Career Development 1

Personal Budget

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Career Development 2

Salary

Paycheck– Deductions:

• Taxes

• Child Support

• Social Security

• Retirement

• Insurance

Career Development 3

Living Expenses

Fixed Costs– Rent– Basic Utilities/Phone– Insurance– Minimal Food– Minimal Clothing

Career Development 4

Living Expenses

Variable Costs– Transportation– Cable– Entertainment– Miscellaneous– Added Food and/or Insurance– Added Utilities

Career Development 5

Large Costs

Rent:– 2 Bedroom - $600+

• Possibly use roommates to lower costs

• Cost will vary depending on location and size

– Utilities included?– Deposits?– Renter’s insurance

Career Development 6

Large Costs

Automobile:– Most consumers buy 60 mo.– Leases difficult with limited credit– Older cars = shorter terms– $.25/mile maintenance– Sports cars/SUV/Trucks = high insurance– Financed cars require complete coverage

Career Development 7

Smaller Costs

Utilities– Water, Gas, Electricity

• Electricity ranges from $50-150/mo.

• Gas ranges from $10-50/mo.

• Water ranges from $10-30/mo.

Phone• Basic service - $15/mo.

Career Development 8

Smaller Costs

Television– Basic Cable - $30– Wireless - $25

Food– Weekly - $50-75– Daily fast food = $150+– Personal necessity items must be added

Career Development 9

Smaller Costs

Clothing– Depends on style and job

Entertainment– Depends on interests

Miscellaneous– Envelopes, Broom, Extension Cord

Career Development 10

Other Factors

School LoansChild Support“Start-Up” Items

– Television– VCR– Telephone– Vacuum

Career Development 11

Goals & Objectives

Five-year goals– State specific measurable objectives

• Home; Family; School

– State salary objectives• Be realistic within chosen career

– State savings objectives• Need 3 mo. Salary minimum

Career Development 12

Key Issues

How to get started

Career Requirements