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
