Budget Unit Personal Finance Coach Guttmann

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Presentation transcript:

Budget Unit Personal Finance Coach Guttmann Life Game Activity Budget Unit Personal Finance Coach Guttmann

Your Job High School Graduate Associates Degree (2 year) $880.00/month ($5.50/hour) Associates Degree (2 year) $1440.00/month ($9.00/hour) Bachelor’s Degree (4 year) $2000.00/month ($12.00/hour) Ph. D. $4000.00/month ($25.00/hour)

Taxes, Taxes, Taxes Deduct the following monthly for each job: High School Grad = -$246.00/month Associates Degree = -$403.00/month Bachelors Degree = -$560.00/month Ph. D. = -$1120.00/month

Net Income To figure your “Net Income” (take home pay) Gross Income - Taxes = Net Income Calculate your Net Income and write down

Rent Where are you going to live? Place Thrifty Expensive Efficiency (1 room) $300 $600 1 Bedroom $350 $750 2 Bedroom $450 $1200 2 Story Condo $500 $1400 Live with Parents $100 $200 (help with expenses)

Utilities Living alone Efficiency / 1 Bedroom $100/month 2 Bedroom / Condo $150/month

Car - Transportation Car Mo. Payment Maint./Gas Sweet (BMW) $976 (War) +$100 Nice (Infinity) $732 (War) +$100 Good (Mustang) $610 (War) +$100 OK (Chevy) $488 (War) +$100 Decent (Honda) $366 (War) +$100 Basic (Toyota) $244 (War) +$100 Used $122 + $60 +$100

Auto Insurance Must have (legal requirement) If living at home and you drive their car $166.67/month (on parent’s policy) If you have your own car $333.33/month

Health Insurance (Optional) If you are going to have health insurance: High School grad & Associates Degree NO partial benefits $100.00/month Bachelors Degree & Ph. D. Partial Benefits $40.00/month

Phone/Cable (Optional) Home Phone (with Long Distance) +$35.00 Cell Phone +$50.00 Cable Basic +$40.00 Premium +$60.00 Pay-per-view +$90.00

Food Eating at home (all meals/month) Eating out Eat well $300 Eat moderately $200 Eat thrifty $150 Eating out Dinners + $30 (alone) each Lunch + $10 Breakfast +$5

“Extra” Expenses Clothes Entertainment Vacation Stylin’ +$200/month Looking sharp +$100 Bargain Basement +$20 Entertainment Per “night out” +$50 Vacation From “Road Trip” ($50/month) – “B&B” ($500/mo.)

And the total is… Now, total your expenses Subtract your “Total Expenses” from your “Net Income” to get your “Total Cash Flow” How many had money left over at the end of the month??? How many thought about “Paying Yourself First”?