Question

If your realized income is $834.26/wk, what is the maximum amount that should be used for fixed expenses per month?

Answer 1

To find the maximum amount that should be used for fixed expenses per month, you would first need to calculate your monthly income by multiplying your weekly income by the average number of weeks in a month:

$834.26/week x 4 weeks/month = $3,337.04/month

Next, you would need to determine what percentage of your income should be allocated to fixed expenses. The general rule of thumb is that fixed expenses should be around 50% of your income. Therefore, the maximum amount that should be used for fixed expenses per month would be:

$3,337.04/month x 50% = $1,668.52/month

So, the maximum amount that should be used for fixed expenses per month, based on a weekly income of $834.26, would be $1,668.52.