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Create a family budget for the Benson family using the provided payslip, assuming common expenses.
Business/Management
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5 stepsHere is a family budget for the Benson family, based on the provided payslip. Since no specific expenses are given, common expenses have been assumed for demonstration purposes.
Determine Household Income
The household income is based on John Benson's net salary from the payslip.
List Essential Expenses (Assumed)
These are necessary costs for living.
- Rent/Bond: R1000.00
- Groceries: R800.00
- Transport: R300.00
- Utilities (Electricity/Water): R250.00
- Medical Aid: R150.00
- School Fees (if applicable): R0.00 (assuming no school-going children or fees covered elsewhere)
List Non-Essential Expenses (Assumed)
These are discretionary costs.
- Entertainment/Leisure: R100.00
- Clothing: R50.00
- Savings: R50.00
- Airtime/Data: R30.00
Calculate Total Expenditure
This is the sum of all essential and non-essential expenses.
Compile the Family Budget Summary
Benson Family Monthly Budget
Item Amount (R) Household Income John Benson Net Salary 2739.50 Total Income 2739.50 Essential Expenses Rent/Bond 1000.00 Groceries 800.00 Transport 300.00 Utilities 250.00 Medical Aid 150.00 School Fees 0.00 Subtotal Essential 2500.00 Non-Essential Expenses Entertainment 100.00 Clothing 50.00 Savings 50.00 Airtime/Data 30.00 Subtotal Non-Essential 230.00 Total Expenditure 2730.00 Net Balance (Income - Expenditure) 9.50 The final budget summary shows a net balance of:
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