PROJECT STEPS:
1. Calculate Living Expenses
2. Choose a career and school
3. Decide if the money you make at work will Fund your desired life style.
4. What steps need to be made over the next 6-8 years to reach your career goals?
Living expenses
1. Find a house or apartment to rent anywhere in the country. (CLICK HERE)
2. Find a car to buy new or used (Click Here)
To figure out monthly car payment click Calculate Payment under the picture of your car.
Down payment=$0
Trade-in value=$0
Interest rate=4.35%
Term(months)=60 months
Sales Tax=6.25%
Down payment=$0
Trade-in value=$0
Interest rate=4.35%
Term(months)=60 months
Sales Tax=6.25%
3. The average gasoline bill for your car is $120/month
4. LOOK UP TEXAS AVERAGE MONTHLY CAR INSURANCE PRICE FOR AN INDIVIDUAL (CLICK HERE)
5. Look up cost of health insurance for an individual (CLICK HERE)
6. Pick a weekly cost for food for ages 19-50 based on how much you eat and the quality of food you plan on buying (CLICK HERE)
7. Choose a phone with data plan, minutes limit, and message limit (CLICK HERE)
8. The average electricity bill in Texas is about $128/month
9. The average water bill in Texas is about $30/month
10. Enter the zip code of your house to pick an internet plan (CLICK HERE)
11. (Optional) Enter the zip code of your house to pick a tv provider (CLICK HERE)
Career, School, and Salary
1. Choose a career and research the average yearly salary for that job.
Below are career tests to help you find a good career match!
Test #1
Test #2
Test #3
2. What tax bracket are you in based on your yearly income (salary)?
What percent of your yearly pay will go to the government? (CLICK HERE)
3. Pick a a degree/certification for your desired career. (CLICK HERE)
4. Find a school! (CLICK HERE)
5. What must you do in high school to get accepted into this school? (GPA, rank, SAT scores, ACT scores) Search your school's financial aid page or freshman admissions. (Google your school)
6. What scholarships does this school offer? How can you get these scholarships? (Google your school)
7. What’s the average monthly payment for college graduates paying back they money borrowed to go to school? (CLICK HERE)
Below are career tests to help you find a good career match!
Test #1
Test #2
Test #3
2. What tax bracket are you in based on your yearly income (salary)?
What percent of your yearly pay will go to the government? (CLICK HERE)
3. Pick a a degree/certification for your desired career. (CLICK HERE)
4. Find a school! (CLICK HERE)
5. What must you do in high school to get accepted into this school? (GPA, rank, SAT scores, ACT scores) Search your school's financial aid page or freshman admissions. (Google your school)
6. What scholarships does this school offer? How can you get these scholarships? (Google your school)
7. What’s the average monthly payment for college graduates paying back they money borrowed to go to school? (CLICK HERE)
Calculate Total Living Expenses
Living Expenses:
Taxes deducted= Yearly Salary x .___%= $____________
Avg. health insurance= $ ______ x 12 months = $ __________
Avg. car insurance= $ ______ x 12 months = $ __________
Monthly phone bill= $ ______ x 12 months = $ __________
Avg. Electric bill= $______ x 12 months = $ __________
Avg. Water bill= $______ x 12 months = $ __________
Internet bill= $______ x 12 months = $ __________
TV bill= $______ x 12 months = $ __________
Avg. monthly school loan payment= $_______ x 12 months = $ __________
Monthly car payment= $_______ x 12 months = $ __________
Monthly house payment= $_______ x 12 months = $ __________
Total all these numbers to calculate your yearly living expenses = $ _____________
Taxes deducted= Yearly Salary x .___%= $____________
Avg. health insurance= $ ______ x 12 months = $ __________
Avg. car insurance= $ ______ x 12 months = $ __________
Monthly phone bill= $ ______ x 12 months = $ __________
Avg. Electric bill= $______ x 12 months = $ __________
Avg. Water bill= $______ x 12 months = $ __________
Internet bill= $______ x 12 months = $ __________
TV bill= $______ x 12 months = $ __________
Avg. monthly school loan payment= $_______ x 12 months = $ __________
Monthly car payment= $_______ x 12 months = $ __________
Monthly house payment= $_______ x 12 months = $ __________
Total all these numbers to calculate your yearly living expenses = $ _____________
Calculate Savings
Savings left over: Subtract your living expenses from your annual salary= $_______________
Left over money can be used for investments, vacations, entertainment, and purchases
If the number is close to zero or negative change some living expenses
What changes did you make to better match the amount of money you make?
BONUS
Save money!
Find a car with good gas mileage (more than 35 MPG) and knock off $50 from monthly gas price
Mess with your phone bill.
Decide what is a necessity and what isn't.
Add other bills like clothes allowance, entertainment allowance, furniture, appliances, etc.
Get more scholarships for college (Full tuition scholarship means you can knock off $280 from your monthly budget)
Want to donate to a charity
Need to pay monthly child support? (One Child: 20% of salary, Two Children: 25% of salary, Three Children: 30% of salary)
Find a car with good gas mileage (more than 35 MPG) and knock off $50 from monthly gas price
Mess with your phone bill.
Decide what is a necessity and what isn't.
Add other bills like clothes allowance, entertainment allowance, furniture, appliances, etc.
Get more scholarships for college (Full tuition scholarship means you can knock off $280 from your monthly budget)
Want to donate to a charity
Need to pay monthly child support? (One Child: 20% of salary, Two Children: 25% of salary, Three Children: 30% of salary)