My BudgetPersonal 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 = $810.50 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 $32.07.

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 $37.50.

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.