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Parents and Teachers Parents and Teachers

CALCULATE INCOME

Step One:
First you need to determine your annual income. If you would like information on various occupations and their starting salaries, go to Learning and Earning. If you have a career in mind and you know the average starting salary, enter it below. You may also choose any of the positions listed below.
Occupation Annual Salary Degree Required
Travel Agent $12,400 High School
Flight Attendant $13,000 High School
Accountant $30,393 4-Year College
FBI Agent $30,600 4-Year College
Optometrist $45,000 More Than 4-Year College

Enter your annual salary: $


Monthly Salary After Taxes:

Step Two:
Fixed expenses are expenses that remain virtually the same from month to month. This includes rent, transportation and other items. Fill in each box with your chosen amount using the tables as a guide.


HOUSING
(includes all utilities except phone)
Share a 2 bedroom apartment with a roommate $300 to $800
One bedroom apartment with no dishwasher and no air conditioning $500 to $1000
One bedroom apartment with a dishwasher and air conditioning $600 to $1200
Monthly Rent: $

PHONE
Never make long distance calls $15
Make long distance calls occasionally $30
Make several long distance calls $50
Monthly Phone Expense: $

TRANSPORTATION
(includes gas, maintenance, insurance)
Public transportation $75
Used car (Toyota Celica) $200
Used car (Ford Escort) $300
Used car (Honda Escort) $300
New economy car (Hyundai Excel) $300
New mid-size (Chevy Cavalier) $450
New mid-size (Toyota Camry) $525
New mid-size (Monte Carlo) $550
New Ford Bronco $600
New Chevy Blazer $700
New Lexus $900
New BMW $950
Monthly Transportation Expense: $

SAVINGS
What percentage of your after-tax income would you like to save every month? A good goal is 10% of your after-tax income.
Savings: %.


End of Step Two...


CALCULATE VARIABLE EXPENSES

Step Three:
Variable expenses are expenses that can be controlled and which change from month to month. This includes food, entertainment and other items. Fill in each box with your chosen amount using the tables as a guide.

Monthly Food Expenses
Lunch
Pack lunch every day $20
Buy lunch once or twice a week $40
Buy lunch every day $100
Monthly Lunch Expense: $

Dinner
Eat in every night $100
Eat out once or twice $160
Eat out every night $210
Monthly Dinner Expense: $

Miscellaneous Expenses
Movie & Popcorn $10 x =
Books $6 x =
Pets $10 x =
Gifts $25 x =
Clothing $25 x =
Cable TV $28 x =
Trips $120 x =
Video Rentals $4 x =
Magazine Subscriptions $3 x =
Haircut $20 x =
Newspaper $12 x =
Concert Tickets $30 x =
CD's $16 x =
Sporting events $25 x =
Medicine $10 x =
Household Supplies $10 x =
Total $

End of Step Three...


Monthly Income
(after federal taxes)

TOTAL INCOME

Fixed Expenses
Housing/Utilities
Telephone
Transportation
Savings

TOTAL FIXED EXPENSES

Variable Expenses
Lunch
Dinner
Miscellaneous Expenses

TOTAL VARIABLE EXPENSES

TOTAL EXPENSES
Comparison
Total Monthly Income Available
Less Total Monthly Expenses
CASH BALANCE




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