If you did not do a Bracketolgy assignment or can't remember, look for a career of interest to you on Oregon CIS
If your job requires a college degree, you will have student loans. According to the U.S. Department of Education, the average debt for students at a four-year college is $24,700. If you go to college you will need to repay your loan.
College loans can be payed off over 15 years at 6% interest. Use this financial calculator to determine your monthly payments of a loan. Remember, if it asks you how many payments, you will have 12 per year. So if you are paying off a loan over 15 years, you will have 180 monthly payments.
If you want to be a doctor, you will have a lot more debt. Go to this American Medical Association link to find out how much debt you will be repaying. If you want to be a dentist (scroll down to the chart and pick the most recent number) or lawyer click on the link to find out how much you will be borrowing. If you plan on earning a masters degree, click on the link and use the dollar amount in where the arrow is (from finaid.org).
you graduate and get that job you want, you need a reliable
automobile. Again, use the local classified ads or try autotrader.com
to find that car. DON'T SPEND ALL CLASS LOOKING AT CARS. Again, use this financial calculator to determine your monthly payments of a loan. Use an Interest rate of 8% for buying a car. Used cars are typically paid off in 48 or 36 months. Hint - this would be a fixed expense.
If you don't want to buy an automobile, feel free to get a bus pass. But remember, you don't qualify for the student discount anymore. Also, find the mass transit for the city where you want to live.
TriMet (Portland,OR), LTD (Eugene, OR), MTA (New York, New York)
You will need to determine how much you will spend on gas. Using the real-world fuel-economy averages as recorded by Consumer Guide® here's what each type of auto will get for miles per gallon:
SUV / Mini Van / Truck: 15 mpg
Luxury Sedan: 15 mpg
Midsize Car: 22 mpg
Compact Car: 25 mpg
Hybrid Car: 40 mpg
Assuming that the average drivers puts on 12,000 miles per year on their automobile, take 12,000 divided mpg to determine how many gallons of gasoline you will use in a year. Next, find what gas costs by going to fueleconomy.gov. Multiply the price of gas by the number of gallons you will go through in a year. This will give you your total yearly gas cost. Finally divide it by 12 to get your monthly cost. Is this a fixed or variable expense?
For example if my car gets 30 mpg: 12,000 / 30 = 400 gallons of gas
400 x $3.75 per gallon = $1,500 per year. $1,500 / 12 = $125 per month.
much will your auto insurance cost you? If you already pay your own insurance
use that figure but if you're on your parents policy, you'll have a different
rate so look at the average costs of insurance by state. Remember, premium rates
are stated for 6-month periods. Click here
to look at insurance rates by state.CLick on the link titled "Cost of Auto Insurance" and scroll down to state averages. These averages are for a year so divide by 12 to get your monthly cost.
Enrichment Activity Option - Instead of using the state averages for auto insurance premiums, call an insurance company or get online a get a quote for yourself.
probably want, electricity, and if you're not in an apartment you'll need
to pay for garbage service, water, and probably sewer service. To get an idea
of what these items cost, ask your parents or someone who is out on their own
already OR look at the average monthly rates for people who use Portland General Electric. Look at the "Avg Bill Per Month" and use the average for all months (a special thank you to Jon Penner for helping find this electric rate).
Enrichment Activity Option - Instead
of using the state averages for utilities, use a electric/gas bill from home. Make a copy/take a picture of it (don't include account number) for proof.
If you want a phone, it will probably be a cell phone. Land lines are for your grandparents. Try some of these carriers: Sprint, Verizon, Cricket, and AT&T
Go ahead and use $250 for you food bill for the month. You may think this to be a high number but consider if you spend $1 on breakfast, $3 on lunch, and $5 on dinner every day - that would come to $270 per month.
Enrichment Activity Option - Make a monthly menu for yourself and then create a grocery list. Go to a store an price out the items.
probably going to want to retire one day or want to spend some time traveling.
You also do not want to live paycheck to paycheck so you want to put some money
away for a rainy day. Money for investing is for long term but money put aside
in savings is for short term needs and goals. You're going to want a savings account
that has at least three months worth of wages in it and you're also going to need
to invest money for your future.
Cable/Satellite and Internet
Since many of you cannot live without these two items. Go to Comcast to find what it will cost you. Or use Direct TV or Dish Satellite.
Consider Charitable Giving
People have many different reasons for their decision to give their time and/or money and other resources for charitable purposes. There is a feeling of satisfaction of helping others, a desire to give back to the community that has provided support to you, a responsibility to help others, help make your world a better place to live and for all of this, you get a tax break.
Local Organizations that we utilize in the David Douglas Community:
Celtic Heart, Pennies for Patients, Senior All-Night Party, Sno-Cap Canned Food Drive, Sparrow Club, Abby's Closet.
If you choose to give money to charities, take 1/3 of that amount and put it back in your net income. For example, if you give $100 per month to your church, put $33 back in your net income.
likely want to spend some of your income on entertainment and dining out from
time to time. You'll also want to have a miscellaneous category in your
budget for those unexpected expenses that come up from time to time.