Your Money

Budgeting is Common Cents. Now that you have some careers in mind, let’s see how much money you need to live. For this exercise, let’s assume that you are a single person living on your own in an apartment.

Your Money Worksheet

Download a PDF Version of this worksheet

Occupation: _________________ Salary: $___________________
GROSS MONTHLY EMPLOYMENT INCOME
How much money will you earn each month?
Your math skills come in handy here.
Take the annual salary of the career that you have chosen, ________________ and divide by 12. Presto! You now know how much money you will earn in a month. Put this amount in the space next to #1.
Salary per month
1. $________________
Computing Your Take Home Pay
The government takes out money (Social Security and withholding taxes) to pay for benefits and services. Salary minus Social Security and withholding taxes equals your take home pay. To figure YOUR net take home pay, you need to take out 23% of your salary per month.
Multiply Your Salary per month 1. ________ by 23% or .23 = 2. $_________
Social Security and Withholding taxes
2. $________________
Subtract your Social Security and Withholding taxes (2) from your Salary Per Month (1) to find your Net Take Home Pay. (3)

Net take home pay
3. $________________

· By estimating your monthly expenses and budgeting your $$$, you may be able to save $$$ each month or even have a more luxurious lifestyle. List your expenses.

· MONTHLY EXPENSES

MONTHLY REGULAR EXPENSES	LOW END	HIGH END	Yours
Expenses
Rent	$350	$1000
Utilities	$125
Food	$200	$400
Clothing	$50	$150
Car payments	$250	$700
Entertainment	$50	$200
Miscellaneous i.e.
(cell phone, internet, savings, snacks, etc.)	$125	$550

Financial Aid

Broward Futures Scholarship Program

At-risk children in Broward schools
Provides scholarships to qualified recipients to reduce juvenile
truancy.
754-321-0000
600 SE Third Ave
Ft. Lauderdale, 33301
http://www.getinvolvedineducation.com/mentors-broward-futures-scholarship.html