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Personal Plan Finance and Accounting - Term Paper Example
Finance & Accounting
Pages 3 (753 words)
It is important for people to plan out their future by making budgets. I am estimating that my salary once I graduate will be equal to the average salary of an American worker. The average salary in the United States in 2010 was $41,673 (Ssa). Based on that salary I created a monthly budget for the following year…
50 50 50 50 50 50 50 50 50 50 50 50 Entertainment 100 100 100 100 100 100 100 100 100 100 100 100 Total Expenses 3195 3195 3195 3195 3195 3195 3195 3195 3195 3195 3195 3195 Savings 278 556 835 1113 1391 1669 1947 2226 2504 2782 3060 3338 Based on this monthly budget I will save a total of $278 per month. At the end of the year I will have $3,338 in savings. The highest expense in my budget is the rent. I may be able to lower the monthly rent expense by renting a room in my apartment or house. My budget is composed of both variable and fixed expenses. Some of the variable expenses categories in my budget include food, gasoline, and entertainment expenses. Three fixed expenses are rent, student loans, and medical plan. During the second year my monthly budget will look the same with the exception that I am assuming my salary will increase by a rate of 5%, thus the total savings at the end of each month will vary. My monthly budget for the second year is illustrated below. Jan Feb March April May June July Aug Sept. ...
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