Analyzing a Salary Based Budget

Part 1

A1 :  As I have Bachelors In Accounting so I choose Accountancy  as career.

A2:  Accountancy is a good profession to be chosen as career. There are good job opportunities for accountants.

Part 2

A3:  10% of net pay is decided to be saved for retirement & for saving purposes because of the surplus appearing in budget after accounting for all the necessary expenses.

A4:   After seeing how the budget turned out, both options are available either to spend more or increase savings.

Part 3

A5:  Transportation is the category least spent on & it is not surprising because public transport rates are fixed.

A6: Health is the highest spending area & rightly so because it necessity

A7:  A lesser sum can be spent on wants by cutting out un necessary expenses

A8: Food is the category that can be spent on more by allocating more budget to it.

Part 4

A9: the budget ends with the surplus.

A10: By moderately spending money on all categories the budget resulted in surplus.

Part 5

A11: The lessons learnt are:

Complete forecast of all spending & income.

Financial freedom due to planning ahead.