Thursday, May 5, 2011

Ch 7 How to make a Budget

Step 1 - Choose a career
In this project, I chose mechanical engineering as my career.

Step 2 - Choose a college and pay for it.
I planned to go to UC Davis.
The tuition for all 4 years is $109,845
To pay for it, I have:
  • Parent's savings - $20,000
  • Scholarships total - $42,500
  • Financial Aids total - $22,000
All together = $84,500

Step 3 - Student Loan Payment
Since i have $84,500 , I'll have to borrow $25,345 from direct loans and according to the Student loan payment calculator, I'll have to pay them back $292 a month for 10 years.

Step 4 - Finding a Job

I found a job at the Taj Campton Place Hotel in San Francisco as an engineer that fixes machines and such in the hotel.
The salary is $28.13 / hr
so each month I'll be getting $4501 a month
and $54,010 a year.
This job includes Health Benefits that covers for Health, Dental, and Vision for $127 a month.
They also have the 401k retirement plan which takes 7% of my salary so my monthly income is $4058.93

Step 5 - Find a place to live.
I found an apartment near Lake Merritt for $1,050/Month
They only cover Garbage and Water bills.
They have a coin operated laundry and included a gas stove and a dish washer.

Step 6 - Transportation
It's really easy to take the Bart to my work place from my apartment.
I have to walk about 5 minutes to the Lake Merritt Bart station and take the Bart to work for $3.10 a ride so it's about $6.20 a day and around $124 a month.

My Budget
Overall after all the expenses of a month, I'll be left with $711 a month.

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