HOW MUCH WILL IT COST TO BE YOU?
Imagine yourself at 30 (or whenever you expect to be working and on your own). For each of the
questions below, circle the letter of the answer that best describes the way you will be living then.
PART I: YOUR LIFESTYLE
1. Where will you live?
A. I will be renting a one-bedroom apartment in a nice neighborhood in the city.
B. I will own a small, pleasant six-room house in the country with some land.
C. I will rent a six-room apartment in a low rent section of the city.
D. I will own a large, beautiful home in the suburbs.
2. How do you think you will dress?
A. My clothes will knock your socks off! I’ll be one of the “best dressed” people.
B. I will always looks nice, but clothes won’t be a big thing in my budget. I’ll buy medium
priced clothes at a department store.
C. I won’t be spending much money on clothes. If I need something special, I’ll buy it on sale.
3. How will you be eating?
A. I’ll eat quite simply and plan my food budget carefully. I’ll eat out once or twice a month,
but I’ll stay away from fancy restaurants.
B. I’ll eat very well. I’ll eat out once a week and order whatever I want.
C. I’ll be somewhere between A and B.
4. How will you be traveling?
A. To save money, I won’t own a car. I’ll take public transportation.
B. I’ll have a use car, which I’ll share with another person.
C. I will have my own used car.
D. I will have my own new car.
5. What will your furniture be like?
A. There will be lots of it, and it will be gorgeous.
B. I won’t need much. Maybe my family will help out. I’m not going to worry about it.
C. I will b nice, but I’m not going overboard on furniture.
6. What will you do for entertainment?
A. I’ll be partying and going out a lot. Entertainment is going to be a major expense.
B. I’ll go out once or twice a month.
C. I’ll be somewhere between A and B.
7. How about vacations?
A. I won’t be taking any vacation.
B. I’ll be traveling every chance I get, and vacation in style.
C. I’ll go camping once a year and go away for a couple of long weekends.
D. I’ll be somewhere between A and B.
8. Miscellaneous. This includes health costs and everything not covered above.
A. I’ll be living on a tight budget.
B. I’ll be living moderately. My budget won’t be too tight, but I won’t have a lot of extra cash.
C. I’ll be buying lots of extras.
PART 2: ADDING IT ALL UP
Circle the amount that corresponds with your answers to each question on PART 1. For example, if you
circled B for question # 1 (You will own a little house in the country), circle $14,292 for # 1 below.
1. A. $ 7,078 2. A. $ 4,084 3. A. $ 2,450 4. A $ 954
B. 14,292 B. 1,361 B. 5,173 B. 2,723
C. 5,854 C. 681 C. 3,539 C. 5,454
D. 24,502 D. 8,168
5. A. $ 1,633 6. A. $ 3,268 7.
A. $ 0 8. A. $ 817
B. 136 B. 409 B. 4,084 B. 2,451
C. 409 C. 1,362 C. 1.089 C. 4,084
D. 2,722
Now add up your totals. For each number below, fill in the amount you circled above.
1. ________________________
2. ________________________
3. ________________________
4. ________________________
5. ________________________
6. ________________________
7. ________________________
8. ________________________
________________________ TOTAL (A) How much you need to earn each year if
you don’t have a spouse or children.
If you will have children, you need to figure in the expense. To find out how much your children will cost:
Write your total for (A) here: _________________
Subtract the figure for Question 1:_________________ (assumes children live with you.)
SUBTOTAL for (A1): _________________
# children: __ x 0.4 = ___ x (A1) =_________________ TOTAL (B)
(0.4 =amount it costs to support a child compared to an adult.)
Will you have a spouse? Yes __ No __
If yes, put your total for (A) here: _________________
Subtract the figure for Question 1:_________________ (assumes spouse lives with you.)
_________________ TOTAL (C) Now enter costs for:
Yourself (Use TOTAL A) _________________
Your children (Use TOTAL B) _________________
Your spouse (Use TOTAL C) _________________
_________________ TOTAL (D)
If spouse will be working, divide by 2: _________________ TOTAL (E)
Divide (D) or (E) for 52 weekly expense: _________________
Divide (D) or (E) for needed hourly wage: _________________
Average earnings in career being considered: _________________(http://www.bls.gov/oes/2002/oes_nh.htm)
[Adapted from Career Orientation and Planning Profile, Center for Education and Training for Employment, Columbus, Ohio]
South Hill Publications, 2002 (78.5/4.0)