Name: __Andris Lindsay_____

Date:__11/16/16_________
Class Period:__7____

1. Strive to save 10% of your net income. Rent/Mortgage should be no more than 28% of
net income. Your car payment, insurance and gas should be no more than 28%.
2. Calculate what % of net income the following represent: Savings, Fixed, Variable, and
Discretionary, and TOTAL Expenses
Income or Expense
INCOME

Estimated Amount

% of Net Income

Gross Annual Income

$82,220

25% Taxes
NET INCOME

$20,555
$61,665

EXPENSES
Total Savings

$6,167

go to http://stats.bls.gov/search/ooh.asp?ct=OOH (Occupational Outlook

Handbook) and search for a career; look up beginning salary
Multiply beginning salary by .25 to find out monthly taxes withheld from each
paycheck
subtract taxes from gross income to find net income

10.00% You must save 10% of your net income

Fixed Expenses
Rent

$16,092

Rent should be no more than 28% of net income; www.rent.com, www.

26.00% apartments.com, check to see if utilities are included
$10,000 Used 2012 MINI Cooper Base; Mileage: 71,521; From Westchester
European Auto Sales Inc.

Car Payment
$3,160

5.00%

Car Insurance

$600

0.97% $300 biannually for insurance

Cell phone

$600

0.97%

$8,187
$28,639

13.00%
46.00%

Verizon: 4GB, unlimited talk and text, $50 per month.

Yearly cost: $6,416.88 ($534.74 per month) + $1,770.2 in interest per year

Student Loan (what is the going rate of interest)

Total Fixed Expenses
Variable Expenses
Electricity or Gas

Gasoline
Groceries
Car Maintenance
Car Repairs
Laundry/Dry Cleaning
Total Variable Expenses
Discretionary Expenses
Books, Magazines, I-Tunes, Apps
Personal Grooming
Clothes
Charitable Contributions
Gifts
Health Club Membership
Eating Out
Movies and Videos
Sports
Concerts and Plays

$480

$540
$3,000
$38
$556
$96
$4,710

0.78% Average for a single adolescent.

look up the average cost per gallon and estimate how far you will be driving on a
monthly basis (miles); may depend on where you plan to live and where you plan
0.88% to work
4.87% Average for a single adolescent. -->> $250 per month
0.06% What is the cost of an oil change?
0.90% Buy a set of tires for your car.
0.16% Average for a single adolescent.
7.64%

Must choose eight (8) of the following

$212
$960
$1,500
$1,314
$5,040
$144
$450

0.34% $53 haircut every 3 months.

1.56%
2.43% Birthdays, Anniversary, Weddings, graduations
2.13% FFC membership per month including initiation fee.
8.17%
0.23% Netflix and occasional theater movie.
0.73%

AT&T

$600

Cell Plans

http://www.finaid.org/calculators/loanpayments.phtml

Vacations
Cable/Internet Access
Pets
Total Discretionary Expenses
TOTAL EXPENSES

$480
$1,000
$11,100
$50,616

NET INCOME

$61,665

Copy net income to here

TOTAL EXPENSES
BUDGET SURPLUS OR DEFICIT

$50,616
$11,049

Add up Savings, Fixed Expenses, Variable Expenses, and Discretionary Expenses

Subtract Total Expenses from Net Income

0.78% Comcast.
1.62% How much is that going to cost you?
18.00%
82.08%

Interest Rate: A-4% B-6% C-8% D-10% F-20%