YOUR NAME:_____Kimberly S Chapman_____Note: Fill in BOTH sides of this budget – 1st location AND 2 nd location

Note: This budget is not one based upon actuality. Fill in amounts that are projected or made up but not real. This
exercise is merely to help you think about what you might have to pay and how to determine if your salary matches. That
is all.

FINANCIAL BUDGET for Current Location FINANCIAL BUDGET FOR “DREAM” LIVING LOCATION
Name Kimberly Name Kimberly

Profession Nurse Profession Healthcare administration

City/State of Probable Youngwood, PA City/State of “Dream” Pittsburgh, PA

Location where you will Location where you will
live live

Income Amount in Dollars

A.Gross Yearly Salary in $58724 A. Gross Yearly Salary in $98,447
that city/state; use Salary that city/state; use Salary
Expert to calculate Expert to calculate

B.Gross MONTHLY Income $4894 B.Gross MONTHLY $8,204

(divide Yearly by 12) Income
(divide Yearly by 12)
 1. Monthly Deductions for Federal, State, Local, and Social Security Taxes
2. Use this website to calculate and enter the full amount below. Free PAYCHECK CALCULATOR
C.Federal, State, Local, $1008 C.Federal, State, Local, $1841
and Social Security and Social Security
Monthy Deduction Total Monthy Deduction Total
(from Free Paycheck (from Free Paycheck
Calculator) Make sure it is Calculator) Make sure it is
monthly amount! monthly amount!

D.Employee Retirement $293.58 D.Employee Retirement $492.25

Plan - 401K deduction Plan - 401K deduction
Use 401k Calculator to Use 401k Calculator to
figure amount - make sure figure amount - make
it is the monthly amount sure it is the monthly
not yearly! amount not yearly!

E.Healthcare: Use this $1050.92 E.Healthcare: Use this $1050.92

URL @ Pennie to find a URL @ Pennie to find a
healthcare program for healthcare program for
you. Monthly amount! you. Monthly amount!

F. Add together C, D, E. $2352.50 F. Add together C,D,E. $3384.17

These are the total These are the total
monthly deductions that monthly deductions that
will be taken out of your will be taken out of your
pay each month pay each month The
result is your NET pay.

G.Now, subtract the $2541.50 G.Now, subtract the $4819.83

amount on line F above amount on line F above
from your GROSS from your GROSS
Monthly Salary, LINE B. Monthly Salary, LINE B.
THIS FIGURE IS THE THIS FIGURE IS THE
AMOUNT OF MONEY YOU AMOUNT OF MONEY
WILL SEE EACH MONTH YOU WILL SEE EACH
AFTER ALL DEDUCTIONS MONTH AFTER ALL
HAVE BEEN PAID. IT IS DEDUCTIONS HAVE BEEN
CALLED YOUR NET PAID. IT IS CALLED YOUR
INCOME. This is the actual NET INCOME. This is the
$$ you can use for your actual $$ you can use for
needs, wants, savings. your needs, wants,
savings.

3. NEEDS WHAT YOU HAVE TO PAY EACH MONTH: Amount in Dollars

Student Loans $0 Student Loans $225
Phone $150 Phone $150

Rent $510 Rent $510

Electric $100 Electric $100

Water $32 Water $32

Gas $30 Gas $30

Internet/cable $120 Internet/cable $120

Car Payment or $240 Car Payment or Transportation $240

Transportation costs costs

Car Insurance $56 Car Insurance $56

Rental Insurance Rental Insurance

Life insurance Life insurance

Trash Service $26 Trash Service $26

Groceries $300 Groceries $300

Other (coffee, gas for car, $180 Other (coffee, gas for car, $180
parking, etc.) parking, etc.)

Grace Bible Academy (kid’s $200 Grace Bible Academy (kid’s $200
school) school)
Total monthly expenses $1944 Total monthly expenses for $2168
for NEEDS NEEDS

4. WANTS WHAT YOU WILL PAY IN WANTS: AMOUNT IN DOLLARS

Clothing $50 Clothing $50

Entertainment $120 Entertainment $120

Shopping $50 Shopping $50

Other Other

Total monthly expenses $220 Total monthly expenses for $220

for WANTS WANTS

5. Savings WHAT YOU WILL SAVE MONTHLY: Amount in Dollars

Personal Savings Personal Savings $800

Other Savings Other Savings

Total for saving
Outcome
Add Together Totals from
#3 NEEDS, #4 WANTS, AND
#5 SAVINGS. Then, subtract
this amount from Line G,
NET MONTHLY INCOME
ROW ABOVE.
THIS IS THE DOLLAR
AMOUNT YOU HAVE
LEFTOVER EACH MONTH -
OR NOT! You may need to
plan differently if it is a
negative.
Finally, what is the
comparison in dollars
between the two locations?
Can you make it in both?
GOALS
Total for saving $800
$377.5 Add Together Totals from $1631.83
#3 NEEDS, #4 WANTS, AND #5
SAVINGS. Then, subtract this
amount from Line G, NET
MONTHLY INCOME ROW
ABOVE.
THIS IS THE DOLLAR AMOUNT
YOU HAVE LEFTOVER EACH
MONTH - OR NOT! You may
need to plan differently if it is
a negative.
I have been making it in my current
situation, not sure how but I am. It is nice
to see in the “dream”, I will be making it
much easier with a little cushion in
finances.
1.I want to have a job in my related field within a month of graduating from SHU.

2.Once I get this job, I would like to open a savings account and put 10% of earnings in this account.

3.To make extra payments, toward principles, on car and mortgage at least quarterly.

STRETCH GOAL
1.Husband graduates in May 2023, my goal is for when he finds his dream job in his field, we will be able to live off of one paycheck
and save the other to go into retirement and/or “rainy day” fund.

INSERT GRAPHIC DEPICTION (SUGGESTION)