My Budget Personal Finance. Income Since I graduated with a 4-year degree, I earn $2,700 net pay per month.

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Presentation transcript:

My Budget Personal Finance

Income Since I graduated with a 4-year degree, I earn $2,700 net pay per month.

Income (continued) I am a librarian for a library in Chicago.

Savings I am going to save 10% of my monthly income, or $270. Total: $270

Housing I decided to rent an apartment near Chicago. It’s one bedroom, one bathroom and it costs $800 a month, utilities included. Total: $0 (Will be calculated in next slide)

Insurance/Taxes $800 rent + $10.50 insurance = $ a month. Total: $810.50

Telephone $50 prepaid unlimited from Verizon Total: $69.99

Utilities All utilities are included with my rent. Total: $0

TV/Internet I got Comcast cable and internet together for $69.99 a month. Total: $69.99

Food Bread Peanut Butter Jam Frozen Strawberries Blueberries Pineapple Ras/blackberries Frozen Green Beans Squash Corn Peas Potatoes Dried Beans Onions Green Peppers Mushrooms V8 Pasta Pasta Sauce Tea Bananas Paper Towels Rice Bagged Salad Cheerios Soy Milk Toilet Paper Lettuce Carrots Sherbert I’m budgeting $200 for food

Transportation I decided to buy a used 1996 Chevy Corsica for $695. I am going to take out a loan for it for just two years, with a monthly payment of $ Total: $32.07

Car Insurance Since I am a young driver, my car insurance will be more expensive. I bought a used car, so I will pay $100 a month. Total: $100

Gas/Maintenance Gasoline will cost $3.50, and I drive 500 miles per month. My car is bad on gas, so it gets about 30 mpg. My total gas costs will be $58.34 a month, plus $15 for maintenance and repair. Total: $73.34

School Loan I went to a four year school, so my payments are $250. Total: $250

Health Insurance I have to pay for my own insurance, because my library doesn’t love me. Total: $200

Entertainment and Leisure I’m not going to budget anything for entertainment: I prefer to spend my free time reading library books. Total: $0

Clothing I’m not picky with clothes, and I love shopping at thrift stores. For this reason my clothing costs never go over $25 a month. Total: $25

Personal Care I cut my own hair Don’t wear makeup Soaps and lotions: $8.67 Total: $8.67

Credit Card Debt My credit card debt is $150. I’m going to pay 25% of it, or $ Total: $37.50

Pocket Money I only carry $20 around with me because I am stupid and sometimes loose money. The $20 is for emergency coffee and homeless people. Total: $20

Periodic Expenses I am taking a trip to New Orleans! I’m going to be driving down and spending two whole days exploring the lovely city before driving back up. (Cost: $108.15) I found a nice hostel I can stay at for three nights for a total of $48. I’m planning $100 for food. Total: $256.15

Surplus At the end of this month, I have $2,423.2!

Reaction 1. I had to make a ton of adjustments – I probably spent more time on that than actually budgeting. 2. I had to cut back on things like my phone and vacation plans.

Reaction 3. I donated $1000 money to a local homeless shelter, because I think it’s important to improve the lives of people in my community. I’m going to start saving the rest for a vacation to Europe! 4. It was pretty realistic, but there were some things I wouldn’t buy in real life, like cable and maybe phone. This makes me more aware of how much my mom goes through to budget.