A successful budget chart can help to control the debt. Billy's income is monthly $60 and $30 was sent by his grandparents, so his total amount will be $90. His fixed expense is $20 whereas his variable expense is $5. His nonessential expenses are $50. In this way, his total savings will be $15.
What is a budge chart?
A personal budget chart generally offers a way to determine the state of finances and help to spend over the course of a period of usually a month or a year.
In the given scenario, as Billi gets his salary $15 per week means $60 for a month and he got $30 from his grandparents, in this way,
Total earning = $60+$30
Total earning=$90
Now he takes bicycle to the shop for a tune-up at the end of every month which is his fixed expense, and is $20 for a month.
His variable expense is $5 for a new tire because he rode over a nail. Under nonessential expense, he bought new Space Interceptors game, which cost $50.
In this way his expenses are:
Total expense= $5+$50+$20
Total expense=$75
Now calculating his total savings as:
Total saving = Total earning - total expenses
Total saving = $90 - $75
Total saving = $15
Thus, it can be concluded that he saved $15 from his income.
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