Day SixDay Six

Money Tracking reminderMoney Tracking reminder ““Real-world” expensesReal-world” expensesList expenses (word document)List expenses (word document) ““Life” budget Life” budget Budget for your “grown-up” lifeBudget for your “grown-up” life

““Life” Expenses Life” Expenses CarCar Food Food Car InsuranceCar Insurance Gas moneyGas money RentRent Electricity billElectricity bill Water billWater bill HeatHeat CableCable Cell phoneCell phone Toiletries (Sundries)Toiletries (Sundries) Student loan paymentStudent loan payment Credit card billCredit card bill InternetInternet LaundryLaundry GarbageGarbage SavingsSavings

““Life” BudgetLife” Budget

www.paycheckcity.com/copaycycle/netpaycalculator.aspwww.paycheckcity.com/copaycycle/netpaycalculator.asp

Salaries:Salaries: www.career.vt.edu/JOBSEARC/Salaries/NACESaleryChartsCompare.htmwww.career.vt.edu/JOBSEARC/Salaries/NACESaleryChartsCompare.htm www.engineersalary.com/entry.aspwww.engineersalary.com/entry.asp http://Careerplanning.about.com/od/exploringoccupations/tp/http://Careerplanning.about.com/od/exploringoccupations/tp/

hi_growth_bach.htmhi_growth_bach.htm www.princetonreview.com/grad/research/articles/decide/return.aspwww.princetonreview.com/grad/research/articles/decide/return.asp

BudgetBudget

1. Choose a career.1. Choose a career. This should be something you are This should be something you are

considering as a future profession—considering as a future profession—rockstar and/or professional athlete (and rockstar and/or professional athlete (and others along the same lines) are others along the same lines) are unrealistic and won’t be accepted.unrealistic and won’t be accepted.

BudgetBudget

2. Find your career’s starting salary.2. Find your career’s starting salary. There are several websites that can assist There are several websites that can assist

you in this process.you in this process. This must be realistic. This must be realistic. If you are planning on moving out-of-state, If you are planning on moving out-of-state,

be sure to research the average starting be sure to research the average starting salaries for your profession salaries for your profession in that statein that state! !

*Remember, I have read your goals and *Remember, I have read your goals and plans for your futures…plans for your futures…

BudgetBudget

3.3. Create a template that will include Create a template that will include your monthly expenses, take-home-your monthly expenses, take-home-pay, a career choice, and your pay, a career choice, and your career’s starting salary.career’s starting salary.

All information you obtain (via the web or other All information you obtain (via the web or other sources) MUST BE DOCUMENTED (and sources) MUST BE DOCUMENTED (and cited).cited).

You will need to include all expenses You will need to include all expenses that we come up with as a class—that we come up with as a class—UNLESS—you can justify (in writing) UNLESS—you can justify (in writing) why you aren’t including a certain why you aren’t including a certain expense.expense.

BudgetBudget3.3. Create a template that will include your Create a template that will include your

monthly expenses, take-home-pay (use monthly expenses, take-home-pay (use www.paycheckcity.com/copaycycle/netpaycwww.paycheckcity.com/copaycycle/netpaycalculator.aspalculator.asp to come up with your take-home pay before to come up with your take-home pay before OR taxes), and career choice. OR taxes), and career choice.

You will need to include all expenses that You will need to include all expenses that we come up with as a class—UNLESS—we come up with as a class—UNLESS—you can justify (in writing) why you aren’t you can justify (in writing) why you aren’t including a certain expense. including a certain expense.

This includes taxes taken out of your This includes taxes taken out of your paycheck, etc.paycheck, etc.

BudgetBudget4. Use your information to articulate how much money 4. Use your information to articulate how much money

you now have after you have paid all necessities.you now have after you have paid all necessities. How much a month can you allot for personal How much a month can you allot for personal

spending? spending? Grooming, clothing, accessories for home/vehicle, “mad-Grooming, clothing, accessories for home/vehicle, “mad-

money.”money.” How much a month can you allot for social How much a month can you allot for social

spending? spending? Movies, concerts, hanging-out, clubbing, dates, etc.Movies, concerts, hanging-out, clubbing, dates, etc.

How much can you afford to stash away for an How much can you afford to stash away for an “emergency fund?”“emergency fund?”

Investments? Investments? FAMILY?!?!?FAMILY?!?!?

Minimum Wage?Minimum Wage?

How can someone survive on minimum How can someone survive on minimum wage???wage???