Created by: Franklin County 4-H/Youth Development Revised by: KY Dept. of Financial Institutions...

Created by: Franklin County 4-H/Youth Development Revised by: KY Dept. of Financial Institutions 2015

Kentucky Department of Financial Institutions

What is a budget?

Step-by-step plan for meeting expenses in a given period of time

Everyone budgets Budgeting is about

choices

Education

The Basics…Housing

Rent:Apartment: = $400/MonthHouse: = $500/Month

House:Small = $800/Month

(1 story, 2 bed, 1 bath)Large = $1,500/Month

(2 story, 3 bed, 2 bath,

workout/game room)

Rented House or Small House Owned (2bed, 2bath, $150K in Taylor Mill)

Large House Owned(3bed, 3bath, $350K in Louisville)

The Basics… Travel

Own…Makin’ A Statement ($40,000) = $600/MNew, Basic ($20,000) = $300/MUsed Car (good shape, $8,000) = $150/MUncle Ray’s Auto (oh my, $2,000) = $50/M

Hitch a Ride…Bus = $50/MonthCab = $100/MonthFriend = $25/Month + loss of a friend

Statement: Chevrolet Camaro 2SS -$40,000

New, Basic: Chevrolet Silverado - $22,000

Used: 2008 Toyota Camry - $7,500

Uncle Ray: 1995 Ford Escort - $2,500

Travel, The Real Story…

Gas! = $100/M

Entertainment

TelevisionLocal/Antenna = FREE!!!Cable TV = $30/MonthSatellite TV = $60/Month

InternetNone = FREE!Dial-Up = $10/MonthHigh-Speed = $30/Month

Entertainment

Cell Phone None = FREE!Basic = $50/MonthUnlimited = $120/Month

Entertainment/Going OutOnce a Month = $25/MonthOnce a Week = $100/Month

(NOTE: “Entertainment” could be a movie, game, concert, date, anything!)

Entertainment, The Real Story… Cable:

Installation = $5/Month for 6 months

Internet:Installation = $5/Month for 6 months

Cell PhoneActivation Fee = $5/Month

for 6 months

Payin’ The Bills

Garbage = $25/Month Water = $25/Month Electric:

Own = $150/MonthRent = $100/Month

Payin’ The Bills… Insurance Health Insurance:

Good Coverage = $328/Month Regular Coverage = $259/Month Catastrophic = $134/Month

Home: Own = $50/Month Rent = $25/Month

(or free for no coverage)

Car Insurance Fancy = $300/Month New = $200/Month Used = $100/Month It Runs = $50/Month

Other: (Dental, Vision, Life Insurance, etc.) = $20/Month Each

Taxes!

Rent = FREE!!! Own Small Home = $70/Month Own Large Home = $150/Month

Fancy Car = $100/Month Basic New = $50/Month Small Used = $20/Month Uncle Ray Special = $10/Month

More Stuff to Buy…

Home Supplies: (Cleaning, furniture, odds/ends)

Own = $100/MonthRent = $50/Month

Hygiene: = $50/Month

Food:Eatin’ Good: = $600/Month ($20/day)

Gettin’ By: = $300/Month ($10/day)

Surprise, Surprise… Parking Ticket = $25 Speeding Ticket = $193 Birthday = $25 New Tire = $100 Oil Change = $35 Doctor Bill

Good Insurance = FREE!!!Regular Insurance = $25Catastrophic = $200

How Did You Do?

Always Be Aware!!! Don’t Take Things at Face Value. Save, Save, Save

Goal is 10%Pay Yourself First!!!