Let’s budget!Personal Finance

If your salary is $2,200

•You are a single parent of two small children. Neither child is old enough to attend school.

•Your ex-spouse pays you child support of $100 per week.

If your Salary is $2800

•You are married, but your spouse is a full time student at the local university.

•You have 2 small children, neither of which are old enough to attend school.

If your salary is $1,500

You are single. No children.

If your salary is $3000

•You are married with three kids. Two of which require daycare.

•Your spouse works and has a monthly salary of $2200

If your salary is $2500

•You are divorced, noncustodial parent of 3 children

•You pay your ex-spouse $150 per week in child support.

If your salary is $3200

•You are married with 2 children.

•Your spouse’s monthly salary is $2000

•Your children are both in daycare.

First of all ….Pay your taxes!

Multiply your salary by 32%. This is the amount you must pay in taxes. Subtract the 32% from

your salary…this is called your take home pay.

Pay yourself first…..

Set aside 5-10% of your take home pay in a savings account This would include your emergency fund!!!

You NEED Shelter….Pick a house from the list below:

3 bedroom 2 bath home on 1.5 acres$1,000 monthly payment

3 bedroom 1 bath home $700 monthly payment

2 bedroom home $500 monthly payment

Rent an apartment (2 bedrooms$450 monthly payment

You will need Transportation

Sports Car $550

Mini Van $450

Used Sedan $300

Used SUV $400

Motorcycle $350

You need insurance

Family coverage = $400

Single Coverage = $200

You need FOOD……•If you are single your monthly food expense would be $350

•If you are married with children your monthly food expense would be $500

•If you are single with children your monthly food expense would be $400

You will need clothing

If your single budget $25-100 per month for clothing.

If your married with children budget $75-250 per month for clothing.

If you are single with children you need to budget $25-200 per month for clothing.

You will need basic utilities….

Basic Utilities (includes water, electric and LAN line phone

$200

Basic Utilities plus Cable Television$275

Basic Utilities plus Cable TV and Internet$300

Basic Utilities(Cable TV, Internet) and Cell phone

$475

If you have children you will need daycare….

Daycare will cost $120 per child per week.

And you must have a little fun…

A weekend of family fun would be $100-200

If you are single with kids, $ 75-125

If you are single $ 50-100

You will need to pay for gas and any repairs or maintenance your car might need.

If you are single, budget $200-250 a month for gas and maintenance.

If you are married budget $300-600 for gas and maintenance.

If you are single with kids, budget 300-400 for gas and maintenance.

Personal Allowances.

This would include things like lunch money, year book payments, cleats for ball teams, class dues. All those miscellaneous expenses that you might incur.

If you are single, then budget $50-100 for this item.

If you are married with children budget $50-150 for this item.

If you are single with children budget $50-100 for this item.

Now to analyze your budget…•Are you over budget? Do you spend more than you make? If so you need to got back through your budget and change some things! You can only spend what you make!!

•Got money coming out of your ears??? Then go back and adjust your budget. You need to spend every dollar on paper before the month actually begins. Putting money in savings is “spending” that money. Every dollar has a place to go!!