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Compile a family budget for the Benson family using John Benson's net salary of R2739.50, and provide illustrative amounts for essential and non-essential expenses.
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Step-by-step solution
5 stepsTo compile a family budget for the Benson family, we will use John Benson's net salary as the household income. Since no specific expenses are provided, we will use illustrative amounts for essential and non-essential expenses to demonstrate a typical budget structure.
Determine Household Income.
The household income is the net salary John Benson receives after all deductions.
List Essential Expenses.
These are necessary costs for living. The amounts below are illustrative.
- Rent/Housing: R1000.00
- Groceries/Food: R800.00
- Transport: R300.00
- Utilities (Electricity, Water): R250.00
- Communication (Phone/Internet): R150.00
- Medical (out-of-pocket, not covered by deductions): R50.00
List Non-Essential Expenses.
These are discretionary costs. The amounts below are illustrative.
- Entertainment/Leisure: R100.00
- Savings: R50.00
- Personal Care/Miscellaneous: R30.00
Calculate Total Expenditure.
Total expenditure is the sum of essential and non-essential expenses.
Calculate the Net Balance (Surplus/Deficit).
This shows how much money is left over or if there is a shortfall.
Here is the compiled family budget for the Benson family:
Family Budget for John Benson (June 2024)
Category Amount (R) Household Income Net Salary (John Benson) 2739.50 Essential Expenses Rent/Housing 1000.00 Groceries/Food 800.00 Transport 300.00 Utilities 250.00 Communication 150.00 Medical (out-of-pocket) 50.00 Subtotal Essential 2550.00 Non-Essential Expenses Entertainment/Leisure 100.00 Savings 50.00 Personal Care 30.00 Subtotal Non-Essential 180.00 Total Expenditure 2730.00 Net Balance 9.50
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