Mortgage (monthly)

$985.64

Cell phone (monthly)

$58.30

Groceries (twice a month)

$154.00

Clothing (monthly with 25% job-related)

$180.00

Water & electric (monthly)

$128.40

Weekly dinner & movie

$55.00

Property taxes (6 months)

$684.80

Car insurance (quarterly)

$330.00

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? V

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