my budget shaphan thomas. my first budget salary$2,708 fica-167.9 medicare-39.27 federal...
TRANSCRIPT
My Budget
Shaphan Thomas
My First BudgetSalary $2,708
FICA -167.9
Medicare -39.27
Federal Income -169.12
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 BudgetSalary $2,708
FICA -167.9
Medicare -39.27
Federal Income -169.12
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.