SPENDIN THAT MONEY Kentucky Department of Financial Institutions

SPENDIN' THAT MONEY Kentucky Department of Financial Institutions Created by: Franklin County 4 -H/Youth Development Revised by: KY Dept. of Financial Institutions 2015

What is a budget? Step-by-step plan for meeting expenses in a given period of time Everyone budgets Budgeting is about choices

Education High School $18, 000/Year $35, 000/Year $70, 000/Year $1, 500/M Gross $2, 900/M Gross $5, 800/M Gross $1, 308/M Net No school Loans Jobs: Truck driver Waiter/Waitress Secretary College Advanced $2, 476/M Net $4, 646/M Net $30, 000 Loan $60, 000 Loan 10 yr. Loan=$250/M 10 yr. Loan=$500/M Jobs: Sales Nursing Business Teaching Jobs: Doctor Veterinarian Lawyer Professor

The Basics…Housing Rent: Apartment: = $400/Month House: = $500/Month House: Rented House or Small House Owned (2 bed, 2 bath, $150 K in Taylor Mill) Small = $800/Month (1 story, 2 bed, 1 bath) Large = $1, 500/Month (2 story, 3 bed, 2 bath, workout/game room) Large House Owned (3 bed, 3 bath, $350 K in Louisville)

The Basics… Travel Statement: Chevrolet Camaro 2 SS -$40, 000 Own… Makin’ A Statement = $600/M New, Basic ($20, 000) = $300/M Used Car (good shape, $8, 000) = $150/M Uncle Ray’s Auto (oh my, $2, 000) = $50/M ($40, 000) New, Basic: Chevrolet Silverado - $22, 000 Hitch a Ride… Bus = $50/Month Cab = $100/Month Used: 2008 Toyota Camry - $7, 500 Friend = $25/Month + loss of a friend Uncle Ray: 1995 Ford Escort - $2, 500

Travel, The Real Story… Gas! = $100/M

Entertainment Television Local/Antenna = FREE!!! Cable TV Satellite TV = $30/Month = $60/Month Internet None = FREE! Dial-Up = $10/Month High-Speed = $30/Month

Entertainment Cell Phone None Basic Unlimited = FREE! = $50/Month = $120/Month Entertainment/Going Out Once a Month = $25/Month Once 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 Phone Activation Fee = $5/Month for 6 months

Payin’ The Bills Garbage Water Electric: Own Rent = $25/Month = $150/Month = $100/Month

Payin’ The Bills… Insurance Health Insurance: Good Coverage = $328/Month Regular Coverage = $259/Month Catastrophic = $134/Month Home: Own Rent = $50/Month = $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 Basic New Small Used Uncle Ray Special = $100/Month = $50/Month = $20/Month = $10/Month

More Stuff to Buy… Home Supplies: (Cleaning, furniture, odds/ends) Own Rent = $100/Month = $50/Month Hygiene: = $50/Month Food: Eatin’ Good: = $600/Month ($20/day) Gettin’ By: = $300/Month ($10/day)

Surprise, Surprise… Parking Ticket Speeding Ticket Birthday New Tire Oil Change Doctor Bill Good Insurance Regular Insurance Catastrophic = $25 = $193 = $25 = $100 = $35 = FREE!!! = $25 = $200

How Did You Do? Always Be Aware!!! Don’t Take Things at Face Value. Save, Save Goal is 10% Pay Yourself First!!!