9 monetary numbers you need to know | personal finances

9 monetary numbers you need to know |  personal finances

Your after-tax income also is the basis for the 50/30/20 budget, a spending plan that helps you balance current expenses, debt payments and savings. That budget suggests limiting your essential or must-have expenses — shelter, utilities, transportation, food, insurance, minimum loan payments and child care needed to work — to 50% of after-tax income. Wants, such as vacations and dining out, make up 30%. That leaves 20% for savings and extra debt payments. Divide your after-tax income by the number of hours you worked to earn it. That gives you a rough idea of how much time you’re trading when you buy something. For example, if you make $20 an hour after tax and something costs $100, you have to work five hours to afford it. Knowing that figure can help you make more conscious money decisions. Source greensboro.com

After-tax income and ‘must-have’ expenses Similarly, you need to know certain numbers to monitor your own financial health, including:

Your after-tax income is your gross income minus the taxes you pay (federal, state and local income taxes, plus Social Security and Medicare taxes). If you get a steady paycheck, you can use your latest pay stub to calculate this figure. Otherwise, check your most recent tax return. Your doctor needs to know certain numbers to judge your physical health, such as your weight, your blood pressure and your cholesterol levels.

The News Highlights

  • 9 monetary numbers you need to know | personal finances
  • Check the latest News news updates and information about business, finance and more.
Disclaimer: If you need to edit or update this news from compsmag then kindly contact us Learn more

For Latest News Follow us on Google News


Latest Headlines
  • Show all
  • Trending News
  • Popular By week
How Trump’s children are still costing taxpayers money

How Trump’s children are still costing taxpayers money

US Secret Service agents spent $52,296.75 (£37,584) on travel and $88,678.39 (£63,731) on accommodation for escorting the Trumps on foreign and domestic trips ...
XTM Archive Audited End-of-Year Financial Statements 2020

XTM Archive Audited End-of-Year Financial Statements 2020

This news release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws (the ...
Bacardi distribution moving to NorthPoint Industrial Park |  Jax Daily Record |  Jacksonville Daily Record

Bacardi distribution moving to NorthPoint Industrial Park | Jax Daily Record | Jacksonville Daily Record

Bacardi’s many rum flavors include pineapple. It bottles Bacardi rum-branded products and employs more than 200 people.  Bacardi USA, the sister distribution ...
Tony Hawk’s Pro Skater 1 + 2 Nintendo Switch price and release date revealed

Tony Hawk’s Pro Skater 1 + 2 Nintendo Switch price and release date revealed

It’s unlikely there’ll be any special editions of this game available for Nintendo Switch in the way there were special editions for other platforms. ...
Help prepare young Texans for financial independence

Help prepare young Texans for financial independence

Financial literacy can help ease student loan debt I had to teach myself to become financially literate. If personal finance is taught in school, young people ...
Asus R515DA-BQ678T, 15 ″ Silver AMD Versatile Lightweight Slim Fast Fast PC

Asus R515DA-BQ678T, 15 ″ Silver AMD Versatile Lightweight Slim Fast Fast PC

Screen (s) 15.6 ” Full HD IPS LED 45% NTSC 250 cd / m² (1920 x 1080, anti-glare) Processor AMD Ryzen 5 3500U Picasso (2.1 GHz, 4 cores, TDP 15 W) RAM ...
Shareholders of Experience Investment Corp.  Approve  News Combination with Blade Urban Air Mobility

Shareholders of Experience Investment Corp. Approve News Combination with Blade Urban Air Mobility

KSL Capital Partners, LLC is a private equity firm specializing in premier travel and leisure enterprises in five primary sectors: hospitality, recreation, ...
Xbox Breath of the Wild 2 is expected to be released last year

Xbox Breath of the Wild 2 is expected to be released last year

Source Rebekah Valentine is a news reporter for IGN. You can find her on Twitter @duckvalentine. Ultimately, all of this is just internal speculation based ...
Minnesota business owners in the hospitality and tourism industry prepare to recover this summer

Minnesota business owners in the hospitality and tourism industry prepare to recover this summer

“For a small business like me that’s a considerable amount,” said Miller, Owner of The Covington Inn.  A hit Liz Miller is all too familiar with after ending ...
Show next
Compsmag - Latest News from tech, business and health
Logo