Family Profile COPY AND FILL IN THE BLANKS

Family Profile COPY AND FILL IN THE BLANKS Today I am ____ years old. In ____ years I will be 30 years old. This is how I want my life to look… I am ______ (married, single, in a relationship) I have _______ (#) children. They are___ years old. I want to live in ______(city), _______ (state) because_________________.

Housing Profile A. Condo ____ bedrooms _____ bathrooms B. House ____ bedrooms _____ bathrooms Price: _____________ Sq. Ft. _________ Features: Monthly payment $____ / mo. Insurance $50. 00 / mo. Utilities (15% of monthly payment ) $_______/ mo. Monthly payment Insurance Utilities (15% of monthly payment) Total $_______/ month $____ / mo. $50. 00 / mo. $_______/ mo. $________/ month C. House ____ bedrooms _____ bathrooms D. House ____ bedrooms _____ bathrooms Price: _____________ Sq. Ft. _____ Features: Monthly payment Insurance Utilities (15% of monthly payment) Total Sq. Ft. _____ $____ / mo. $50. 00 / mo. $_______/ mo. $________/ month Monthly payment Insurance Utilities (15% of monthly payment) Total $____ / mo. $50. 00 / mo. $_______/ month

Transportation You will budget for a car that must fit the number of people in your family profile. How do you want to get around town? What make, model and year did you choose? Example: Make: Honda Model: Accord Year 2011 *If you did not bring in your own car ad, then you will budget for: • 2011 Honda Accord EX-L listed at $28, 196 – Features: 4 door, automatic, V 6 engine, leather interior

Loan Chart- Housing Calculate housing at 5%

Which type of car did you choose? Use this as a guide to determine your gasoline & maintenance costs • Economy car • Midsize car • Large car Examples: VW Golf, Toyota Corolla, Fiat, Honda Civic, Chevy Cruz, Ford Focus 4 Door Cars- Toyota Camry, Honda Accord, BMW 5 Series, Nissan Altima, Chevy Malibu, Dodge Charger Cars with V 8 engine, SUVs, trucks, or exotic sports cars

Monthly Car payment (5% interest on a 48 month loan, $0 down payment, excluding tax & licensing fees) Amount of Loan Monthly payment Amount of Loan Monthly Payment $5, 000 $115. 15 $16, 000 $368. 47 $6, 000 $138. 18 $17, 000 $391. 50 $7, 000 $161. 21 $18, 000 $414. 53 $8, 000 $184. 23 $19, 000 $437. 56 $9, 000 $207. 26 $20, 000 $460. 59 $10, 000 $230. 29 $25, 000 $575. 73 $11, 000 $253. 32 $30, 000 $690. 88 $12, 000 $276. 35 $35, 000 $806. 03 $13, 000 $299. 38 $40, 000 $921. 17 $14, 000 $322. 41 $45, 000 $1036. 32 $15, 000 $345. 44 $50, 000 $1151. 46

Gasoline • You will drive about 500 miles per month • Gas costs about $3. 00/ gallon • Economy Cars- 30 miles per gallon • Midsize Cars- 20 miles per gallon • Large Cars- 10 miles per gallon 500/ _____mpg = _____ gal _____gal x $4. 00 = $____ Gasoline Cost

Maintenance & Repairs • You will drive about 500 miles per month • Economy Cars- 0. 12¢ per mile • Midsize Cars- 0. 15¢ per mile • Large Cars- 0. 19¢ per mile 500 x ______maintenance cost = $_______ total maintenance cost per month Car insurance $100/ mo.

Clothing • Your clothing budget will vary according to your talents, taste, and time. Where do you like to shop? Are you a “blue jeans” person or someone who prefers designer clothing? Are you willing to shop for bargains to produce a designer wardrobe or do you always pay full price? • Find your costs on the CLOTHING CHART Total Cost of Clothing $____/month

Clothing Chart This chart assumes that you are purchasing a nice wardrobe at discount stores, such as Ross Dress for Less or TJ Maxx. (Maxxonistas). Fashionistas need to budget higher!! 1 Person $980 divided by 12 months = $127/month 2 Persons $1, 657 divided by 12 months = $138/month 3 Persons $2, 441 divided by 12 months = $203/month 4 Persons $2, 850 divided by 12 months = $237/month 5 + Persons $3, 123 divided by 12 months = $260/month Total Cost of Clothing $____/month

Food • This category is for food prepared at home. Using the “Cost of Food At Home” chart, select which monthly plan is right for you and your family. The Thrifty Plan is based on low-cost foods such as beans and rice and may take longer to prepare. The Low-Cost and Moderate Plans offer a greater variety; while the Liberal Plan lets you buy whatever you want, regardless of the cost. • Total Cost of Groceries $____/month

Cost of Groceries COST OF FOOD AT HOME Per Month Thrifty Plan Low-Cost Plan Moderate-Cost Plan Liberal Plan FAMILIES Family of 2 $391. 30 $501. 40 $623. 80 780. 50 Couple & 2 Preschoolers $568. 50 $725. 70 $897. 90 $1, 113. 30 Couple & 2 School Age $655. 20 $858. 80 $1, 070. 80 $1, 301. 50 1 Year $95. 30 $129. 10 $146. 10 $177. 90 2 – 3 Years $103. 70 $132. 40 $159. 90 $195. 10 4 – 5 Years $109. 10 $137. 50 $170. 90 $208. 60 6 – 8 Years $140. 20 $194. 60 $232. 80 $275. 70 9 – 11 Years $159. 20 $208. 40 $270. 90 $316. 30 Male: 19 – 50 $189. 00 $244. 10 $305. 70 $376. 20 Female: 19 - 50 $166. 80 $211. 70 $261. 50 $333. 40 Family of 4 INDIVIDUALS Child Source: US Dept of Agriculture, Official USDA Food Plans: Cost of Food at Home at Four Levels, U. S. Average, February 2016.

