The Lees have a combined net income of $6128 a month. Find the amount they should allot for each category if they aim to follow the 50/30/20 rule for their budget. Round your answers to the nearest cent, if necessary.
According to the 50/30/20 rule, the Lees should allocate their net income as follows:
1. 50% for Needs: $6128 * 50% = $3064
2. 30% for Wants: $6128 * 30% = $1838.40
3. 20% for Savings/Debt Repayment: $6128 * 20% = $1225.60
Therefore, the Lees should allot:
- $3064 for Needs
- $1838.40 for Wants
- $1225.60 for Savings/Debt Repayment