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# (Solved): 10. The following list of monthly expenses for a first-year student at a post-secondary institution ...

10. The following list of monthly expenses for a first-year student at a post-secondary institution are presented. The student has a monthly income of \$1,450. Is the student following the recommended rule of allocating 50% of monthly income to needs, 30% to wants and 20% to savings or debt?

Income: \$1,450

Expenses:

• \$300/month rent for a room

• \$10 for medication

• \$50 phone bill

• \$150 transportation

• \$9.99 subscription for music

• \$9.95 subscription for books

• \$9.99 movie subscription

• \$19.99 subscription for video games

• \$100 eating at restaurants

• \$25 for coffee

• \$100 for groceries

• \$100 for clothing for school

• \$500 for social gatherings

• \$65 on transportation from social gatherings

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Income=\$1450 From the following expenses given, Needs are:- Month rent(\$300) Medication(\$10) Phone bill(\$50) Transportat
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