my Budgeting exercise

Follow the file to make my own Budgeting exercise. Thank you.Follow the file to make my own Budgeting exercise. Thank you.Follow the file to make my own Budgeting exercise. Thank you.
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Budget Exercise
Monthly Income
Gross monthly income
Use the information from the Hamilton Project to determine your projected
median annual salary
Payroll deduction
Federal, state, and local income taxes are usually 30 percent of your gross
income
Net Monthly Income
Monthly Expenses
Housing
Use the map to determine where you want to live and select a monthly
housing cost within that range
Food
Include groceries and eating out
Utilities
Internet, TV, and phone service
Transportation
Car payments, insurance, gas, and/or public transportation
Retirement
Select the age at which you want to retire. For 62, you would have to save
15% of your monthly income. For 72, you would have to save 4%.
Clothing
If you don’t buy clothes every month, guess what you spend each year.
Divide that number by 12.
Debt
You can assume student loan debt at 10% of your gross income
Children
If you plan to have children, use the USDA Calculator to determine the
cost of raising children
Savings
Create a plan that allows you save at least $2,000 by the end of the year.
The ultimate goal is to have 6 months of expenses saved
Net Monthly Expenses
My major is nutrition science, I am senior. I want two children if I get married.
Budgeting exercise
Submit completed budgeting form. Did personal finances change family formation and/or choice of
residence. Use two webside:
http://www.hamiltonproject.org/charts/interactive_embed/median_earnings_for_largest_occupations
https://www.cnpp.usda.gov/tools/crc_calculator/default.aspx
Here is an example of a reflection:
As our group worked together through the budget exercise, we found that our income was not
sufficient enough to live off. We chose the career path of Child Development, specifically a Special
Education Teacher. The annual income was approximately $44,000. Instantly, we knew that was
very little and would not be a profitable path in today?s living requirements. We discussed other
options and possible ways to restructure the family unit. As a group, we agreed that it would be
financially beneficial to be married and have a second source of income. Another option would be
delaying marriage and family planning to establish financial security prior to marriage. It came down
to adjusting our budget and minimize other expenses. Overall, this exercise was eye-opening and a
realization that thriving in this world with a family is not a stroll in the park, rather a struggle to stay
above water
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