My Budget Shaphan Thomas. My First Budget Salary$2,708 FICA-167.9 Medicare-39.27 Federal Income-169.12 State Tax-97 Net Income$2,235 Housing-975 Food-600.

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Presentation transcript:

My Budget Shaphan Thomas

My First Budget Salary$2,708 FICA Medicare Federal Income State Tax-97 Net Income$2,235 Housing-975 Food-600 Car-250 Gas-200 EWEB-150 Entertainment-50 Left Over$10

Even though the starting wage appeared to be very good for this job, I realized that there are many more expenses than I was expecting, and I think that after doing this I might need to readjust some things, such as housing because I don’t have very much money left over in the end, and I fear that could be bad for the future.

My New Budget Salary$2,708 FICA Medicare Federal Income State Tax-97 Net Income$2,235 Housing-675 Food-600 Car-250 Gas-200 EWEB-150 Entertainment-50 Left Over$310

I changed my budget and decided to move out of a house and into an apartment which would save me about $300 a month, and I decided to put that into a savings account.

My Conclusions  As different challenges came my way such as car trouble, and traffic violations I was able to sustain my family because of the money I decided to put into savings.  I also realized that even though this appeared to be a really good job, at the beginning, it was very hard to support even a small family on this amount of money each month.  I also have a better understanding of what my parents go through trying to support my family.