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3 years ago

When it comes to saving money, what is a good rule of thumb

Business

2 answers:

Mamont248 [21]3 years ago

7 0

Buy what u need when u need it not what u want when u want my dad always said

Dmitry [639]3 years ago

6 0

I've had a real hard time with trying to save money. I've always spent more than I had really.

Something I've always heard is to pay yourself X% of your paycheck. I've never really don't that because I've always used my money no matter what.

Now I'm in a crunch where I need to save up some money. Build up a savings so to speak but am having trouble doing that. I am bad about managing my money.

Any ideas that I should incorporate? I have always thought about opening a second bank account for savings so I don't have access but don't want to spread myself out too thin.Biggest tip for saving money: Stop spending.

Until you learn some self control, hints and tips and tricks won't work because you'll still know the money is there and you'll still have access to it Here's two steps:

Figure out where you are spending money unneccesarily (bars, resturants, eating out for lunch, video games, toys, etc)Reduce that spending

The best way to do step one is to use a service like mint, or to just keep all your reciepts and tally them up at the end of the month, I'd recommend the first.

Budgeting isn't neccesarily about saving the maximium amount of money possible, it's about managing your money and making an active longer term decision about where you want to spend it. You are currently making short term passive decisions.

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Reggie who is 55, had adjusted gross income of $32,000 in 2020. During the year, he paid for the following medical expenses:

sleet_krkn [62]

Assuming Reggie who is 55, had an adjusted gross income of $32,000 in 2020, Reggies medical expense deduction will be $75

Calculation to determine Reggie medical expense deduction

Drugs $500

Add Health insurance premium-after tax $850

Add Doctors fees $1,250

Add Eye glasses $375

Total expenses $2,975

($500+$850+$1,250+$375)

Less Insurance reimbursement ($500)

Less 7.5% of Adjusted gross income ($2,400)

($32,000×7.5%)

Medical Expense Deduction $75

($2,975 - $500 - $2,400)

Inconclusion assuming Reggie who is 55, had an adjusted gross income of $32,000 in 2020, Reggies medical expense deduction will be $75

Learn more here:

brainly.com/question/17136095

6 0

2 years ago

Which of the following statements is true regarding the Unrealized Loss on Investments account

max2010maxim [7]

Answer:

B) It is reported on the income statement when it pertains to short term investments

Explanation:

Unrealised loss is defined as a reduction in the value of an asset that is held by an investor rather than selling it and realising a loss.

Unrealised loss is also called paper loss. This loss is not realised until the asset is sold.

Unrealised losses are not usually recorded on the income statement unless they intend to be sold in a short time.

When a security is to be sold in the short run it is called a trading security. Trading securities are represented in the income statement as they can increase or reduce income

8 0

3 years ago

Suppose that the total revenue received by a company selling basketballs is $600 when the price is set at $30 per basketball and

NemiM [27]

You would get 20 basketballs at $30 and 30 basketballs at $20.

4 0

2 years ago

In 20X1, Modern Property Groups collected rent revenue for 20X2 tenant occupancy. For financial reporting, the rent is recorded

vekshin1

Answer:

Debit deferred tax asset for $12,000

Debit income tax expense for $18,000

Credit income tax payable for $30,000

Explanation:

The journal entries will look as follows:

Date Account Name and Description Debit ($) Credit ($)

20X1 Deferred tax asset (w.1) 12,000

Income tax expense (w.3) 18,000

Income tax payable (w.2) 30,000

(To record income taxes at the end of 20X1.)

Workings:

w.1: Deferred tax asset = Deferred portion of the rent collected in 20X1 * Tax rate = $40,000 * 12% = $12,000

w.2: Income tax payable = Taxable income * Tax rate = $100,000 * 30% = $30,000

w.3: Income tax expense = Income tax payable - Deferred tax asset = $30,000 - $12,000 = $18,000

7 0

2 years ago

econ George and John, stranded on an island, use clamshells for money. Last year George caught 300 fish and 5 wild boars. John g

kupik [55]

Answer:

The GDP of the island is 1,350 clam shells.

Explanation:

George and John produce fish, boars, and bananas in their two-person economy. Fish sell for 1 clamshell each, boars sell for 10 clamshells each, and bananas go for 5 clamshells per bunch.

In this economy, the GDP will be the value of final goods and services produced. Intermediate goods will not be included.

Digging bait for fishing and the purchase of banana trees will not be included in the GDP.

The GDP of the island in terms of clamshells will be

= $(300\times 1) + (5\times10)+(200\times5)$

= 300 + 50 + 1,000

= 1,350 clam shells

8 0

3 years ago