Question

Mortgage (monthly)

Answer 1

Answer:

Amount you could save per month  if you take 25% of your discretionary monies and put it in a savings account is  $209.68

Step-by-step explanation:

Expense                                    Amount                 Per Month Expenses  

Mortgage (monthly)                   $985.64                     $985.64

Cell phone (monthly)                    $58.30                       $58.30        

Groceries (twice a month)             $154.00                $308.00                

Clothing (monthly with                        $180.00               $180.00

25% job–related )                        

Water & electric (monthly)                    $128.40                 $128.40    

Weekly dinner & movie                         $55.00                 $220.00

Property taxes (6 months)                  $684.80           $114.133            

Car insurance (quarterly)                  $330.00           $110.00

Groceries multiplied by 2 as you buy them twice a month. Dinner and movie on weekly basis, so you multiply it by 4. Car Insurance you pay for 4 quarters. 1 quarter has 3 months so, you divide 330 by 3, to find the amount paid per month. Rest of the data is monthly expense.

So, your total fixed expense per month = $ 2104.473.

Discretionary income = Income - Expense.

Discretionary income = $ 2,943.20 - $ 2104.47

                                    = $ 838.73

Now, you are saving 25% of the discretionary income into your account. So, 25 % of $838.73 is your saving

Amount you could save = 25 % of $838.73

                                    = 0.25 x $838.73

                                    = $209.68