Thursday, 6 August 2009 14:12
by
Courtney
When you have a full-time career someday, do you know where your money will go?
Let’s say your household income is $52,000 a year. That means it’s only around $40,000 a year after taxes. Your monthly income will be around $3,333. You own a home and have monthly bills. So, where does all your money go?? Take a look at the example below.
EXAMPLE:
|
Expense
|
Per Month |
| Mortgage |
$1,100 |
| Energy Heating & Cooling |
$150 |
| Water |
$24 |
| Homeowner’s Association Dues |
$30 |
| Cell Phone |
$90 |
| Cable/Internet |
$90 |
| Fitness Center |
$60 |
| Groceries |
$450 |
| Eating Out |
$200 |
| Homeowner’s & Auto Insurance |
$100 |
| Health Insurance |
$120 |
| Entertainment |
$50 |
| Gas for Vehicle |
$150 |
| Giving to Charities/Church |
$100 |
| Travel |
$100 |
| Gifts |
$50 |
| Property Tax |
$133 |
| Miscellaneous |
$100 |
| TOTAL EXPENSES |
$3,097 |
| TOTAL DEPOSITS |
$3,333 |
| Surplus $ for Savings or Emergencies |
$236 |
What if you also have student loans, credit card bills, or a car payment? Your extra $236 may not cover it all. What would you cut out of your budget to pay for loans and other bills?
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