Property taxes vary dramatically with location. If possible use

actual annual figure if available on real estate listing.

If not available use 1.4% of home purchase price. (.014) full home purchase price per year

Insurance Renters flat $200, Owners: greater of $450

or .4% of home purchase price per year Insurance is not always required for renters but

is for a mortgage.

Renters renters if not paid $100 per month for

gas and electric, $50 electric only, $45 for water and trash if not included

Homeowners $125 to $225 per month for heat and

electricity $70 for water, sewer, trash

cable or satellite if desired $50 per month plus premium services

Netflix streaming $8+ per month

Bundle(cable, Landline phone, internet $150 month

Cellphone $45/month

1% to 2+% of home value per year. To figure: (.01 to .02) ( home price) = maintenance Lower figure for newer, simpler homes.

High figure for older homes or homes in poor shape.

Remember you are budgeting for an average year. Some expenses are routine (lawn care) others every so often (new roof, new water heater, etc.)

$500 to $3000+ per year Think of replacement furniture,

window treatments Appliances, televisions, home

electronics Bigger house=greater need 600 sq. foot apartment different

than 1600 sq. foot home

Condominium fees, association feesmaintenance of special property

Car payments Assume monthly cost whether paid for

with cash. Use actual cost of car. Divide by 78 for 2013 to 2015 vehicle divide by 64 for a 2010 to 2012 vehicle divide by 50 for a 2005 to 2009 vehicle

or vehicle with less than 60K miles divide by 36 for a 2004 or older vehicle

Gasoline: $60 to $150 month per carMaintenance repair: $200-$1000 year

per car unless new; then $100 per yearCleaning: $25 to $500 per year per car Insurance: .04 x car price (4%) per year,

minimum $400/year per carLicense and Registration: $120 per

vehicleOther: cost of public transportation if

not using car

Toiletries: $20 to $100 per month per person

Hair Care: $5 to $90 per person per month

Office Supplies: $20 per month Computer Supplies: $200+? Per year Pocket money: $100 per adult per

month, allowance if children old enough

Other; massage, nails, tanner, nutrition?

New Purchases: $400 to $3000 per adult, $200 to $800 per child per year work clothes, shoes, coats leisure, recreational clothes

Dry Cleaning /laundry: $10 to $100 per month depending on # of people and dry cleaning needs

Other: special clothes, mending

Groceries $125-$300 per person per month depends on choices and meals away

Meals away from home-varies greatly convenience vs. cost

Pet food and supplies bigger the pet, greater the $$$

Other special foods, diet, supplements

Cost of Insurance Plan if buying yourself minus subsidies

Employer paid health insurance policy $1000 single, $1500 married, $2000 family

premium Co-pays $10+ per visit Medical Care/Prescriptions $10+ per scrip Vision: checkup $60+ plus glasses/contacts Dental: checkup $70+ plus dental work If dental or vision insured only co-pay $20+

Vacations/travel: vary widely but budget something for the unexpected $500+ ?/year per person

Recreation/Entertainment $25 - $100+ week What do you do for fun? What is the $$$?

Media subscriptions: Journals, newspapers, streaming or on-line content Leisure and professional

Membership dues and Fees: vary Railside CC $4200/$4800 year Fields

550/$700, Alma College fitness $330/year $440/couple

Bally $29/month+ Hobbies: hunting, fishing, collecting, etc.

Religious, charities: tax deductible: 14%+

political not deductibleBirthday gifts-extended family,

friends co-workers?Other gifts: weddings, cards, flowers,

eventsChristmas, Kwanza, HannukahOther-family celebrations, traditions?

Retirement Savings 1st choice full or 1/2 employer match 401K▪ up to $17,500 per year

2nd choice Roth IRA up to $5500 per adult Investments

money put aside to make money Not likely to have at age 28

Misc. Savings: money put aside for future purchase. Rough budget leave blank

Life Insurance provides for dependents Term is cheap! Use actual quote. Whole is overpriced but is guaranteed

savings Need 3 or 5 times income minimum

Disability Insurance often included as a benefit Use same cost as life insurance

premium

Federal tax : we will do actual tax form Social Security/Medicare: income

(.0765)=tax State income tax: income (.03) = tax City income tax: varies from 0 to 1% of

income. Use 1% if your city has a tax Union dues $400-$1000 year Child Care $400-$1200 per child per

month Other (alimony, child support)

Student Loan Repayment: Average is $280 per month for four-year college. Two year $50 month Additonal $200-$2000 month for Graduate

school, Law School, Medical School Tuition: $1600 per grad class Professional Development $0-$1500

year Children’s College: per child per month Remember spouse, would they have

student loans? If you do, they do.

Savings income-interest rates so low it doesn’t matter

Other income part-time job Consulting-possible Investment-unlikely at 28, unless…