Can everyone spend less than they earn Can you Do you think it would be possible for you to save 10 percent of your income What are some examples of expenses you might be able to eliminate?

Can everyone spend less than they earn Can you Do you think it would be possible for you to save 10 percent of your income What are some examples of expenses you might be able to eliminate?
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In theory, yes everyone can and should do this. In reality though, a person's situation is going to dictate how much they can reasonably save. For example a single mother of two that makes $300 a week is going to have a much more difficult time setting aside a 10% savings than would a bachelor earning $1000 a week. So a person's overall income and responsibilities are going to be the biggest factor, unfortunately we live in a society where it isn't feasible for everyone to do this. As for eliminating expenses, creating a monthly budget and itemizing your expenses is the best means of determining what you can live without. This allows you to see every item and more importantly your spending habits. From there you can really ask yourself, do I really need to spend my money on this or can I live without it? Or, is there some cheaper alternative that I can put my money towards to eliminate this other expense? If you can't put away a whole 10%, then just save as much as you feel that you can. An important part of this is having the money separate from your regular savings account so that you cannot touch it, ideally in an investment/retirement account. Another important part is setting up the savings to be automatically deducted from your salary when possible. If you aren't used to seeing the money upfront on payday, you can never miss having it not saved elsewhere.
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Related questions

The monthly income of M and N is in the ratio 5:3 and their expenses in the ratio 4:2. Both of them save Rs. 12000 each. Find the monthly income of M A) 68000 B) 72000 C) 60000 D) 64000

Description : The monthly income of M and N is in the ratio 5:3 and their expenses in the ratio 4:2. Both of them save Rs. 12000 each. Find the monthly income of M A) 68000 B) 72000 C) 60000 D) 64000

Last Answer : Answer: C)  Income ratio of M=5x  Income ratio of N=3x  Savings of M=12000  Savings of N=12000  Expense of M=5x-12000  Expense of N =3x-12000  Expense order in ration 4:2  5x-12000:3x-12000=4:2  X=12000  M’s income =5x=5*12000  =60000

Monica's average expenses for 4 days is Rs 6.0. She spent Rs 7.70 on first day, Rs 6.30 on second day. If she spent 10 on third day , How much did she spend on the 4th day? (a) Rs 2 (b) Rs 3 (c) Rs 4 (d) Rs 0

Description : Monica's average expenses for 4 days is Rs 6.0. She spent Rs 7.70 on first day, Rs 6.30 on second day. If she spent 10 on third day , How much did she spend on the 4th day? (a) Rs 2 (b) Rs 3 (c) Rs 4 (d) Rs 0 

Last Answer : Rs 0 Hint : Required Amount = 24 - ( 7.70 + 6.30 + 10)

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Description : Is Visa Business Halal ? I live abroad. I arrange for people from Bangladesh to get a visa to Germany , there is no fee from them , but will my income be halal? I will gain very little after all the expenses. I will be very helpful if you answer the question. Thanks.

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Description : can you file income tax based on social security income vs expenses?

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Last Answer : Answer: Rs. 13,200

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Description : Few items of P/L A/c of a company are– Sales – Rs.1,60,000 Closing stock – Rs.38,000 Non-operating Expenses – Rs.800 Non-operating Income – Rs.4,800 Net Profit – Rs.28,000 What is the Operating Profit Ratio ? (A) 18% (B) 20% (C) 15% (D) 57%

Last Answer : Answer: 15%

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Description : Which of the following is not a true statement about a multiple-step income statement? a. Operating expenses are often classified as selling and administrative expenses. b. There may be a section for nonoperating ... be a section for operating assets. d. There is a section for cost of goods sold.

Last Answer : c. There may be a section for operating assets.

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Description : Indicate which one of the following would appear on the income statement of both a merchandising company and a service company. a. Gross profit b. Operating expenses c. Sales revenues d. Cost of goods sold

Last Answer : b. Operating expenses

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Description : . Income from operations will always result if a. the cost of goods sold exceeds operating expenses. b. revenues exceed cost of goods sold. c. revenues exceed operating expenses. d. gross profit exceeds operating expenses.

