ADD UP YOUR MONTHLY EXPENSES
Are your expenses greater than your earnings? If so, you either need to cut back on your costs or earn more money.
How much money do you need to make to have the life you want? How much education do you need to earn that much
money?
| 1. Housing |
| a. 600 | b. 900 | c. 1,200 | d. 2,000 |
| 2. Transportation |
| a. Compact, 250 |
| b. Convertible, 480 |
| c. Full-size pick-up, 550 |
| d. Full-size SUV, 700 |
| 3. Food |
| a. 350 | b. 550 | c. 400 | |
| 4. Clothing |
| a. 50 | b. 100 | c. 200 | d. 400 |
| 5. Phone |
| a. 90 | b. 75 | | |
| 6. Insurance |
| CAR |
| a. 100 | b. 50 | | |
| HOME |
| a. 20 | b. 30 | c. 0 | |
| MEDICAL |
| a. 160 | b. 300 | | |
| 7. Entertainment |
| a. 32 | b. 100 | c. 40 | d. 0 |
| 8. Education* | c. 150k | f. 450k | |
| a. 0 | d. 250k | g. 550K | |
| b. 50k | e. 300k | | |
Find the level of education you selected on question 8 on the chart below to see your monthly pay before taxes.
Find the monthly median earnings for the level of education you plan to obtain in the chart above. Now subtract your total monthly expenses to find out how much money you'll have at the end of each month. If you don't have enough money to cover your expenses, you'll need to adjust your lifestyle or your career path.
| Miscellaneous Expenses |
| $386\ninternet) | Utilities (electric, water, sewer, gas, cable and internet) |
| $200 | Gas |
| $ | Savings\nIt is best to save at least 10% of your income |
| $ | Other (credit cards, etc.) |
| $ | Total Monthly Expenses |
**Positive amount? Congratulations! You're living below your means and are on your way to responsible money management.
*The amount of money you borrow for school will depend on many factors, including the number of years you attend school, the degree you obtain, the school you attend, your financial need and other financial aid received.
Negative amount? Try again. This time
reduce costly options and choose to get the
education you'll need to afford the lifestyle you
want.
Activities