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?
To calculate the fixed expenses, we need to first subtract the discretionary income from the total income:
Fixed Expenses = Total Income - Discretionary Income
Fixed Expenses = $2,943.20 - Discretionary Income
Assuming that 25% of the discretionary income is saved, we can calculate the amount that can be saved per month:
Amount Saved per Month = Discretionary Income * 25%
Amount Saved per Month = Discretionary Income * 0.25
Now, we just need to substitute the values to find the fixed expenses and the amount that can be saved per month. Let's assume the discretionary income is $500 per month for this example:
Fixed Expenses = $2,943.20 - $500
Fixed Expenses = $2,443.20
Amount Saved per Month = $500 * 0.25
Amount Saved per Month = $125
Therefore, the fixed expenses each month would be $2,443.20, and you could save $125 per month if you take 25% of your discretionary income and put it in a savings account.