Message Font: Serif | Sans-Serif
No. of Recommendations: 1
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.


Print the post  


What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.