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Monthly expenses at 50% of 115K = (115000 * 0.5)/12 ~ 4792 (50% savings)
Monthly expenses at 40% of 115K = (115000 * 0.4)/12 ~ 3833 (60% savings)

Extra savings required = 4792-3833 = $959(appx.)
Couple of suggestions -
- You can set an expense target instead of a savings target. That way, when your income continues to grow, your savings will grow even faster. - TD


I really like this idea of an expense target - track expenses and make sure that they're under x dollars each month. This seems like a good challenge! As always, the fixed expenses are easy to document. It's the discretionary expenses that will take some work to track.

Thanks!

Monica
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