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Day Six

Day Six. Money Tracking reminder “Real-world” expenses List expenses (word document) “Life” budget Budget for your “grown-up” life. “Life” Expenses. Car Food Car Insurance Gas money Rent Electricity bill Water bill Heat Cable Cell phone Toiletries (Sundries)

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Day Six

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  1. Day Six

  2. Money Tracking reminder • “Real-world” expenses • List expenses (word document) • “Life” budget • Budget for your “grown-up” life

  3. “Life” Expenses • Car • Food • Car Insurance • Gas money • Rent • Electricity bill • Water bill • Heat • Cable • Cell phone • Toiletries (Sundries) • Student loan payment • Credit card bill • Internet • Laundry • Garbage • Savings

  4. “Life” Budget • www.paycheckcity.com/copaycycle/netpaycalculator.asp • Salaries: • www.career.vt.edu/JOBSEARC/Salaries/NACESaleryChartsCompare.htm • www.engineersalary.com/entry.asp • http://Careerplanning.about.com/od/exploringoccupations/tp/hi_growth_bach.htm • www.princetonreview.com/grad/research/articles/decide/return.asp

  5. Budget 1. Choose a career. • This should be something you are considering as a future profession—rockstar and/or professional athlete (and others along the same lines) are unrealistic and won’t be accepted.

  6. Budget 2. Find your career’s starting salary. • There are several websites that can assist you in this process. • This must be realistic. • If you are planning on moving out-of-state, be sure to research the average starting salaries for your profession in that state! *Remember, I have read your goals and plans for your futures…

  7. Budget • Create a template that will include your monthly expenses, take-home-pay, a career choice, and your career’s starting salary. All information you obtain (via the web or other sources) MUST BE DOCUMENTED (and cited). • You will need to include all expenses that we come up with as a class—UNLESS—you can justify (in writing) why you aren’t including a certain expense.

  8. Budget • Create a template that will include your monthly expenses, take-home-pay (use www.paycheckcity.com/copaycycle/netpaycalculator.asp to come up with your take-home pay before OR taxes), and career choice. • You will need to include all expenses that we come up with as a class—UNLESS—you can justify (in writing) why you aren’t including a certain expense. • This includes taxes taken out of your paycheck, etc.

  9. Budget 4. Use your information to articulate how much money you now have after you have paid all necessities. • How much a month can you allot for personal spending? • Grooming, clothing, accessories for home/vehicle, “mad-money.” • How much a month can you allot for social spending? • Movies, concerts, hanging-out, clubbing, dates, etc. • How much can you afford to stash away for an “emergency fund?” • Investments? • FAMILY?!?!?

  10. Minimum Wage? How can someone survive on minimum wage???

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