10. The following list of monthly expenses for a first-year student at a post-secondary institution is presented. The student has a monthly income of $1,450. Is the student following the recommended rule of allocating 50% of monthly income to needs, 30% to wants and 20% to savings or debt?Income: $1,450 Expenses: • $300/month rent for a room • $10 for medication • $50 phone bill•$150 transportation • $9.99 subscription for music • $9.95 subscription for books • $9.99 movie subscription • $19.99 subscription for video games • $100 eating at restaurants • $25 for coffee • $100 for groceries • $100 for clothing for school • $5010 for social gatherings • $65 on transportation from social gatherings