Entertainment A. Recreational/Entertainment Activities These include parties, movies, concerts, sporting events, books, DVDs, CDs, hobbies/sports, and electronics such as IPods, cell phones, internet, cable TV, etc. Use the attached list to calculate a monthly cost for each of these categories. Total Cost of Recreational/Entertainment $____ B. Eating Out (Restaurants/Fast Food) Assume an average price per outing for a small family at $40. 00 then multiply by the number of times per month you will eat out. $40. 00 X ___/month = $_______ (Cost of eating out per month)

Vacations can be short trips (2 to 4 days) such as weekend getaways or longer trips (7 to 10 days) such as cruises or travel to other countries. _____ # short trips X $500 ÷ by 12 months = $_______ # long trips X $3, 000 ÷ by 12 months = $_______ Total Cost of Vacations per Month = $_______

CHILD CARE If both parents are working while there are young children in the family, (a reasonable assumption in today’s economy) you will need to consider your child-care options. First, look back to see how many children you are planning to have, and their ages to record in the chart on the right. Age Example Arrangement 1 year Full Time in Center Cost per Month $679 Child #1 $______ Child #2 $______ Child #3 $______ Child #4 $______ Would you have: (Circle One or more) A. No need for child care Why not? B. *A relative to care for them: ______(who) Explain how your relative can work for free: C. Full time child care in a center/pre-school/certified home-based program Total ------- $______ Enter at #8 on Your Budget Profile

Average National Child Care Costs, 2010 Per Month Babies and Pre-School Age Toddlers Ages 4 -5 yrs 0 -3 yrs School Age 5+ yrs Full Time Day Care Facility $679 $535 $200 Home Care Center $525 $474 $125 Full Time Nanny $3, 000 for 1, 2, or 3 kids

Health Insurance An unforeseen accident or illness can play havoc with the most carefully planned budget, so health insurance is a must. Many employers will pay for a portion of your health insurance, but you will usually have to pay a portion of the cost. See the table below for average out-of-pocket costs. For each age group, list five health-related events that require these people to see a medical doctor, dentist, etc. Adults: ______________ Children: ______________ Average Yearly Out-of-Pocket Cost 1 Person - $1, 522 2 People - $3, 010 3 People - $2, 496 4 People - $2, 472 5 or More People - $2, 340 Annual Health Care cost $____÷ by 12 = $_______ per month

Furnishings You will need to purchase replacement equipment and items for your home, such as linens (sheets), appliances (coffee pot, microwave), and decorative items (holiday decorations, etc). We will assume you have already purchased computers, home entertainment items, and furniture. List five other furnishings you might pay for: ________________ Pick an annual dollar amount between the range of $200 to $500 Annual Budget $______divided by 12 = $ ____ Monthly Furnishing Cost

Savings Although you may not think so now, you will need some savings in your future. There are predictable things to save for (a house, new furnishings, children’s college, retirement) as well as things you’d rather not think about (losing your job, a major illness). It’s not fun to spend money on a new roof or a water heater, but sometimes it has to be done. It’s a lot easier if you’ve planned for it. As a rule of thumb, every family should save at least six months’ income in case of an emergency. What five things will you save for each month? ________________________________ Pick a dollar amount between $100 to $700 MONTHLY SAVINGS TOTAL= $ ______

Miscellaneous Here are some possible additional expenses. Add what you feel you need to. For each category, estimate a monthly cost between $50 -100. Holiday gifts and birthdays $ _______ #___ of Pets $_______ Charity Contributions $_______ Other items: ______ $_____________ ____________ $_______ MONTHLY MISCELLANEOUS TOTAL = $ ________

Now it is time to add up your monthly costs 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. Housing Transportation Clothing Food Sundries Entertainment Vacations Child care Health care Furnishings Savings Miscellaneous TOTAL MONTHLY EXPENSES $_____ $_____ $_____ $____

Add up the “Total Monthly Cost of …” for categories #1 -12 off your Budget Profile sheet Example • Housing • Transportation • Clothing • Food • Sundries • Entertainment • Vacations • Child care • Health care • Furnishings • Savings • Miscellaneous TOTAL $1, 786. 00 $516. 00 $138. 00 $515. 15 $50. 00 $314. 00 $520. 00 $260. 00 $33. 00 $600. 00 $175. 00 $4, 907. 15

Total Your Monthly Expenses Now that you have budgeted for the lifestyle you would like to live when you are 30, it’s time to find out how much it all costs! • Total Monthly Expenses – Add up the “total cost” amounts for categories 1 -12. This is how much money you would like to spend each month. • Gross Monthly Income Needed – Total monthly expenses ÷ 80% = $_______. This is how much money you have to earn each month in your pay check BEFORE paying taxes. • Required Annual Salary – Gross monthly income needed x 12 months =$______. This is how much money you must earn each year to support this lifestyle.

Total Your Monthly Expenses Example: TOTAL MONTHLY EXPENSES $4, 907. 15 GROSS MONTHLY INCOME NEEDED ( Total expenses ÷ 80%) = $ $4, 907. 15 ÷. 80 = $6, 133. 93 REQUIRED ANNUAL SALARY (Gross monthly income x 12 mo. ) = $ $6, 133. 93 x 12 mo. = $73, 607. 25 What career will support this lifestyle? ? ?

Budget Wrap Up Questions 1. How does your estimate budget compare to your final budget? Explain. 2. Pick two categories from your budget where the costs seem too high or too low. Explain. 3. Where could you make cuts in your budget? Explain. 4. What does your budget say about you? 5. What are you going to do to make your lifestyle a reality?