<prompt> Human: Hey guys so as I stated in my title I have taken a serious look at what Ive been doing these last four months and have tried to apply some math to my numbers in order to give me a percentage in which Ive managed to save.I have a few questions Im going to rattle off in point form and would really appreciate having them answered because, as of now, they seem to be giving me a bit of stress as this topic is so unknown to me.1. I recently took upon a new job and over the course of 4 months May. 10 - September 10 Ive made 7399.49 net pay. Of that 6899.49 I have managed to hold onto 2465.94 of it in savings to this moment. My minimum monthly expenses are 350 for Rent and my Phone bill combined. This means that I have spent 1750 on mandatory expenses over the course of these 4 months, spent 3183.5 on leisurely items, and saved the 2465.94. I would like to know if this ratio is idealistic in any means or if I should focus on cutting down my spending. I apologize if Im not accounting for something else in my math and have missed something as well. There is also another factor that will get added in after a couple more days which is the tip money Ive accumulated thus far over the summer. My place of work has withheld tips spanning from June 15 - September 15 and so all of that money Im receiving will be added into my Net Pay and Savings as tax free money.2. I have a dumb question that I cannot answer for myself no matter how many times I read about it. My pay stub lists Vacation Pay as one of my forms of Payment. What is the concept of Vacation Pay? ELI5 Please3. My taxes I assume CPP, EI, and Income Tax take a huge chunk out of my overall income. Please excuse my ignorance on the matter. Ive done some researching on the topic, but can never understand the complexity the language of banking entitles. I have an incredibly hard time understanding things written in plain English and could find no answer to my question, What is the refund percentage on this taxes if there is any?All in all I really just want to know whether or not my expenses are extreme and Im spending too much on leisure. If anyone has any other forms of advice they can give me on any matter that isnt a part of my problem Im all ears because I would really like to learn about the banking world and what Im getting myself into. I want to know how to properly manage my money and feel confident with my earnings as well as my spendings. Thank you for your time reading this and I appreciate any response given to me.  <response>: I recently took upon a new job and over the course of 4 months May. 10 - September 10 Ive made 7399.49 net pay. Of that 6899.49 I have managed to hold onto 2465.94 of it in savings to this moment.Youre missing 500 of your net pay. Where did it go?This means that I have spent 1750 on mandatory expenses over the course of these 4 monthsCheck your math. 350 4 months is 1400, not 1750. Did you mean five months?spent 3183.5 on leisurely itemsThis, Id say, is A Problemtm. 3200 rounding, yay over 4 or 5 months is between 640-800 a month on what you term leisurely items. This is an unsustainable rate unless youre loaded. Definitely focus on bringing your spending down.My place of work has withheld tips spanning from June 15 - September 15 and so all of that money Im receiving will be added into my Net Pay and Savings as tax free moneyIm...not sure tips are tax-free; Ive never worked in a tipping kind of field, so if some smarter person can come along behind me and clear that up, Id appreciate it.My pay stub lists Vacation Pay as one of my forms of Payment. What is the concept of Vacation Pay? ELI5 PleaseSo, when you take paid time off vacation from your job, you still get paid for those hours; it just gets chalked up as different from your regular earnings so the people in HR and Accounting dont lose their minds. Its nothing to worry about; your paycheck wont be affected.What is the refund percentage on this taxes if there is any?Assumption: youre in the US. Your employer withholds taxes for you and sends them to the IRS. At the beginning of the calendar year, your employer will send you whats called a W2, which lists your income. Youll take that form and either take it to a tax preparer or use preparation software to determine, based on how much you made and how much tax you already paid, whether and how much you are owed or owe. 