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Budgeting Your Future
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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
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What Do You Want To Be?
Accountant
Engineer
Lawyer
Doctor
Police Officer
Software Developer
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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
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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?
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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
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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?
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Food
Cook your own food: $275
Eat out 2-3 times a week: $350
Eat out every night: $600
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Entertainment
Going to the movies: $15
Going to local sporting events: $15
Going to professional sporting events: $100
Going to concerts: $150
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Clothing
Estimate a realistic amount you possibly would spend on clothing a month
Note prices vary between brands drastically
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Miscellaneous
Examples:
Charity
Gifts
Decorating House/Apartment
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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?