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Budget Breakdown: Making the Most of Your Income

Learn to manage your finances effectively and make informed decisions about your expenses. Discover how to budget your income wisely and prioritize essential costs to maximize savings.

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Budget Breakdown: Making the Most of Your Income

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  1. >DO WHAT YOU LOVE …

  2. Imagine your first job …

  3. Breaking down the costs … Item $ What’s Left Income Tax $370 $2,191 Social Security/Medicare $190 $ 2,001 Health Care $50 $ 1,951 Housing $725 $ 1,226 Food $300 $ 926 Car Payments $200 $ 726 Car Insurance $100 $ 626 Car Maintenance $100 $ 526 Phone $60 $ 466 Utilities $100 $ 366 Clothing $60 $ 306 Entertainment $60 $ 246 $100 $ 146 Savings $ 66 Medical Expenses $80 Furniture, TV, Appliances $30 $ 36 Miscellaneous $36 $ 0

  4. If you start with $38,272/year (2 year degree) Item $ What’s Left Income Tax $420 $2769 Social Security/Medicare $210 $2559 Health Care $50 $2509 Housing $750 $1759 Food $300 $1459 Car Payments $200 $1259 Car Insurance $100 $1159 Car Maintenance $100 $1059 Phone $60 $ 999 $ 899 Utilities $100 Clothing $60 $ 839 Entertainment $60 $ 779 Savings $ 679 $100 $649 Medical Expenses $30 Furniture, TV, Appliances $30 $619 $574 Miscellaneous $45

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