Personal (family) budget balance E >mathrm(P) & surplus budget mathrm(E)<mathrm(P) & budget deficit mathrm(E)=mathrm(P) & balanced budget Having a budget helps you manage your finances in such a way as to move towards achieving your financial goals and implementing plans. You begin to be guided by a clear plan of action, not intuition. This will help both in making serious financial decisions and in prioritizing daily spending. Having a budget serves as a foundation for creating equity. Task Make a personal budget and determine its category (tabl 2)

To determine the category of your personal budget, you need to compare your expenses (E) with your income (P). Here's how you can categorize it based on the given table:<br /><br />1. **Surplus Budget (E > P)**: If your expenses are greater income, you have a surplus budget. This means you are spending more than you earn, which is not ideal for financial health.<br /><br />2. **Budget Deficit (E < P)**: If your expenses are less than your income, you have a budget deficit. This indicates that you are earning more than you spend, which is generally a positive situation.<br /><br />3. **Balanced Budget (E = P)**: If your expenses are equal to your income, you have a balanced budget. This means you are spending exactly what you earn, which is a neutral situation.<br /><br />To create a personal budget, follow these steps:<br /><br />1. **Calculate Your Income**: Sum up all sources of income, such as salary, investments, and any other sources.<br /><br />2. **List Your Expenses**: Break down your expenses into categories such as housing, food etc. Include both fixed and variable expenses.<br /><br />3. **Compare Income and Expenses**: Use the table provided to determine whether your budget falls into the surplus, deficit, or balanced category.<br /><br />By following these steps, you can create a personal budget and categorize it accordingly to better manage your finances.