Bob and Sally's mortgage payment increases to $1632.00. Their roof starts to leak and they need to replace it. They budget $500 per month (replace the old student loan charge with roof expense).

List of expenses is attached below.

Total Income = $160 + $6245 = $6405

As mortgage payment has increased, we replace $1580 with $1632 in the table

Replace student loans with roof expense, we replace $544 with $500 in the table.

Find Total Expenses by adding all the values from the table.

Total Expenses = $6660.17

Total Income  =$6405

They have a deficit

Deficit = $6660.17 - $6405 = $255.17

Deficit = $255.17

Savings = 10% of income = 10% OF $6405

Savings = (10/100)· $6405 = $640.5

New total expenses = $6660.17 - $640.5

New total expenses = $6019.67

Balance = Total income - New total expenses = $6405 - $6019.67

Balance = $295.33

Yes, they had to remove the savings to fulfill their expenditures. Otherwise, they would have been spending more than their income, which couldn't last very long

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