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What are you saving for?
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0.Savings Goal:
Initial Savings:
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$5,000.00
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1.Income Per Hour:
Total Estimated gross monthly wage:
Salary to Hourly-
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$7.25$870.00
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Monthly Salary:Per hour Wage
Weekly Hours
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Hours per week:
Tax Rate (FICA, social security, medicare, state income)
$0.0040
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3022.65%
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Yearly Salary:Per hour Wage
Weekly Hours
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$50,000.00$25.0040
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2.11.00%
Federal income tax
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6.20%
Social Security Tax
Instructions:
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1.45%
Medicare
0.
Set your savings Goal
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4.00%
State income tax (estimated)
What are you saving for?
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How much is it?
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3.
Weeks per month:
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41.
Put your hourly income into the “Income per hour” box, and how many hour a week you work into the “Hours per week” box
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If you are on Salary, use the Salary to Hourly converter, and put 40 hours
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Estimated Net Monthly Wage:
If you work on commission or similar, put your average monthly or yearly wage in as a salary, and use that number.
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$672.95
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2.
Look up your state income tax (we recommend the IRS website).
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Monthly Expenses:
Budget left over:
Input the correct percentage for the tax. The 4% is an estimate, and your state may be higher or lower.
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$10.00$662.95
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3.
Put in how many weeks per month that you work. An average month is 4.3 weeks.
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Monthly savings:
For budgeting, I like to use a 4 week month, which gives me an extra pay check every so often, and I don’t under budget.
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$10.00
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4.
Put the numbers into your budget categories.
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How much time saving until you can afford it?
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Months500.00
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Bi-weeks250.00
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Budget Categories:
Weeks125.00
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Savings:
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$10.00
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Food
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Shelter
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Utilities
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Vehicle costs
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Fuel
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Luxuries
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Debt Payments
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Medical costs
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Other category 1
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Other category 2
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Other category 3
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Other category 4
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Other category 5
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Other category 6
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Other category 7
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