How many months to save $100,000 on a joint income of $130,000 per year. This budget is intended on dual income households to allow for a bigger savings target. Disclaimer: This is not financial advice and is for educational purposes only. #savings #budgeting #debtfree #wealthbymichael
Avatar of wealthbymichael

wealthbymichael

2024-04-15 17:20:48

how many months would it take to save one hundred thousand dollars if you're earning a combined total salary of one hundred thirty thousand dollars per year
and if you want to kick start your journey to financial freedom make sure to handling my profile for budgeting spreadsheets that track is an investment calculators made by me so in this scenario the first partner is earning forty dollars per hour
or a standard thirty eight hour working week this equates to one thousand five hundred twenty dollars next we factoring our taxes which will be three hundred and forty two dollars per week
this leaves us with a net weekly income of one thousand one hundred and seventy eight dollars or five thousand one hundred photos per month
next opponent two is earning roughly twenty five dollars per hour sometimes this by thirty eight this gives us one thousand twenty six hours per week and accounting for our taxes this would be one hundred and seventy one dollars this leaves us with a net weekly income of eight hundred and fifty five those or monthly income of three thousand seven hundred and five dollars so their combined monthly income is going to be eight thousand eight hundred and nine dollars
and now breaking it up using the fifty thirty twenty rule this means we allocate fifty percent towards our needs
would reverse four thousand four hundred and five dollars we then allocate thirty percent towards once you give us two thousand six hundred and forty three dollars and lastly for our savings we allocate twenty percent which would give us one thousand seven hundred sixty two dollars to figure out how long it would take us to save one hundred thousand dollars we first go to target divide by savings which in this case would give us fifty seven months or four point eight years
what savings golden income should i do next let me know in the comments