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Jayne McBurney, MS
Family & Consumer Sciences Agent
http://johnston.ces.ncsu.edu/
2736 NC Highway 210
Smithfield
989-5380
Statistics 2011: The Average BS
• $23,300 student loan debt
• Starting salaries:
– $28-$60K
• Need to earn about $33K
to live and pay off debt
= $15.00/hr
Understand Income
Gross income
vs
Before taxes and deductions
Net Income
‘bring home pay’
$33,000
$23,760
$2750/month
$1980/month
$635/wk
$457/wk
Financial Planning
What is it???
•
It is a Means to an end
•
It is a way of achieving goals
•
It is often based on making good decisions
•
It is getting the resources together you need to attain your goals.
Five steps:
1.
Set Goals
2.
Analyze Information
3.
Create a Plan
4.
Implement the plan
5 . Monitor and Modify the plan
SMART Goals
•
•
•
•
•
Specific: To buy a laptop in December.
Measurable: It will cost $500.
Attainable: I will save $50/month
Realistic: how will I get the $, look at spending
Time Bound: I will have a computer in December!
Analyze
• Write down EVERYTHING you spend
• Use a calendar and mark due dates
Monthly debts
• Should be less than 15-20% of net
income
• $297-396/month
Housing
25% - 33% of gross pay
$688-907/month
Vehicle
• less than 15% of gross including
insurance, gas and maintenance
•
$413/ month
Create a plan: Budget
• Income
• Minus fixed: the NEEDS
Rent, Mortgage, utilities, insurance
• Minus flexible: the WANTS
Food, clothing, phone, entertainment
• Anything left? Emergency / Savings
Implement the plan:Find $
• Nails/ Haircut…can you wait a week?
– Have hair and nails done every ten days, save $50/mo
• Daily lunch, at a modest $5 = $100 a month
- Pack Lunch 3 days a week, save $60/mo
• Cable….movie packages
– Rent movies, save $25-$50/mo
• Cell phone - Internet
– If you have a smart phone, you may not need Internet
service at home, save $45/mo
• Vending machine: 1/day @ 75¢, $15/month
– Bring snacks from home in a cooler, save $30/mo
• Memberships, Subscriptions, Services
• Barter, Trade, Sell, FREE!
Talk
• Communicate with those who depend
on your paycheck about spending
issues and financial goals
Fun & Helpful websites
•
•
•
•
•
www.bankrate.com
www.feedthepig.org
www.choosetosave.org
www.thedailygreen.com
www.soundmoneymatters.com
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