Expense Amount
Mortgage (monthly)
$985.64
Cell phone (monthly)
$58.30
Groceries (twice a month)
$154.00
Clothing (monthly with 25% job-related)
$180.00
Water & electric (monthly)
$128.40
Weekly dinner & movie
$55.00
Property taxes (6 months)
$684.80
Car insurance (quarterly)
$330.00
Your realized income is $2,943.20/month. How much are your fixed expenses each month? How much could you save per month if you take 25% of your discretionary monies and put it in a savings account?
Be sure to include in your response:
the answer to the original question
the mathematical steps for solving the problem demonstrating mathematical reasoning
Fixed expenses each month:
Mortgage + Cell phone + Groceries + Clothing + Water & electric + Property taxes + Car insurance
= $985.64 + $58.30 + $154.00 + $180.00 + $128.40 + $684.80 + $330.00
= $2,521.14
Discretionary monies per month:
Realized income - Fixed expenses = $2,943.20 - $2,521.14 = $422.06
Savings per month:
25% of discretionary monies = 0.25 * $422.06 = $105.52
Therefore, the fixed expenses each month are $2,521.14. You could save $105.52 per month if you take 25% of your discretionary monies and put it in a savings account.