Rhonda Jones and her husband have a combined annual income of $50,000 after taxes. Their mortgage payment is $1,284 per month. Their average utilities payment per month is $403. The groceries and food expenses average $506 per month. They have a car payment of $402 a month. Their medical insurance is $198 per month. Gas for the car averages $102 a month, and their car insurance is $246 a month. Other miscellaneous expenses are $206 a month.

Download and complete this budget sheet, and submit it with this assignment. For this assignment, answer the following:

Do the Jones’s have a surplus or a deficit? If they have a surplus, suggest how they can use the extra money.
Explain why it is important to have 3 to 6 months’ salary saved for an emergency fund.
Explain the concept of “paying yourself first.”