What is my financial future? My occupation. My yearly income. What does gross mean? Federal tax bracket % - Monthly gross income X.

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1 What is my financial future? Name My occupation My yearly income Salary/12 = What does gross mean? monthly gross income Federal tax bracket % - Monthly gross income X. = State tax bracket 6%: Monthly gross income X.06 = Social Security 6.2%: Monthly gross income X.062 = Medicaid 1.4% Monthly gross income X. 014 = My health insurance (single coverage) will cost me $200 per month. I will save 5% of my income each month Monthly gross income X.05 = I will pay a minimum of $100 per month towards my retirement account. I live in a(n). It will have bedrooms and bathrooms. It is square feet. My rent will be each month. I will have Internet ($20 per month), Satellite ($45 per month) Choose a cell phone plan My plan costs per month. I will drive a(n). My insurance is every six months. This would be every month. Oil changes, car washes, etc will cost me about $20 a month some months more, some months less. The gas mileage (MPG) in my vehicle is. I will drive about 1,000 miles per month. Gas will cost me per gallon. So: 1000 / (MPG) = (number of gallons I need) then calculate (number of gallons I need) X (gas price) = (gas cost total)

2 Health/Beauty/Hygiene products are some things I will also need to purchase. Most of these will last me a month so I will only have to purchase them every month. Circle what you need Deodorant $2.50 Shampoo $4.00 Conditioner $4.00 Hand Soap $2.00 Body Wash $4.00 Cleaning products $5.00 Detergent $10.00 Tooth care $4.00 Makeup $15.00 Toilet Paper $10.00 Paper Towels $10.00 Dish detergent $3.00 Lotion $4.00 Vitamins $5.00 Medicines $5.00 My total for all of these items is:. I will get my hair cut once a month. It will cost. Boys $10/Girls $20 I would like to have a pet: yes / no A pet will cost me another $20 per month. I would like to go places and do things with my friends. I will need to budget for these activities. Movie ticket $8.00 Snacks at Movies $8.00 Dinner out $15.00 Concert $50.00 Rent Movies $2.00 Sporting event $20.00 Y membership $44.00 New Music $5.00 New Book $10.00 My total for all of these events is:. Groceries I can shop at Harveys or Publix: or Scroll through the weekly ad for the grocery store you have chosen. You must buy enough groceries for 5 days worth of meals (breakfast, lunch, dinner, snacks, beverages). Keep in mind you wouldn t use an entire box of cereal at one breakfast or an entire gallon of milk all at once. Some things you can buy for the week. Some things you will also not need to buy again after one week. You probably won t use an entire bottle of ketchup in a week those type things will last you for quite a while.

3 Monday: Item: Cost: Tuesday: Item: Cost: Wednesday: Item: Cost: Thursday: Item: Cost: Friday: Item: Cost:

4 Name What is my financial future? My occupation My yearly gross income My monthly gross income Deductions include: Taxes - Federal % Taxes State 6% Insurance Social Security 6.2% Savings Medicaid 1.45% Retirement Health insurance All of these are taken out Savings 5% of your paycheck before Retirement account it is given to you - add Total these up to get your total Monthly gross salary deductions. --- Total deductions Equals = This is how much money will go into my checking account each month. Now I have to pay bills! I have chosen to live in and to drive a. I have to pay insurance on both of these along with additional bills such as rent, gas, satellite, Internet, etc.

5 Rent Renter s insurance Energy/Power/Electric Bill Water/Sewer TV/Cable/Satellite Internet Cell Phone plan Total household bills Vehicle payment Insurance Gas ( per gallon) Oil Changes/Maintenance Total vehicle bills / 6 = Groceries for one month (weekly total X 4) Health/Beauty/Hygiene Haircuts Pets Entertainment Total personal needs

6 Monthly Gross Income Total Deductions (all taxes) = Total Household bills = Total Vehicle bills = Total Personal needs = This is how much money I will have left each month. Do I have a positive amount? Do I have a negative amount? What would you change now that you see how much money you have left? Be specific!

7 What things did you NOT have to pay for? How would you plan for this?

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