You have revised your budget so that your entertainment expenses have been replaced.Now, you need to revise your budget to meet your long-term goal of saving $4,500. You will need to increase your savings to $300 month.How will you revise your budget to meet this goal?

Answer:

To increase monthly savings to $300, I will first examine my variable expenses, such as dining out or shopping, and reduce those costs. I can also look for ways to lower fixed expenses, like switching to a cheaper cell phone plan or reducing utility usage. By reallocating the money saved from these categories into the savings category, I can reach the $300 monthly goal and eventually save the $4,500 total.