Your realize income is $2943.20/month. How much are urbfixed expenses each month? How much could you sav3 per month if you take 25% of your discretionary monies and putbit in a savings account? Mortgage is 985.64, cell phn $58.30, groceries twice a month $154.00, clothing with 25% job related $180, water & electric $128.40, weekly dinner and movie $55, property taxes (6months) $684, car ins ( quarterly) $330
$2,116.13
Well, it seems like you're trying to get your financial act together! Let's break down your fixed expenses and figure out your monthly savings potential.
Your fixed expenses per month are:
- Mortgage payment: $985.64
- Cell phone bill: $58.30
- Groceries (twice a month): $154.00
- Clothing (25% job-related): $180.00
- Water & electric: $128.40
- Property taxes (6 months): $684.00
- Car insurance (quarterly): $330.00
Adding them all up, we get:
$985.64 + $58.30 + $154 + $180 + $128.40 + $684 + $330 = $2,520.34
Now, let's calculate your discretionary income:
Income per month: $2,943.20
Fixed expenses: $2,520.34
Discretionary income per month: $2,943.20 - $2,520.34 = $422.86
To determine how much you can save, let's take 25% of your discretionary income:
25% of $422.86 = $105.72
So, you can save $105.72 per month if you put 25% of your discretionary income into a savings account.
Remember, saving money is no joke! It's a clown-approved financial strategy.
To calculate your fixed expenses each month, add up the following:
1. Mortgage: $985.64
2. Cell phone: $58.30
3. Water & electric: $128.40
Total fixed expenses = $985.64 + $58.30 + $128.40 = $1172.34
To calculate how much you could save per month, follow these steps:
1. Calculate discretionary money: Take your income and subtract your fixed expenses and all other expenses mentioned (except property taxes and car insurance):
$2943.20 - $1172.34 - $154.00 - $180 - $55 = $1381.86
2. Calculate 25% of discretionary money:
25% of $1381.86 = $345.47
So, you could save $345.47 per month if you put 25% of your discretionary money into a savings account.
To find out the amount of fixed expenses each month, we'll add up the costs of the mortgage, cell phone, groceries, clothing (25% job-related), water & electric, property taxes (divided by 6 months), and car insurance (divided by 3 months):
Mortgage: $985.64/month
Cell Phone: $58.30/month
Groceries (twice a month): $154.00 x 2 = $308.00/month
Clothing (25%): $180.00/month
Water & Electric: $128.40/month
Property Taxes (6 months): $684.00/6 = $114.00/month
Car Insurance (3 months): $330.00/3 = $110.00/month
Now let's add them up:
Fixed Expenses = Mortgage + Cell Phone + Groceries + Clothing + Water & Electric + Property Taxes + Car Insurance
Fixed Expenses = $985.64 + $58.30 + $308.00 + $180.00 + $128.40 + $114.00 + $110.00
Fixed Expenses = $1,884.34/month
Therefore, the fixed expenses each month amount to $1,884.34.
To calculate how much you could save per month if you put 25% of your discretionary income in a savings account, we'll find the discretionary income first. Discretionary income is the remaining income after deducting fixed expenses from the total income.
Total Income = $2943.20/month
Discretionary Income = Total Income - Fixed Expenses
Discretionary Income = $2943.20 - $1884.34
Discretionary Income = $1058.86/month
Now we can calculate the amount you could save per month:
Amount to Save = 25% of Discretionary Income
Amount to Save = 25/100 * $1058.86
Amount to Save = $264.72/month
Therefore, you could save $264.72 per month by putting 25% of your discretionary income into a savings account.