PLEASE HELP PLEASE .Expense Amount Mortgage (monthly) $985.64 Cell phone (monthly) $58.30 Groceries (twice a month) $154.00 Clothing (monthly with 25% jobrelated) $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? I'm getting confused because I know that fixed expenses are expenses that don't constantly change. So I don't know whether to include groceries and clothing... or add up everything EXPECT weekly dinner and clothing
Fixed expenses include Mortage, cell phone, water and electric, property taxes and car insurance.Total amount of those amount Discretionary is all the rest. Add that up, take 25% of it and you have your savings deposit.