Budget Practice AssignmentOver the coming year, Jim and Iona want to save $5000 for a vacation. Their total net income is $65 000/year. They earn $75/month from investments. They currently have the expenses outlined in the list above.⦁ Convert all of the income and expense items into monthly amounts. Round to the nearest dollar. Which are fixed and which are variable? Using the Blank Budget Template, design a monthly budget for Jim and Iona that shows fixed and variable costs.⦁ Can this couple meet their savings goal with their current income and expenses? Share an opinion and a reasoning as to which expenses can be cut back.Your Budget Table does not have to be typed, however it must be organized appropriately and clearly legible. Calculations can be completed neatly by hand and submitted in the same scan. Please submit to the Assignment Folder in Bright Space.INCOMETotal Monthly IncomEXPENSESTotal Monthly ExpensesINCOME – EXPENSES
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