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 money and put it in a savings account?
Added by Domingo B.
Step 1
Fixed expenses are those that remain the same each month and are obligatory. From the list provided, the fixed expenses are: Mortgage, Cell phone, Clothing (since 25% is job-related, we'll consider the entire amount as fixed for simplicity), Water & Electric, and Show more…
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