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Can We Really Live off Minimum Wage?

Explore the financial challenges of living on minimum wage in SC, including expenses for housing, transportation, groceries, utilities, student loans, and more.

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Can We Really Live off Minimum Wage?

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  1. Mr. Dean’s Finance Workbook

  2. What is the Minimum Wage Minimum wage in SC: 7.25 cents Minimum wage x 40 hours= 290 dollars a week A week X 2= 580.00 per 2 weeks 580 x 2= 1,160 monthly with taxes taken out ** Can we really live off this

  3. Job Description- Teacher Teachers create lesson plans and teach those plans to the entire class, individually to students or in small groups, track student progress and present the information to parents, create tests, create and reinforce classroom rules.

  4. Salary and Monthly wage Salary: 35,400 a year Monthly: Yearly salary divided by 12- (2,950) Bi-weekly: Monthly divided by 2- (1,475) Weekly: Bi-weekly divided by 2- (737.50)

  5. Apartment Complexes- Greenville S.C Regency at Chandler Park- Starting out $655- One bedroom Two Bedrooms- Starting out $815 a month

  6. My Vehicle- 2013 Honda Accord Sedan Total Cost: $16,000 Down Payment- $4,000 Amount Financed: $12,000 Monthly Payments: $265.00 a month Term: 60 months

  7. Average Grocery Bill Average Grocery Bill- (230-250) dollars for one person Cereal Meats Breakfast food Bread-Toast Eggs Snacks!!! Ramen noodles Milk/Juice Personal items (toothpaste etc.) Frozen foods Pasta Bottled water Vegetables Cheese Drink Candy Deodorant Laundry detergent Lotion Paper towels Paper plates

  8. Monthly Grooming Cost • Haircut 2x a month- $12.50+Tip=$28.00 • 28 dollars a month

  9. Cell Phone Expense(s) Carrier: T-Mobile Plan: Unlimited text and minutes. 2 GB Data Monthly Cost: 50 dollars

  10. Utilities Water: 60 dollars Electricity: 60 dollars Total: 120 dollars a month

  11. School Loans $32,000 a year $16,290 for tuition 16,290x4= 65,160 32,000x4=128,000

  12. Gym Membership- Gold’s Gym Option 1 package- initial $149.00 to get started Then 29 dollars a month Total a year= $509.87

  13. Car Insurance -Under the age of 25- 110 dollars per month **Average Car Insurance price for people in SC

  14. Entertainment (Spending Money) Velocity Hanging with friends Gravitopia/sky zone Sporting Events Movies Events Shopping-clothes/shoes Accessories for car Eating out Jewelry Concerts Etc. Electronics- Phones, ipad, etc * Money left over before it goes into savings

  15. Monthly Budget and Savings Two-bedroom with bathroom: $815.00 which equals $407.50 Car: $265.00 Gym: $29.00 Wifi: 45.00 Grocery: $230.00 Car insurance: $160.00 Ent: $350.00 Grooming: $28.00 Healthcare/dental: $160.00 Netflix: $8.99 Cell Phone:$50.00 Total: $1,964.49 Utilities: $120.00 Monthly Salary: $2,950 Student loans:$111.00 Total Savings: 985.51

  16. Reflection:

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