Welcome to the real world!! All of a sudden you are 22 years old and entering the workforce. It's time to get your own house, buy a car, and STOP BEING DEPENDENT ON YOUR PARENTS! This is a big step in your life, and I know you're excited, but slow down!! If you don't budget before you buy, you'll end up back at your parent's house in no time!
As you go through you budget plan, use your worksheet to write down the anwsers.
You finally got your first job!
1. Go to the OOH website to find a job you are interested in. Do not simply pick one that you know pays well. Really choose careers can see yourself in, or are curious about.
2. Figure out how much you make a year. Remember, you are at the bottom of the pay scale since you just started! _____________
3. Divide that number by 12. This is what you make monthly. ____________
4. Because of taxes, Uncle Sam gets about 30% of your salary. What is 30% of your salary? _____________
5. How much is left for you? _______________
It may seem like you have pleanty of money left over, but we haven't calculated bills yet!!
6. Complete the chart to see how much you pay per month in bills.
Utilities 10% of income =
Phone 8% of income =
Food 15% of income =
Cable 8% of income =
Insurance (car) 12% of income =
Health Insurance 15% of income =
7. What is your total in monthly bills? _____________
8. How much is left over after taxes and bills? _________________
This is what you can use for a car and house.
Search the following websites to find a vehicle you can afford:
http://www.kbb.com
9. How much is your car? Per month? _____________
Search the following website to find a home.
http://www.realtor.com/Default.asp?poe=realtor
10. How much is your house? Per month? ______________
11. How much of your monthly salary do you have left after taxes, bills, house and car? _______________
12. Think of all the extra things you do every month (haircuts, clothes, movies, dinner, fun, etc). List them below, along with how much you think you spend monthly doing this.
_____________________ _______________________
_____________________ ________________________
______________________ ________________________
_____________________ ________________________
_____________________ _________________________
13. What is the total of all these "fun" things? _____________
14. Now, how much is left every month for you to put into a savings account?
15. How long will it take you to save $5,000? $15,000? $25,000? __________
Now, go back and do the same budgeting with a different job!!