0
Would you calculate your living expenses when preparing a budget?
Wiki User
∙ 8y agoWant this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
How does disposable income get figured?
Take your monthly income and subtract your monthly bills and cost of living expenses (gas, groceries, etc.) The money that is left is consider disposable income.
How To Make A Budget?
In today’s economy, making a budget is more important than ever. People aren’t getting the salary raises they used to get. As the cost of living rises, keeping up with your finances is extremely essential. There are many tips out there to help you make a budget. The first thing you should do is make a spreadsheet based on your frequency of pay. If you’re paid monthly, make a monthly budget. If you’re paid every two weeks, base your budget on that. It’s important to list all the income you make so that you know what you will have. If you are paid every two weeks, you know you will get at least two checks every month. You can combine them to make a monthly amount, but I recommend listing them separately. The next step is to list your fixed expenses. This includes rent, loan payments, and other fixed bills. These are bills whose amount and pay date you always know. List the amount due on the day its due under each pay period. After you do that, list all your variable expenses. These include credit cards and grocery expenses. Set a comfortable amount you feel as a target. For example, $100 for food and groceries is every two weeks should be reasonable. Try your best to come in under budget. If you wind up paying $89 toward groceries, put that extra $11 in to savings. Once you have your fixed and variable expenses, make a line for entertainment, including nights out or movie purchases. Try to keep this a low amount and consider your income when determining your entertainment expense. Try your best to come in under budget, and put any left over money in to savings. Lastly, add a line to your budget for a fixed savings amount. You can either list it as an expense or deduct it from income. Many companies allow you do divide direct deposit in to multiple accounts. If you have this option, it may be easier to put $50 or $100 from every check in to savings. Savings is vital not only for your future but also for any potential emergencies such as car repairs. Whatever you decide to do with your budget, make sure it’s something you feel comfortable following. Take some time and modify it until you find the right spending ratios. Once you have that, do your best to stick with it.
How much does being a dependent affect you on your tax return?
Being a dependent of someone else for tax purposes decreases the amount of money you will get from the government. This mean you are not supplying the majority of your living expenses, someone else is and they should be able to use you as a dependent on their taxes.
Can you claim as a dependent a disabled non relative housemate if you paid more that 60 percent of her living expenses?
depends upon the income of the "disabled non-relative housemate" (<$3,700.); citizenship of same; dependent taxpayer test; lived with you ALL year????
Can you write off your new heat pump on your taxes?
With the information you are giving in this question the answer is no you cannot. There are a few types that are deductible for some years but these are like Geothermal Heat Pumps and such. Most all maintenance issues on your home are never tax deductible. Normal living expenses are not deductible item.
What are the advantages of living in a camper trailer?
By looking at your budget and costs of living currently. Then seeing how much you would save in the long run, after cutting current expenses out that the camper is does not need.
What is Harvard law school's tuition?
Tuition: $47,600Estimated living expenses (standard single student budget including room, board, books, travel and personal ): $25,000
What other living expenses are there other than rent and food?
The living expenses varies between persons. Typically some other living expenses other than rent and food are electricity, gas and water and sewer expenses.
can one get a grant for living expenses?
i need help wit living expenses,scchool clothes for my son.
What was the Production Budget for The Living Daylights?
The Production Budget for The Living Daylights was $40,000,000.
What was the Production Budget for Living Out Loud?
The Production Budget for Living Out Loud was $12,000,000.
What was the budget for Night of the Living Dead?
The Production Budget for Night of the Living Dead was $4,200,000.
What was the Production Budget for Night of the Living Dead?
The Production Budget for Night of the Living Dead was $4,200,000.
What was the Production Budget for The Return of the Living Dead?
The Production Budget for The Return of the Living Dead was $4,000,000.
What was the Production Budget for Return of the Living Dead 3?
The Production Budget for Return of the Living Dead 3 was $2,000,000.
What was the Production Budget for Return of the Living Dead Part II?
The Production Budget for Return of the Living Dead Part II was $6,200,000.
Can you use your financial aid refund for living expenses?
no
