Personal Budget Exercise
The purpose of this exercise is to demonstrate the ‘real world’ costs of living independently in the United States. This will serve as a guide and motivation in career choice for teenagers. It is suggested that a combination of Internet ‘average’ research as well as parents’ real monthly costs be used as a guide for most parts of the exercise. (PDF Format)
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Monthly |
Monthly Cum. |
Transportation |
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Type Car: TOTAL COST w/tax: |
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Loan payment on 4 year loan on above |
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Insurance cost monthly |
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Yearly fees, inspections, service estimate |
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Gas cost (avg miles per month X fuel cost): |
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Housing |
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Apartment cost (newspaper) |
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Electricity/water/sewer |
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Telephone |
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Cable, Internet service, other? |
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Personal property content insurance |
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Furniture (this is not included but is a factor) |
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Personal Expenses |
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Health insurance |
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Groceries (make menu separately, price & average) |
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Food at work cost |
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Clothes |
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Extra/wants are not included: estimate |
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Income Taxes and SSN* (not included...deducted from salary) |
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Subtotal |
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Additions |
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GRAND TOTAL |
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INCOME |
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Monthly needed based on above |
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40 hours week at $ Per hour *vary to get ‘needed’ |
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State/Fed income tax deduction % |
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Social Security deduction % |
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Actual hourly income |
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What hourly/daily income is needed to meet your minimum expenses?
What jobs would meet this that you can qualify for?
What is the average income of college graduates right now?