Question

Your realized income is $36,864.00/yr. Your fixed and housing expenses are 32% and your savings are 15% of your realized income per month. How much discretionary money do you have, excluding savings, per month?

Answer 1

Answer:

You will have $1628.16 per month in discretionary money.

Step-by-step explanation:

In order to find the amount of money you have left for discretionary purposes at the end of the money, you need to calculate the total amount of your monthly pay is going towards expenses and savings.  Since there are 12 months in a year, your monthly income is $3072.  Of that amount, you spend 32% on housing and 15% on savings, for a total of 47%.  The remaining percentage of your income would be considered discretionary, which would account for 53%.  To find the amount of money, you take your monthly income and multiply it by 53%, or .53, which gives you $1628.16.  

Answer 2

The discretionary money for a month is $1628.16, excluding savings per month.

What is discretionary money?

The discretionary money is the leftover money in the income after excluding the savings and expenditures.

Calculating the discretionary money for the given income:

The given realized income is $36,864.00/yr

Then for a month, the realized income = $36,864/12

                                                                = $3072/month

Fixed and housing expenses are 32% of the realized income/month

= $3072 × $\frac{32}{100}$

= $983.04

Savings are 15% of the realized income/month

= $3072 × $\frac{15}{100}$

= $460.8

Then subtracting these from the realized income per month to get the discretionary money

Discretionary money (per month) = $3072 - $983.04 - $460.8

                                                        = $1628.16

So, the discretionary money left after excluding savings is $1628.16/month.

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