Round any decimals to the nearest penny.

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

First, calculate the maximum amount of income per month:
$834.26/week * 4 weeks/month = $3337.04/month

Next, determine how much of this monthly income should be used for fixed expenses. A common guideline is to allocate no more than 50% of your income for fixed expenses.

Therefore, the maximum amount that should be used for fixed expenses per month is:
$3337.04/month * 0.5 = $1668.52

Rounded to the nearest penny, the maximum amount that should be used for fixed expenses per month is $1668.52.