Name: Katherine Bromley

Date: 3/22/17
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 Estimated Amount % of Net Income

INCOME $36,190 Lowest 10% of your field in that city you went to college.
go to http://stats.bls.gov/search/ooh.asp?ct=OOH (Occupational Outlook Handbook) and
Gross Monthly Income $3,016 search for a career; look up beginning salary
25% Taxes $753 Multiply beginning salary by .25 to find out monthly taxes withheld from each paycheck
NET INCOME $2,261 100% subtract taxes from gross income to find net income

EXPENSES
savings $226 10% You must save 10% of your net income
retirement $0 0% http://money.usnews.com/money/personal-finance/features/calculator
Total Savings $226 10%

Fixed Expenses
Rent should be no more than 28% of net income; www.rent.com, www.apartments. https://spotcrime.com/
842 W. Moss Ave, Peoria, IL $432 19% com, check to see if utilities are included

www.autotrader.com, www.cars.com, Assume you put 10% down payment; http://www.cars.

2014 Honda Civic com/go/advice/financing/calc/loanCalc.jsp?mode=full (assume 5 yr/Interest Rate: A-4% B- Enter a picture of your car
6% C-8% D-10% F-20%)
$295 13%
Car payment, insurance and gas should be no more than 28% of net income; estimate
car insurance $50 2% $300 biannually for insurance
Find a provider and get a plan that fits your budget. Click on the link to find your planCell
AT&T Verizon Cell Plans
Sprint $10 0% Phone Plans
http://mappingyourfuture.org/paying/standardcalculator.htm
http://www.practicalmoneyskills.com/resources/financial_calculators/credit_debt/loan_cost http://www.finaid.org/calculators/loanpayments.phtml
Student Loan (what is the going rate of interest) $800 35%
Total Fixed Expenses $1,587 70%

Variable Expenses
Electricity or Gas $40 2% Average for a single adolescent.
look up the average cost per gallon and estimate how far you will be driving on a monthly
Gasoline $288 13% basis (miles); may depend on where you plan to live and where you plan to work
Groceries $250 11% Average for a single adolescent.
http://www.practicalmoneyskills.
Lunch $35 2% com/resources/financial_calculators/family_and_life/lunch_tracker
Car Repairs/Maintenance $40 2% What is the cost of an oil change?

Laundry/Dry Cleaning $45 2% Average for a single adolescent.

Total Variable Expenses $698 31%

Discretionary Expenses Must choose eight (8) of the following

Food network magazine subscription $1 0% Sports Illustrated, GQ, People,
Personal Grooming $30 1% Find out how much it cost to get your hair done or cut
Clothes $50 2% Gap, Aerostposle, American Eagle, Champs, Etc
Charitable Contributions $0 Church tithes usually 10%, United Way,
Gifts $0 Birthdays, Anniversary, Weddings, graduations
Health Club Membership $0 Ballys, LifeFitness, Xsport, L.A. Fitness
Eating Out $100 4% McDonalds, Burger King, Pizza Hut, White Castles, Applebees, Outback, etc
Netflix and Movie Theater $18 1% Blockbuster, Netflix, Movie Theater, On Demand
Sports $30 1% Club Sports, softball team, flag football, basketball league, etc
Concerts, sporting event and Plays $0 Hamilton, Cubs game, Lollopalooza
Vacations $0 Spring Break, Great America, Wisconsin Dells, Florida, Cancun, etc
Cable/Internet Access - Att $60 3% Comcast, Direct TV, Dish Network, Verizon Wireless & etc.
Pets $0 How much is that going to cost you?
Total Discretionary Expenses $289 13%
TOTAL EXPENSES $2,574 114%

NET INCOME $2,261 100% Copy net income to here

TOTAL EXPENSES $2,574 52% Add up Savings, Fixed Expenses, Variable Expenses, and Discretionary Expenses
BUDGET SURPLUS OR DEFICIT -$313 -14% Subtract Total Expenses from Net Income