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My Life Budget

My Life Budget. By: Aaron Wolfe. What my job is. My job of choice is the shop I am in, Mechanical Engineering. This job involves making working drawings using CAD software to design what other companies will make. Mechanical Engineering-. Mechanical Engineer. Starting Pay- $61,000/year

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My Life Budget

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  1. My Life Budget By: Aaron Wolfe

  2. What my job is My job of choice is the shop I am in, Mechanical Engineering. This job involves making working drawings using CAD software to design what other companies will make.

  3. Mechanical Engineering- Mechanical Engineer Starting Pay- $61,000/year Insurance- -$500/month Bi-weekly pay (after FICA OASDI)- $1,969 Total weekly pay- $984.50 Monthly pay- $4,000

  4. House- Greensboro, NC Cost- $94,900 Distance from work- 7.27 miles Utilities- $1000 electric, $720 water, $840 garbage =$2560/year Monthly payment- $600/month ( includes price of house and taxes)

  5. Expenses Food- $2800/yr ( Cheap surplus food) Leisure- $250/month Clothing- $500/first month $30 month later Total= $6,630/year $552.50/month

  6. Banking Savings account- $850/month Retirement- $650/month

  7. Transportation 2007 Audi RS4- $43,000 Gas cost per year- $3,250 Expenses- $500 5 year payment- $8,600/year

  8. Total costs per year $ $48,000 net pay/year • $6,600 house payment • 2,560 house services • $6,630 living expenses • $ 10,200 savings account • $8,600 car payments • $3,750 car maintenance/gas • $7,800 retirement • $1,000 Christmas presents • = $ 860 remaining

  9. Pie chart

  10. Real pie chart

  11. How to “better myself” My car choice was expensive, possibly downgrade to a 2006 Subaru Impreza STI @$25,000 Get married for a dual-income family Use Savings money on kids

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