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Budgeting Project

Published on Nov 19, 2015

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1.

BUDGETING MY FUTURE

ALLYSSA GROB
2.

My project monthly budget was not well balanced compared to the suggested monthly budget because my student loans were too high, my house was too expensive and I didn't have a large savings account. Though I feel the monthly income wasn't accurate because it doesn't calculate the additional schooling, making me eligible for higher positions in my career path.

3.

Student Debt
One of the biggest pieces of my pie chart was debt. That was mainly because instead of going for four years, I'm attending a state school for six years. This left my student loans at $230,000. Making monthly payments at about $2,000 a month.

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4.

House
Another larger slice of my pie was my house. This is probably typical because purchasing a house is a large investment. The price of my house was $189,000 but after interest of 4.018% over a 30 year payment program I will pay $365,253 for my house.

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5.

Living Expenses
Being a teenager I mostly live off my parents. The concept of me paying for my own things has not completely set in yet. Creating a budget for myself is not easy. Gas ($80), food ($100), clothes ($100) and phone bill ($50) is already over $300. After calculating my leftover budget from all of my other payments I don't have $300. This also excludes any other random payment I might have to make throughout the month such as possible medical bills, house supplies, pets, or emergency charges.

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6.

After doing this project I have realized that living isn't cheap and the world can be expense. This especially applies when you're young and just out of college, trying to find a career, already with student debt. It's important to be smart with your money and think about saving for the long term rather than spending money now. It's important to do research and compare prices before making any big financial decisions. Debt is a heavy burden but you have to be smart about your payments because it can affect your credit score and interest rates.

Allyssa Grob