Using the attached template here, create the a personal budget for yourself. YOU DO NOT NEED TO SUBMIT YOUR BUDGET. How to fill out the template. - For the BUDGETED AMOUNTS, fill out your estimated monthly numbers in the light gray boxes (which currently show $1.00 as a place holder). Do not look at your actual numbers (via bank accounts, bills, etc.) - For the ACTUAL AMOUNTS, look at your actual documentation for incomes and expenses for the month of [INSERT MONTH] and enter into the light gray boxes (currently displaying $1.00 as a place holder). BUDGETED AMOUNTS. Do not type into any of the dark gray boxes which have formulas to calculate everything for you. Chapter 5 Personal Budget (TEMPLATE).xIsx Answer the following questions about your personal budget: A. Which item had the biggest VARIANCE (column H)? Why do you think this is the case? (5 points) B. Is your budget appropriate for your current life situation? Why or why not? What changes, if any, need to be made? (5 points) Name: Developing a Personal Budget Purpose: To compare projected and actual spending for a one-(or three-) month period. Financial Planning Activities: Estimate projected spending based on your cash flow statement, and maintain records for actual spending for these same budget categories. HOW TO FILL OUT: Only enter values in the light gray boxes (these currently show \$1). Suggested Websites: www.betterbudgeting.com www.asec.org Suggested App: Home Budget Using the attached template here, create the a personal budget for yourself. YOU DO NOT NEED TO SUBMIT YOUR BUDGET. How to fill out the template. - For the BUDGETED AMOUNTS, fill out your estimated monthly numbers in the light gray boxes (which currently show $1.00 as a place holder). Do not look at your actual numbers (via bank accounts, bills, etc.) - For the ACTUAL AMOUNTS, look at your actual documentation for incomes and expenses for the month of [INSERT MONTH] and enter into the light gray boxes (currently displaying $1.00 as a place holder). BUDGETED AMOUNTS. Do not type into any of the dark gray boxes which have formulas to calculate everything for you. Chapter 5 Personal Budget (TEMPLATE).xIsx Answer the following questions about your personal budget: A. Which item had the biggest VARIANCE (column H)? Why do you think this is the case? (5 points) B. Is your budget appropriate for your current life situation? Why or why not? What changes, if any, need to be made? (5 points) Name: Developing a Personal Budget Purpose: To compare projected and actual spending for a one-(or three-) month period. Financial Planning Activities: Estimate projected spending based on your cash flow statement, and maintain records for actual spending for these same budget categories. HOW TO FILL OUT: Only enter values in the light gray boxes (these currently show \$1). Suggested Websites: www.betterbudgeting.com www.asec.org Suggested App: Home Budget