Net Salary
Savings Strategy
Spending Habits
Surplus or Deficit
10. What decisions did you make about your budget led to that final outcome?
To get to this point, I did take away things such as a car, getting my haircut every three months, having premium channels, and fancier dining and eating. Most importantly, I budgeted to live with two other people who would split the rent.
NOTE: If your budget ended with a deficit (you were spending more than you were taking home each month), this is not sustainable. You would need to redo your budget until your net income covers all of your monthly expenses.
Summary
- How did you choose your career?
- Now that you’ve seen your preliminary budget, reflect on your career choice and the lifestyle you may be able to live as a result. What might be the benefits or challenges?
Savings Strategy
- How much did you decide to save (in savings and in retirement), and why did you make these choices?
- After seeing how your final budget turned out, do you think you should be saving more or less than you originally chose?
Spending Habits
- When you look at your overall spending, which category are you spending the least on? Does this surprise you?
- Which category are you spending the most on? Does this surprise you?
- What is one area where you know you could spend less? How would you change your budget?
- What is one area where you wish you could spend more on? What would need to happen for that to be possible?
Surplus or Deficit
- In the end, does your budget end with a surplus or a deficit?
10. What decisions did you make about your budget led to that final outcome?
To get to this point, I did take away things such as a car, getting my haircut every three months, having premium channels, and fancier dining and eating. Most importantly, I budgeted to live with two other people who would split the rent.
NOTE: If your budget ended with a deficit (you were spending more than you were taking home each month), this is not sustainable. You would need to redo your budget until your net income covers all of your monthly expenses.
Summary
- Name two lessons you learned by completing this salary-based budget.