Hello everyone,
You have all been such a help on this board, that I thought I might share something that may help you on the means test that was just a simple math error I was making when figuring expenses.
For example, our child care costs are 150/a week and I was taking that number x4 (4 weeks in a month) to arrive at a 600 a month figure for the means test. After thinking about it, I thought that math only gets me to 48 weeks in a year and not 52. I was shorting myself 600 a year or an additional 50/month. So the correct formula should be (if you have a monthly total)
600 (a month) / 4 weeks= 150 a week
150 a week x 52 weeks= 7200 a year
7200 a year / 12 months = 650 a month (not the 600 I had originally filled in to the means test)
This will give you almost an additional 8.3% on most bills that are not based on a fixed number of payments (ie cars, homes ect..)
This may be common knowledge or how everyone calculates monthly expenses, but if you have been calculating like I was and are on the edge of passing that portion of the means test (if you are over the median income like we are) it may help.
You have all been such a help on this board, that I thought I might share something that may help you on the means test that was just a simple math error I was making when figuring expenses.
For example, our child care costs are 150/a week and I was taking that number x4 (4 weeks in a month) to arrive at a 600 a month figure for the means test. After thinking about it, I thought that math only gets me to 48 weeks in a year and not 52. I was shorting myself 600 a year or an additional 50/month. So the correct formula should be (if you have a monthly total)
600 (a month) / 4 weeks= 150 a week
150 a week x 52 weeks= 7200 a year
7200 a year / 12 months = 650 a month (not the 600 I had originally filled in to the means test)
This will give you almost an additional 8.3% on most bills that are not based on a fixed number of payments (ie cars, homes ect..)
This may be common knowledge or how everyone calculates monthly expenses, but if you have been calculating like I was and are on the edge of passing that portion of the means test (if you are over the median income like we are) it may help.
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