Total: $475, which is about 21% of her take-home payįlexible Spending: $675, which is 30% of her take-home payīecause Molly is on a tight budget, her fixed costs are very close to the 50% limit. Total: $1,100, which is about 49% of her take-home pay Utilities (including phone and internet): $135 Her take-home pay after taxes: $2,250 a month (we’re assuming 25% of her salary goes toward a combination of taxes and her 401(k) contributions) She has student loans, but she is still able to meet her student loan payment every month and contribute to her retirement, plus pay all her bills. Molly is a 22-year-old recent graduate with her first job, working in Chicago. Here is Molly’s example of how she budgets her income: Now, subtract your total Income and total Expenses $_ Total Flexible Expenses $_Īdd your Fixed Expenses and Flexible Expenses $_ Hygiene/bathroom products $_Ĭlothing/shoes/accessories $_Įntertainment/movies/music $_
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