Answer:
Step-by-step explanation:
a) How much money is left for other expenses?
Calculate Total Income: Add Mr. Nyako’s and Mrs. Nyako’s monthly incomes after deductions.
List Fixed Expenses: Include rent, utilities, groceries, transportation, and any other regular monthly expenses.
b) What do you think falls into the category of other expenses?
Other expenses can include:
Entertainment (movies, dining out)
Clothing
Personal care items
Subscriptions (magazines, streaming services)
c) What do you consider to be luxury goods? Do you have money left over for these types of goods and services?
Luxury goods are non-essential items that are more expensive and often of higher quality. Examples include:
Designer clothing
High-end electronics
Fine dining
d) Think of three ways of reducing some of these expenses. Briefly explain each idea.
Cut Down on Dining Out: Prepare meals at home to save on food costs.
Cancel Unused Subscriptions: Review and cancel any subscriptions that are not being used regularly.
Energy Efficiency: Implement energy-saving measures at home to reduce utility bills, such as using LED bulbs and unplugging devices when not in use.