Business, 15.12.2021 14:10, yoyo1542

THE SCENARIO: Sookie's take-home pay each month is $3500. Her essential expenses each month are $2225. She's not currently contributing to any retirement accounts, but she does have a savings account at her bank. For the past four months, she's been keeping track of her spending and saving, and here are the
results:

May—spent $3200, put $300 into saving
June—spent $3450, put $50 into saving
July—spent $3475, put $25 into saving
August—spent $3250, put $250 into saving

Her 12 month goal is to save up 75% of her $12,000 emergency fund and save
enough for a big vacation with her friends (which will cost approximately $4500). Her
36 month goal is to finish getting her emergency fund to 100% and to start investing
for retirement and have at least $25,000 invested.

YOUR TASK: Write a detailed savings plan for Sookie to meet her goals. Responses
MUST include:
1. How much Sookie already has saved, and how much she can save per month total
(take home pay minus essential expenses).
2. How much more she needs to save total at both the 12 month mark and the 36
month mark.
3. A detailed savings plan for both the 12 month and 36 month goals. HINT: She
can save for multiple goals simultaneously.

THE SCENARIO: Sookie's take-home pay each month is $3500. Her essential expenses each month are $22

Answers: 1

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THE SCENARIO: Sookie's take-home pay each month is $3500. Her essential expenses each month are $222...