If you don't have it and something goes wrong you could end up having to pay more. Always remember to buy the insurance and pay the monthly bill. Next I had to budget how much I spend on food and calculate a rough estimate. It still didn't mean I go out to eat as mush or buy to many groceries. I decided to put $100 in food each month and stock up on bananas for breakfast. Also have bring a lunch to work with a sandwich and a snack. I would have a cooked meal at home. I would only drink water and no pop. Eating cheap and eating healthy are too different things and are hard to do. I figured I would need to buy clothes each month for my job because I did have to look professional. I decided to spend $75.00 a month for my clothing. Then I had to have expenses for my personal pleasure. If I wanted to go see a movie or go out with a friend. I would spend $50.00 for my fun. Last, I put my money into my safely net. The safety net would help me if anything happened unexpectedly. Like if my car broke down or if I broke my arm. I would spend $450 in my safely net just in case something were to happen. You wouldn't think it would happen to you, but sometimes the bad luck hits
I will live in an apartment. It costs $6,144 a year. It comes with all of the necessary
Find out how much rents are as well as how much it costs for food, utilities, entertainment, and the like. If it’ll cost more, make sure your
I got my numbers from a student job website thingy and the college that provides the dorms, both telling incomes and expenses, job being $22.00 an hour and the dorm’s semesterly rent being $720.00. I would work 4 hours daily, 4 * 22 = $88.00 daily. To meet the semesterly price I would have to work a total of 8-9 days, being able to spend the rest on food and paying off other bills like electricity.
In this summary I’m going to discuss my findings while creating my budget worksheet. I’m working on my degree in Criminal Justice and perusing a career as a Probation Officer. In 2012, the median pay for Probation Officers was $48,190 yearly and $23.17 an hour. Monthly, my gross pay would be $4,015 before taxes. After using the pay check calculator for Virginia, I found that my net pay would be around $2,990 monthly. When creating my budget worksheet I used my current bills as well as made an estimate on some bills I would possibly have in the next couple of years. If I work just one job as a Probation Officer I will have enough income to support my needs, this is without children. I have made the decision to not have any children until I’m married and no longer have to survive off of one income. I was raise by a single mother that was making about poverty level income. She did the best she could to provide me with what I needed. I just wasn’t fortunate enough to have anything extra like new shoes and clothes every year. Seeing
I found that if I were working a minimum wage job I would still be able to end up with $1,200 in my bank account after paying all of my monthly fees. Do I think this budget would be accurate? Well probably not but it could be in the range of what it would be like if I lived with a minimum wage job. With a minimum wage job I would definitely have to watch how much I am spending and cut out wants that I don't need. in order for me to be able to pay only a $600 and I would need to have a few roommates as well. I did not include the cost of furniture because the apartment I chose to live in is already furnished. With this budget I am left with $1,200 Savings in the bank. I could either save that money and put it towards a future investment like
So for this project I assumed that I would be working in Washington DC. I decided to live on the outskirts of downtown DC in Arlington, Virginia. The living wage calculator determined that in this area, housing ($14,000), medical ($2,181), transportation ($4,697), and other necessities ($2,253) would require at least a $30,745.00 income before taxes. Looking at this price, I don’t quite have enough money after taxes to live in this area for at least the first year. For the first year of working I will only make a net income of only $28,725.75. Housing alone is estimated at $14,000 a year for a single adult. So, I decided for the first 3 years I will live with a roommate to help reduce some costs. The average housing costs for two people is an average of $14,700. Divide this number by two equals about $7,350.00 a year. Multiple this by three years, I would be spending $22,050 total for 3 years worth of housing costs. So if I had a roommate I am saving about $19,950.00 over the course of 3 years. I got this savings number by calculating how much I would have been paying if I lived by myself for three years to what I would be paying if I had a roommate. A portion of this money that I save over the three years will help go towards saving for my retirement. After these three years of having a roommate, my 4th year annual net income will increase to $34,916.33. This means I can live by myself in a rented place in Arlington, Virginia plus able to save money for my
Obviously being the fact that I’m working I would help my mom with rents and since we live in the same house I would help her buy food and laundry. For rent I would give my mother $100 to help her out. Now I’m left with $244.00 laundry is usually $30 so I’m left with $214.00. My mom tends to buy food at wholesale stores like B.J’s and ends up spending $150 but the food tends to last us for the whole month. In order to make it fair we would split the costs down the middle in half. I would pay $75 for food. Leaving me with $139.00. However since I would want to plan ahead I would place an extra $10 away each month to make it possible for me to have money saved for a rainy day. Leaving me with $129.00 for the rest of the month in order to go out when I have the time. The money left over will allow for me to buy lunch from outside or to hang out with my
Find out how much you might be able to spend each month and get an estimation for the length of time your savings should last.
