Part 2: Calculations and Table of Expenses
After you have found your potential salary, set up your monthly budget using only 2/3 income to account for taxes and other deductions (called your net salary). You need to include your work for your calculations.
For example, if you anticipate making $45,000/year, then 2/3
times 45,000 = 30,000. $30,000 / 12 = $2500 and that is
what you want to use for setting up a monthly budget.
Use the table provided to fill in your monthly budget. You may add any extra categories/rows to the table needed to complete your budget.
When creating your budget, be sure to consider the following categories:
- Housing and living expenses (e.g., rent/mortgage, utilities, maintenance, etc.)
- Food
- Student loan payments
- Transportation
- Childcare (if applicable)
- Credit Card or other debt
- Car loans
- Continuous medical expenses
- Emergency savings
- Retirement savings
- Long term goal savings (e.g., buying a home, new car, education, etc.)
- Discretionary spending (e.g., eating out, entertainment, etc)
The total amount and net amount will be included in your table so you can see your balance each month. The table must be copied into your Word document. Please refer to the video directions provided in the module
Part 2: Calculations and Table of Expenses
After you have found your potential salary, set up your monthly budget using only 2/3 income to account for taxes and other deductions (called your net salary). You need to include your work for your calculations.
For example, if you anticipate making $45,000/year, then 2/3
times 45,000 = 30,000. $30,000 / 12 = $2500 and that is
what you want to use for setting up a monthly budget.
Use the table provided to fill in your monthly budget. You may add any extra categories/rows to the table needed to complete your budget.
When creating your budget, be sure to consider the following categories:
- Housing and living expenses (e.g., rent/mortgage, utilities, maintenance, etc.)
- Food
- Student loan payments
- Transportation
- Childcare (if applicable)
- Credit Card or other debt
- Car loans
- Continuous medical expenses
- Emergency savings
- Retirement savings
- Long term goal savings (e.g., buying a home, new car, education, etc.)
- Discretionary spending (e.g., eating out, entertainment, etc)
The total amount and net amount will be included in your table so you can see your balance each month. The table must be copied into your Word document. Please refer to the video directions provided in the module
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