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Ongoing Project Conclusion

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by

Kelly Hillen

on 22 January 2014

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Transcript of Ongoing Project Conclusion

Ongoing Project Conclusion
Economic Support of Parents
Parents currently cover most living expenses
W/out financial assistance, amount of money I'm able to save would drastically decrease
College plans disrupted if parents don't contribute to college expenses & rate of savings decreases
Opportunity cost of moving out: attending college right after high school & being able to afford top-choice school
Conclusion
Realized I overlooked many expenses because not currently responsible for them (doctor visits, internet, groceries, insurance)
Some items on budget much more costly than expected (car insurance, utilities)
Living alone in small apartment vs. w/ roommate in 2-BR apartment
Resume Preparation
Work experience limited & unrelated to desired field (chem engineering)
Easier after choosing new career path as nanny
Work experience in after school program @ Cambridge Elementary
Current job as chemistry tutor
Charity work for children's illnesses/disabilities
Relevant courses in school (child development classes, AP Psych)
Housing
Many options close to work location, but too expensive or run-down
Chose affordability over luxury
To decrease expenses:
Roommate
Older two-family home
< 10 mi. commute to work (save gas money)
Monkey Wrench
Reinforced belief in planning ahead by prioritizing saving and purchasing insurance
Insurance reimbursed the value of my totaled car
Total savings over the year > $11,400
Allowed me to purchase used car right away
No adjustments to monthly budget
Paid in full so no interest payments
Real-life Budget
Much larger portion for education (college tuition, room & board)
No cable/internet, utilities, gas for my car, or insurance expenses
More money for entertainment
Later in life budget will be more similar to project budget
More money designated as housing costs b/c want to own, not rent
Budgeting
Looking for both quality & affordability makes budget easy to balance
No major life changes
Needs (car insurance, groceries, rent)
Wants (cable, internet, entertainment)
<60% of estimated net income needed for expenses
Save ~$1000/month ($275 specifically for education)
*totaled car in accident*
Kelly Hillen 4B
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