Budget for Terrance.docx

1 Budget for Terrance ©CQ Resources, LLC About Terrance: Terrance is 24 years old and is attending college part-time while working full-time. Currently, Terrance works in an office as a salesman. His average monthly net income is $3,055.00, he's saved a small amount of money, but he has no other...

1 Budget for Terrance ©CQ Resources, LLC About Terrance: Terrance is 24 years old and is attending college part-time while working full-time. Currently, Terrance works in an office as a salesman. His average monthly net income is $3,055.00, he's saved a small amount of money, but he has no other investments. He lives in a city apartment with two roommates. Terrance drives to work daily and enjoys going out with friends on weekends. His financial goals are to repay his college loans (after college graduation) and save money for his own apartment or house. Terrance wants to know his monthly cash surplus, which is the money he has left after paying his bills. What will his cash surplus be if he begins putting $200/month in his savings account? Use the chart to complete the budget.