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Budgeting

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by

Erin Zody

on 28 January 2014

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Transcript of Budgeting

Monthly Income
Housing
What's included?
Rent/Mortgage
Homeowners/Renters Insurance
PMI
Repairs/Maintenance

Tips to consider:
Roommate(s)
How to manage house finances?
Home Warranty
Rent v. Buy?

Let's talk about housing costs
around the country...
Student Loans
Cha Ching
Your Budget
Utilities
What's included?
Electricity
Water
Gas
Phone
Internet
Cable/Satellite
Trash

Tips to consider:
Is cable a necessity?
Need for home and cell phone?
Utilities may be included
Transportation
Food
Personal Care
What's included?
Vehicle payment
Gas/Fuel
Insurance
Repairs/Maintenance
Public Transportation

Tips to consider:
First question should be, "Do I really need a car?"
Parking fees/city stickers may apply
Could be cheaper to live close to school/work


What's included?
Groceries
Fast Food/Coffee Shops
Dining Out

Tips to consider:
Is dining out a necessity?
Meal planning
Pack a lunch
Coupons/bulk buying
Price per ounce
Cook & freeze

What's included?
Medical
Personal Care Items
Haircare
Clothing
Cleaning/Laundry

Tips to consider:
Consider an HSA
Check labels for clothing care
DIY dry cleaning
How to look professional, cheaply?
Other
What's included?
Holidays/Gifts
Charity
Entertainment
Pets
Vacation

Tips to consider:
Plan ahead for these
Manage your expectations
How do you calculate your monthly take-home pay?

What's included/excluded?

Should student loans be included as part of your monthly income?
Subtract at least your minimum payment from your monthly income
Your priority should be to get rid of as much "required" debt as possible after you graduate
Control your debt, don't let it control you
What do you expect your life to be after college?
Do you think you'll be able to have what you want?
If not, where will you make sacrifices?
What are your goals for the next 5 years?
How much do you think you'll make in your first job?
Will it be enough to help you accomplish/move closer to your goals?
How can you make your salary go farther so that you can achieve your goals sooner?
What do you have to budget for and how can you save money on those things?
Some Starting Questions...
What do you get for $600?
Welcome!
Before we begin, please go to
moneysmarts.iu.edu, go to the "Resources" page and click on the "Paycheck and Budgeting Estimator in the top right corner. You will need this for the presentation.
IU MoneySmarts
Visit us on the web at moneysmarts.iu.edu

Schedule a one-on-one appointment with our MoneySmarts Team by e-mailing mnyteam@iu.edu

Listen to our podcast: "How Not to Move Back in With Your Parents" available on iTunes

Follow us on Twitter: @IUMoneySmarts

Contact Us
Phil Schuman
Director of Financial Literacy
(317) 274-7430
phaschum@iu.edu
www.moneysmarts.iu.edu
Erin Zody
Director of Finance, Planning,
and Alumni Business Operations
(812) 855-3769
ezody@iu.edu
www.alumni.iu.edu
Make the Most of Your Clothing Budget
Men:
Suit (if appropriate for the job)
Pair of pants
5 shirts
5 ties
Pair of shoes, classic leather

Women:
Dress
Skirt/pair of pants
Coordinating blouses/cardigans
Blazer
Pair of shoes, black leather pumps
Nice handbag

Tip to Consider: Don't blow your whole budget before you start the job. Understand the corporate culture before making major clothing purchases.

Tips from Jessica Quirk
Full transcript