Last Answer : b. revenues exceed cost of goods sold.

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Description : With respect to the income statement, a. contra-revenue accounts do not appear on the income statement. b. sales discounts increase the amount of sales. c. contra-revenue accounts increase the amount of operating expenses. d. sales discounts are included in the calculation of gross profit.

Last Answer : d. sales discounts are included in the calculation of gross profit.

Which of the following expressions is incorrect? a. Gross profit – operating expenses = operating income b. Sales – cost of goods sold – operating expenses = operating income c. Operating income + operating expenses = gross profit d. Operating expenses – cost of goods sold = gross profit

Description : Which of the following expressions is incorrect? a. Gross profit – operating expenses = operating income b. Sales – cost of goods sold – operating expenses = operating income c. Operating income + operating expenses = gross profit d. Operating expenses – cost of goods sold = gross profit

Last Answer : d. Operating expenses – cost of goods sold = gross profit

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Description : aAfter gross profit is calculated, operating expenses are deducted to determine a. gross margin. b. operating income. c. gross profit on sales. d. net margin.

Last Answer : b. operating income.

ncome Summary has a credit balance of $12,000 in J. Sawyer Co. after closing revenues and expenses. The entry to close Income Summary is a. credit Income Summary $12,000, debit Retained Earnings $12,000. b. credit Income Summary $12,000, debit Dividends $12,000. c. debit Income Summary $12,000, credit Dividends $12,000. d. debit Income Summary $12,000, credit Retained Earnings $12,000.

Description : ncome Summary has a credit balance of $12,000 in J. Sawyer Co. after closing revenues and expenses. The entry to close Income Summary is a. credit Income Summary $12,000, debit Retained Earnings ... 000, credit Dividends $12,000. d. debit Income Summary $12,000, credit Retained Earnings $12,000.

Last Answer : d. debit Income Summary $12,000, credit Retained Earnings $12,000.

Which of the following is a true statement about closing the books of a corporation? a. Expenses are closed to the Expense Summary account. b. Only revenues are closed to the Income Summary account. c. Revenues and expenses are closed to the Income Summary account. d. Revenues, expenses, and the dividends account are closed to the Income Summary account.

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Last Answer : c. Revenues and expenses are closed to the Income Summary account.

If Income Summary has a credit balance after revenues and expenses have been closed into it, the closing entry for Income Summary will include a a. debit to the retained earnings account. b. debit to the owner’s dividends account. c. credit to the retained earnings account. d. credit to the owner’s dividends account.

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Last Answer : c. credit to the retained earnings account.

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Description : Each of the following accounts is closed to Income Summary except a. Expenses. b. Dividends. c. Revenues. d. All of these are closed to Income Summary.

Last Answer : b. Dividends.

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Description : Under ------------------------ each item of expenses taken as a percentage on net sales a) Comparative income statement b) Comparative balance sheet c) Common size Balance sheet d) Common size Income Statement

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Supriya invests 35% of her monthly salary in insurance policies. She spends 45% of her monthly salary in shopping and on household expenses. She saves the remaining amount of `25,750. What is Supriya's monthly income? a) 128750 b) 160050 c) 205200 d) 263400 e) 391800

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Last Answer : Answer: A  Percentage savings of Supriya = 100 – (35 + 45)  = 20%  Let her monthly income be x  x X 20 /100 = 25750  x = 25750 × 100/20  x = 128750

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Description : What does man love more than life, Fear more than death or mortal strife, What the poor have, the rich require, And what contented men desire, What misers spend, and spendthrifts save, And all men carry to the grave? -Riddles

Last Answer : Nothing.

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Description : What does man love more than life? Fear more than death or mortal strife? What do the poor have, what the rich require, And what contented men desire? What does the miser spend, the spendthrift save, And all men carry to their graves? -Riddles

Last Answer : Nothing.