Personal Budget Exercise

 The purpose of this exercise is to demonstrate the ‘real world’ costs of living independently in the United States. This will serve as a guide and motivation in career choice for teenagers. It is suggested that a combination of Internet ‘average’ research as well as parents’ real monthly costs be used as a guide for most parts of the exercise. (PDF Format)




Monthly Cum. 





Type Car: TOTAL COST w/tax:




Loan payment on 4 year loan on above




Insurance cost monthly




Yearly fees, inspections, service estimate




Gas cost (avg miles per month X fuel cost):












Apartment cost (newspaper)












Cable, Internet service, other?




Personal property content insurance




Furniture (this is not included but is a factor) 








Personal Expenses




Health insurance




Groceries (make menu separately, price & average)




Food at work cost








Extra/wants are not included: estimate




Income Taxes and SSN* (not included...deducted from salary)




























           GRAND TOTAL









Monthly needed based on above




40 hours week at $ Per hour

   *vary to get ‘needed’




State/Fed income tax deduction %




Social Security deduction %




Actual hourly income




















What hourly/daily income is needed to meet your minimum expenses?

What jobs would meet this that you can qualify for?

What is the average income of college graduates right now?