1. Created by: Franklin County 4-H/Youth Development Revised by: KY Dept. of Financial Institutions 2015 Kentucky Department of Financial Institutions

2. What is a budget?  Step-by-step plan for meeting expenses in a given period of time  Everyone budgets  Budgeting is about choices

3. Education  High School  $18,000/Year  $1,500/M Gross  $1,308/M Net  No school Loans  Jobs: Truck driver Waiter/Waitress Secretary  College  $35,000/Year  $2,900/M Gross  $2,476/M Net  $30,000 Loan 10yr. Loan=$250/M  Jobs: Sales Nursing Business Teaching  Advanced  $70,000/Year  $5,800/M Gross  $4,646/M Net  $60,000 Loan 10yr. Loan=$500/M  Jobs: Doctor Veterinarian Lawyer Professor

4. The Basics…Housing  Rent: Apartment: = $400/Month House: = $500/Month  House: Small = $800/Month (1 story, 2 bed, 1 bath) Large = $1,500/Month (2 story, 3 bed, 2 bath, workout/game room) Rented House or Small House Owned (2bed, 2bath, $150K in Taylor Mill) Large House Owned (3bed, 3bath, $350K in Louisville)

5. The Basics… Travel  Own… Makin’ A Statement ($40,000) = $600/M New, Basic ($20,000) = $300/M Used Car (good shape, $8,000) = $150/M Uncle Ray’s Auto (oh my, $2,000) = $50/M  Hitch a Ride… Bus = $50/Month Cab = $100/Month Friend = $25/Month + loss of a friend Statement: Chevrolet Camaro 2SS -$40,000 New, Basic: Chevrolet Silverado - $22,000 Used: 2008 Toyota Camry - $7,500 Uncle Ray: 1995 Ford Escort - $2,500

6. Travel, The Real Story…  Gas! = $100/M

7. Entertainment  Television Local/Antenna = FREE!!! Cable TV = $30/Month Satellite TV = $60/Month  Internet None= FREE! Dial-Up= $10/Month High-Speed = $30/Month

8. Entertainment  Cell Phone None= FREE! Basic= $50/Month Unlimited= $120/Month  Entertainment/Going Out Once a Month = $25/Month Once a Week = $100/Month (NOTE: “Entertainment” could be a movie, game, concert, date, anything!)

9. Entertainment, The Real Story…  Cable: Installation = $5/Month for 6 months  Internet: Installation = $5/Month for 6 months  Cell Phone Activation Fee = $5/Month for 6 months

10. Payin’ The Bills  Garbage= $25/Month  Water= $25/Month  Electric: Own = $150/Month Rent = $100/Month

11. Payin’ The Bills… Insurance  Health Insurance: Good Coverage = $328/Month Regular Coverage = $259/Month Catastrophic = $134/Month  Home: Own = $50/Month Rent= $25/Month (or free for no coverage)  Car Insurance Fancy = $300/Month New = $200/Month Used = $100/Month It Runs= $50/Month  Other: (Dental, Vision, Life Insurance, etc.) = $20/Month Each

12. Taxes!  Rent= FREE!!!  Own Small Home = $70/Month  Own Large Home = $150/Month  Fancy Car = $100/Month  Basic New= $50/Month  Small Used= $20/Month  Uncle Ray Special= $10/Month

13. More Stuff to Buy…  Home Supplies: (Cleaning, furniture, odds/ends) Own = $100/Month Rent = $50/Month  Hygiene:= $50/Month  Food: Eatin’ Good:= $600/Month ($20/day) Gettin’ By: = $300/Month ($10/day)

14. Surprise, Surprise…  Parking Ticket = $25  Speeding Ticket = $193  Birthday = $25  New Tire = $100  Oil Change = $35  Doctor Bill Good Insurance = FREE!!! Regular Insurance = $25 Catastrophic = $200

15. How Did You Do?  Always Be Aware!!!  Don’t Take Things at Face Value.  Save, Save, Save Goal is 10% Pay Yourself First!!!