Shaykh Shadee Elmasry explains:

– Zakat on savings applies
– Need to reach the nisab
– The minimum threshold
– Two nisabs: the gold & silver
– Nisab untouched for full lunar year
– Calculate total to determine eligibility
– Calculate monthly debts/expenses.
– Subtract debts/expenses from total.
– Then divide remainder by 40.
– Finally, pay Zakat.