Expense Amount Mortgage (monthly) $985.64 Cell phone (monthly) $58.30 Groceries

Question

Expense

Amount

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?

Be sure to include in your response:

• the answer to the original question
• the mathematical steps for solving the problem demonstrating mathematical reasoning

Expense

Amount

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

Explanation / Answer

We have evaluated the expense per month first.

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

So, our total fixed expense per month is $ 2104.473.

Discretionary income = Income - Expense.

Discretionary income = $ 2,943.20 - $ 2104.47 = $ 838.73

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

Amount we could save = 25 % of $838.73 = 209.68

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 25% job–related) $180.00 $180.00 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

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