Budgeting can be very difficult, nevertheless for college students, so I will be explaining how to budget in college by making smart decisions. A college education is probably one of the most expensive purchases a young adult will most likely ever purchase in their lifetime. College can be very expensive as a consequence tuition can range anywhere from 10,000 to 70,000 a year. Nearly all college students pay for college by a college fund, scholarship/grants, out of their own or parent's pocket or borrowed money. Despite the fact some of those payments aren’t directly coming from the student it is more than likely that they still don’t have a stable income to provide themselves with basic necessities. Most colleges don’t provide students with basic necessities which means they acquire to go out and obtain everything needed as far as food, supplies, books, also toiletries. The average college student spends anywhere from $200-$700 a month on just the articles they need. While on articles they want they spend anywhere from $20-$200. More than likely that most college students don’t work, notwithstanding first-year students and athletes, which is a large population of the school anyway. Today most students aren’t obtaining a stable cash flow and even the ones who are from allowances or a job tend to still most likely struggle with budgeting. Budgeting can be a very difficult task even for adults or people making a substantial amount of money, but it’s not impossible if
This is just a budget for someone who pays mortgage. I would say that a family of 4 could maintain this budget if both heads of the household had steady jobs that pay well and equaled to the combined amount of $80 an hour. Realistically no one on minimum wage could maintain this budget and would have to cut corners on certain cost. A lot of low-income families in America still must cut corners because the price of living keeps going up. Even with the assistance from the government they still struggle to pay for major medical expenses.
For a project that I was assigned as a part of my computer applications class, I was asked to create a personal budget. With this, I was provided with an array of variables and had to find the best possible home and car for my career choice. We weren’t able to just pick any old house however. The house had to be priced at a minimum of $200,000 USD and the car had to be a new car made in the last 3 years. Some of the factors that affected my choices were monthly expenses for items such as food and other basic living costs.
As a general rule, housing expenses should not account for more than 35 percent of monthly income. This includes the housing payment, insurances, taxes, utilities, maintenance, etc. Many times, money is not set aside for repairs or fluctuations in utility expenses. Transportation costs should account for less than 15 percent of monthly expenses. Keeping food expenditures to 15 percent leaves 20 percent for medical expenses, 5 percent for debt payments (loans, credit cards, etc), and 10 percent for entertainment, giving, and so forth.
I want to have a little more because women are expensive and I like nice stuff, so having extra money will be a good comfort. For my estimated retirement expenses I have assumed that by 58 I will have found the right female that meets my qualification for wife material, hence my costs are for two people. Food costs are roughly going to be 7,200 because for the majority of these expenses I am planning for me and wife. I see my health insurance fees to be 2,400 yearly or 200 monthly then to increase when I am 74 to 3000 a year or 250 a month. I imagine my insurance deductible may go up as well so I am planning for that to increase from 1000 to 1500 when I turn 74 as well. I am using the age 74 because in my family it seems to be the stage when life tends to take a turn for the worse. For my house water bill I am planning for 150 monthly/1800 yearly, power 130 monthly/1,560 yearly, transportation 600 monthly/7200 yearly, gas 400 monthly/4,800 yearly, recreation 125 monthly/1,500 yearly, communication 200 monthly/2400 yearly, apparel 275 monthly/3,300 yearly, electronic equipment 125 monthly/1,500 yearly, sewer/trash 50 monthly/600 yearly, world traveling 333.33 monthly/4,000 yearly, and property taxes 75 monthly/900 yearly. I hope to keep my expenses down by paying my house off before I get into retirement. That is why I don’t have a calculated house payment in my retirement 30 year expense estimate. I also plan to own my own
As far as medical expenses go I have budgeted a total of $700 in recurring costs for the year. I will remain on my parents heath insurance for the next five years until I am 26 years old so I do not need to pay that cost. The $700 is for co-pays and any medication I will need over the course of the year. This will also cover my annual order or new contacts and the possibility that I need new glasses.