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Elizabeth (25 years old) studied music education in college and graduated a year ago. She currently works as a music teacher at a year-round private middle school. Her gross pay is $28800 a year, or $2400 a month. After taxes, health insurance, and other paycheck deductions, her net pay is $24600 a year. Based on recommended guidelines, how much money should Elizabeth be saving each month

Answer :

Parraingo

Based on her gross pay, the amount that Elizabeth should be saving each month is $288.

Recommended savings rate

It is recommended that one saves at least 12% of their gross salary each month to allow them cater for emergencies.

Elizabeth savings per month

Her savings would therefore be:

= Gross monthly pay x 12%

= 2,400 x 12%

= $288

In conclusion, she should save $288.

Find out more on savings at https://brainly.com/question/10473550.

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