Budgeting Your Future

Why Budgeting Is Important

Over a third of Americans are in debt with an average debt of $5,200

Creating a budget can help prevent being in debt

What Do You Want To Be?

Accountant

Engineer

Lawyer

Doctor

Police Officer

Software Developer

Average Starting Salaries

Accountant: $53,300

Engineer: $64,344

Lawyer: $82,048

Doctor: $150,500

Police Officer: $49,500

Software Developer: $61,000

Average of All Other Jobs $45,000

Savings

One of the most important parts of making a budget is savings

If you spent all of your money as soon as you get it you will never have any money left over to buy a car, a house, etc.

How much of your salary do you want to go towards savings?

What Type of Transportation Will You Use?

Buy a car: $326 monthly payment

Gas: $150

Use the bus: $60

Taxi: $200

Walk or ride a bicycle: Free

Railroad $300

Housing

Mortgage toward purchase of a house: $3,000

Mortgage towards purchase of a condo: $2,300

Rent an apartment: $2,000

Any roommates and how many?

Food

Cook your own food: $275

Eat out 2-3 times a week: $350

Eat out every night: $600

Entertainment

Going to the movies: $15

Going to local sporting events: $15

Going to professional sporting events: $100

Going to concerts: $150

Clothing

Estimate a realistic amount you possibly would spend on clothing a month

Note prices vary between brands drastically

Miscellaneous

Examples:

Charity

Gifts

Decorating House/Apartment

Overview

What did we learn from this activity?

What are the benefits of saving money?

How much should you be saving each month?

Should you pick your job based off of just salary?