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Spendin' That Money

This guide explains budgeting steps, educates on choices and expenses for different education levels and jobs, covers housing, transportation, entertainment, bills, insurance, taxes, and additional expenses. It emphasizes the importance of saving and setting financial goals.

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Spendin' That Money

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  1. Created by: Franklin County 4-H/Youth Development Revised by: KY Dept. of Financial Institutions 2015 Kentucky Department of Financial Institutions Spendin' That Money

  2. What is a budget? • Step-by-step plan for meeting expenses in a given period of time • Everyone budgets • Budgeting is about choices

  3. Education • High School • $18,000/Year • $1,500/M Gross • $1,308/M Net • No school Loans • Jobs: Truck driver Waiter/Waitress Secretary • College • $35,000/Year • $2,900/M Gross • $2,476/M Net • $30,000 Loan 10yr. Loan=$250/M • Jobs: Sales Nursing Business Teaching • Advanced • $70,000/Year • $5,800/M Gross • $4,646/M Net • $60,000 Loan 10yr. Loan=$500/M • Jobs: Doctor Veterinarian Lawyer Professor

  4. 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)

  5. The Basics… Travel Statement: Chevrolet Camaro 2SS -$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: Chevrolet Silverado - $22,000 Used: 2008 Toyota Camry - $7,500 Uncle Ray: 1995 Ford Escort - $2,500

  6. Travel, The Real Story… • Gas! = $100/M

  7. Entertainment • Television • Local/Antenna = FREE!!! • Cable TV = $30/Month • Satellite TV = $60/Month • Internet • None = FREE! • Dial-Up = $10/Month • High-Speed = $30/Month

  8. Entertainment • Cell Phone • None = FREE! • 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 • Internet: • Installation = $5/Month for 6 months • Cell Phone • Activation Fee = $5/Month for 6 months

  10. Payin’ The Bills • Garbage = $25/Month • Water = $25/Month • Electric: • Own = $150/Month • Rent = $100/Month

  11. Payin’ The Bills… Insurance • Health Insurance: • Good Coverage = $328/Month • Regular Coverage = $259/Month • Catastrophic = $134/Month • Home: • Own = $50/Month • Rent = $25/Month (or free for no coverage) • Car Insurance • Fancy = $300/Month • New = $200/Month • Used = $100/Month • It Runs = $50/Month • Other: (Dental, Vision, Life Insurance, etc.) = $20/Month Each

  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. More Stuff to Buy… • 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 • Speeding Ticket = $193 • Birthday = $25 • New Tire = $100 • Oil Change = $35 • Doctor Bill • Good Insurance = FREE!!! • Regular Insurance = $25 • Catastrophic = $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!!!

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