,660 $1,660 52.360 $1,660 $1,660 $1,660 $1 660 $1,660 $1,660 $2,360 $21,320 11 12 Expenses 13 Apartment Rent $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $6,000 14 Car Fuel 50 50 50 50 50 50 50 50 50 50 50 50 600 15 Auto Insurance 100 100 100 100 100 100 100 100 100 100 100 100 1200 16 Auto Repair and Service 300 500 800 17 Renters Insurance 40 40 40 40 40 40 40 40 40 40 40 40 480 18 Telephone & Internet 6 6 6 6 6 6 6 6 6 6 6 72 19 Dining Out 50 50 50 50 50 50 50 50 50 50 50 50 600 20 Clothing 40 40 40 40 40 40 40 40 40 40 40 40 480 21 Cable TV 8 8 8 8 8 8 8 8 8 8 96 22 Beer 0 0 0 0 0 0 0 0 0 0 0 0 23 Groceries 150 150 150 150 150 150 150 150 1800 24 Entertainment 90 90 90 90 90 90 90 90 90 90 90 90 1080 25 School 230 460 26 Vacation 400 400 27 Other 0 3 3 3 3 3 3 3 33 28 Total Expenses $1,264 $1,037 $1,037 $1,037 $1,037 $1,337 51.437 S1267 $1.037 $1,037 $1 037 $1.537 S14,101 29 30 Net $396 $623 $623 $623 $1,323 $323 $223 $393 $623 $623 $623 $823 $7,219 31 32 Beginning Cash 1000 $1.396 $2,019 $2.642 $3,265 $4,588 $4.911 $5.134 $5.527 $6,150 $6.773 S7 396 $8,219 33 Ending Cash $1.396 $2,019 $2,642 $3,265 $4,588 $4.911 $5,134 $5 527 $6,150 $6,773 $7 396 $8 219 S15,438 34 150 150 150 150 230