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Lewis has a net spendable income of $2,000 per month. He sets up the following transportation budget for himself.

3. Transportation (15% - 20%) 400
a. Car payments 210
b. Gas/Oil 120
c. Insurance 60
d. License/Registration 8
e. Taxes 2
f. Maintenance/Repair
What has Lewis done wrong?

Respuesta :

What Lewis did wrong was that; He budgeted more than the maximum recommended amount of money for transportation.

How to budget effectively?

We are given;

Net spendable income = $2,000 per month

Now, we see how much he has budgeted for other items such as Car payments, Gas/Oil, Insurance, License/Registration, Taxes, Maintenance/Repair.

Now, from the recommended transportation budget of between 15% - 20% of the  net spendable income, we can see that he would likely spend more than that if we add the cost of maintenance and repair.

Thus, what Lewis did wrong was that he budgeted more than the maximum recommended amount of money for transportation.

Read more about Budget at; https://brainly.com/question/6663636

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