For today’s kickoff, you will begin to plan for your independent financial future. You’ll make a plan for a monthly budget.
<Copy and paste the template below, fill in the blanks, and calculate your expenses and monthly budget items.>
For my career, I chose ____________________.
My expected salary is $_________ per year.
(Use Google or salary.com to find this. Use the low end of the salary range you find.)
25% of my annual salary is subtracted for taxes. The total of taxes = $__________.
Subtract your taxes from your annual salary = $___________.
Divide this number by 12 – My monthly take-home pay will be $____________.
My monthly budget consists of:
(You will change these based on your lifestyle/circumstances.)
Rent or Mortgage* = $745 (1BR) – $1300 (3BR) $_________
Electricity = $30-75 $_________
Water Bill= $40-80 $_________
Internet/Cable Bill= $110 $_________
Cell phone = $60-$120 $_________
*if you have a mortgage you’ll have to pay insurance and property taxes (3% or purchase price) $_________
Grocery Cost= $150-400 $_________
Car payment= $250 ($15K car) – $600 ($60K) $_________
Car Insurance= $100-150 $_________
Gas/Car Repairs = $50-120 $_________
Entertainment= $100-300 $_________
Health Insurance= $50-150 $_________
Student Loans = $200-$1200 (depends on tuition/length of education)
Total of expenses = $________
=$________ left each month.
1. What did you learn from doing this monthly budget?
2. What expenses can you eliminate or reduce to save money?
3. What are some other expenses that could come up in the future?