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Exercise

Monthly expenses and savings

In order to make it in New York City, you have decided to split a two-bedroom apartment with a friend. You will have to budget for rent, food and entertainment, but it's also a good idea to allocate an amount for unforeseen expenses each month. This unforeseen expenses budget could be used for anything ranging from new clothes or electronics to doctor appointments.

Set up your monthly budget as follows:

  • Rent: $1200 / month (Includes utilities)
  • Food: $30 / day (On average. Includes groceries and eating out.)
  • Entertainment: $200 / month (Movies, drinks, museums, parties…)
  • Unforeseen Expenses: 250 / month (Stay safe, and don't drop your phone!)

For this application, assume an average of 30 days per month. Whatever is left after your paying your monthly expenses will go into your savings account each month.

monthly_takehome_salary from the previous exercise is available.

Instructions
100 XP
  • Calculate your monthly expenses.
  • Calculate your monthly savings (what's left after paying your monthly expenses).
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