Spendin' That Money

1. 2010 Created by: Franklin County 4-H/Youth Development, Revised by: KY Dept. of Financial Institutions Kentucky Department of Financial Institutions Spendin' That Money

2. Knowledge is Key! • Be Aware • Be Prepared • Get Help!!!

3. Making A Choice… • Pick an Education • Get Your Salary • Make Some Decisions

4. Education • High School • $18,000/Year • $1,500/M Gross • $1,308/M Net • No school Loans • Jobs: Truck driver Restaurant Small Firm Secretary • 4-Year Degree • $35,000/Year • $2,900/M Gross • $2,476/M Net • $30,000 Loan 10yr. Loan=$250/M • Jobs: Sales Nursing State/Business Teaching • Ph.D. • $70,000/Year • $5,800/M Gross • $4,646/M Net • $60,000 Loan 10yr. Loan=$500/M • Jobs: Medical Veterinary Lawyer Professor

5. The Basics…Housing • Rent: • Apartment: = $400/Month • House: = $500/Month • House: • Small = $800/Month (1 story, 2 bed, 1 bath) • Large = $1,500/Month (2 story, 3 bed, 2 bath, workout/game room) Rented House or Small House Owned (2bed, 2bath, $150K in Taylor Mill) Large House Owned (3bed, 3bath, $350K in Louisville)

6. The Basics… Travel Statement: 2010 Ford Explorer, $40,000 • Own… • Makin’ A Statement ($40,000) = $600/M • New, Basic ($20,000) = $300/M • Used Car (good shape, $8,000) = $150/M • Uncle Ray’s Auto (oh my, $2,000) = $50/M • Hitch a Ride… • Bus = $50/Month • Cab = $100/Month • Friend = $25/Month + loss of a friend New, Basic: 2010 Mazda 6, $20,000 Used: 2005 Toyota Corolla, $7,500 Uncle Ray: 1995 Honda Civic, $2,000

7. Entertainment • Television • Local/Antenna = FREE!!! • Cable TV = $30/Month • Satellite TV = $60/Month • Internet • Dial-Up = $10/Month • High-Speed = $30/Month

8. Entertainment • Cell Phone • Basic = $50/Month • Unlimited = $120/Month • Entertainment/Going Out • Once a Month = $25/Month • Once a Week = $100/Month • (NOTE: “Entertainment” could be a movie, game, concert, date, anything!)

9. Entertainment, The Real Story… • Cable: • Installation = $5/Month for 6 months • TV = $20/Month (payments) • Internet: • Computer = $20/Month (payments) • Cell Phone • Activation Fee = $5/Month for 6 months

10. Payin’ The Bills • Garbage = $25/Month • Water = $25/Month • Electric: • Own = $200/Month • Rent = $100/Month

11. Payin’ The Bills… Insurance • Health Insurance: • Good Coverage = $200/Month • Regular Coverage = $100/Month • No Insurance = FREE!!! • Home: • Own = $50/Month • Rent = $25/Month • None = FREE!!! • Car Insurance • Fancy = $300/Month • New = $200/Month • Used = $100/Month • It Runs = $50/Month • Other: (Life Insurance, etc) = $10/Month • Dental Insurance: = $20/Month

12. Taxes! • Rent = FREE!!! • Own Small Home = $70/Month • Own Large Home = $150/Month • Fancy Car = $100/Month • Basic New = $50/Month • Small Used = $20/Month • Uncle Ray Special = $10/Month

13. The “WalMart” Trip… • Home Supplies: (Cleaning, furniture, odds/ends) • Own = $100/Month • Rent = $50/Month • Hygiene: = $50/Month • Food: • Eatin’ Good: = $600/Month ($20/day) • Gettin’ By: = $300/Month ($10/day)

14. Surprise, Surprise… • Parking Ticket = $25 • Birthday = $25 • New Tire = $100 • Gas = $100 • Oil Change = $ 25 • Doctor Bill • Good Insurance = FREE!!! • Regular Insurance = $25 • No Insurance = $200

15. How Did You Do? • Always Be Aware!!! • Don’t Take Things at Face Value. • Save, Save, Save • Goal is 10% • Pay Yourself First!!!