How much do you make (after taxes are taken out) every month?

Examples:

wages

business income

bonuses/tips

Your answer (edit this):

Every Month

Every Month

1

$5,400

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Fun Fact: This is

89% of the $72,702

median take-home pay in Seattle as of January 2021.

Necessary Expenses

How much do you spend each month on

@Necessary expenses

?

Examples of

@Necessary expenses

:

rent & utilities

basic groceries

cell phone

needed clothing

needed medical expenses

taxes

Note: If you spend $600/year on something, add $50 per month to the total for it.

Your answer (edit this):

Every Month

% of Income

Every Month

% of Income

1

$1,200

22.22222222222222%

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How many months of

@Necessary expenses

do you want to save in your Emergency Fund?

Your emergency fund is there to cover unexpected

@Necessary expenses

like an unexpected medical bill, flat tire, etc. It’s also there to help you get if you were to suddenly lose your income (which is more likely to happen at the same time as a big unexpected bill!) As a result, it is generally a good idea to have at least 6-12 months in an Emergency Fund before you relax your spending.

Your answer (edit this):

Num Months

Total Amount

Num Months

Total Amount

1

6

$7,200

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Dividing discretionary income

Since you’re making

$5,400

per month and spending

$1,200

on

@Necessary expenses

, you have

$4,200

per month in “discretionary income,” which is the amount you get to choose how you spend or save every month. How do you want to split this up?

While you fill up your Emergency Fund, what percent (%) of your discretionary income should be spent on

@Optional/fun expenses

?

Your answer (edit this):

Percent (%)

Per Month

Percent (%)

Per Month

1

20%

$840.00

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Examples of

@Optional/fun expenses

:

expensive groceries

eating out

desired clothing

activities

elective medical expenses

The lower this number is, the faster you’ll build an emergency fund and savings.

While you fill up your Emergency Fund, what percent (%) of your discretionary income should go to

@Long-term savings/investments

?

Your answer (edit this):

Percent (%)

Per Month

Percent (%)

Per Month

1

30%

$1,260.00

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The remainder of your discretionary income goes to build your Emergency Fund.

Once you’ve got enough in your Emergency Fund, what percent (%) of your discretionary income should be spent on

@Optional/fun expenses

?

Your answer (edit this):

Percent (%)

Per Month

Percent (%)

Per Month

1

50%

$2,100.00

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After you fill your Emergency Fund, the remainder goes to