I mentioned before, it is not uncommon for me to hear 'I want to major in __________ and need to make at least $80,000 a year'. When I ask where that number comes from, I often hear 'it seems like a good amount'. For this assignment, we are going to do away with the 'I don't knows' of your personal budget. This assignment is meant for you to outline what you pay (or would like to pay) each month for your bills.
By completing this outline, you can get a better idea of what you will need to make each month to support the lifestyle you'd like. By multiplying your monthly budget by 12, you will know approximately what salary amount you would search for when looking at jobs you'd like to apply to.
Open the attachment to find a template for a monthly budget plan. Complete the empty column to include your personal budget/planned budget and submit the document for your grade. Keep in mind, that the numbers are of little consequence to me, so please don't feel like I'm reviewing your actual numbers. This is meant to guide you, not for me to review your budget.
As an aside, you don't want to forget that each month you will pay taxes on what you earn. I've linked to a great resource so that you'll know what federal taxes you'd currently pay on taxable wages, so if you haven't done so already, please go back and review the link provided. Additionally, if you live in another state, you may also pay state taxes! If you want to live in another state, I encourage you to google the current State taxes.Monthly rent/mortgage:
If you don't currently pay this bill, see the comment section. $1,200 If you're unsure of your dream home cost, try doing a quick search in the area you'd like to live. Realtor.com has a tool that will show you your monthly payment on homes.
Monthly cell phone payments: $100 Remember, for those of you who plan to have children or who have others on your phone plan, this bill is likely to increase as you add more people to your plan!
Monthly car payment: $588 Unsure of your dream car (or any car's) cost? Look up your dream car online at a dealership to find the cost. Just a heads up that dealership fees, tax, tag and title, and all that jazz can cost an additional $5,000 - $6,000 on top of the listed price! If you're looking for a more affordable option, search Facebook Market Place and other used-car options for ideas on pricing.
Monthly car insurance: $140 Unsure of what insurance may run you? You can put your dream car's information into a site such as All State or Geico for ideas. FYI: financed cars require more insurance than cars that aren't financed!
Monthly Utility payments:
(Lights, water, garbage): $160
Monthly cable/internet/streaming services: $150
Monthly gas (one car): $200
Monthly food (single person): $400 Adjust for family costs/eating out
Monthly entertainment: $300 Movies, travel, sporting events, etc.
Monthly clothing/shoes(single): $200 Adjust for family
Monthly gym membership: $15
Monthly life Insurance: $100
Monthly student loan repayment: $500
Total monthly expenses: $4,053
Examples of a Budget that includes paying back credit card debt!
I highly recommend not getting credit cards until you can pay them off each month! If you already have credit card debt, consider opening an account with a special 0% APR for 12 or 18 months on transfer balances as a way to pay off credit debt!
Credit card #1: $300
Credit card #2: $90
Credit card #3: $80
Total monthly expenses + credit card debt: $4,523
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