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financial simulator-Where does your income go

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					     Personal Budget Simulator; Where Does All the Money Go?
                                        Rates            Amount
     Annual Gross Income                                  $25,000
     Taxes
                               FICA             7.63%         $1,906
                        Income Tax                10%         $2,500
                          State Tax                5%         $1,250
                          Local tax             1.50%          $375
        Taxes as % of Annual Gross
                            Income                                 24%
     Annual Net Income                                   $18,969
     Monthly Net Income                                  $1,581
                                        Input Actual             Suggested
                                          Monthly    Actual % of   % of
                                         Payments Net Income Income
     Basics Living Expenses:
                                 Rent            $500
                    Home: Mortgage                 $0
              Home insurance, taxes               $50
          Home repair/maintenance                  $0
    Housing Total                                           35%          33%
                 Utilities and Phone             $100        6%           5%
                                Food             $250       16%          13%
    Transportation: Gas, Insurance,
                              Repairs             $200      13%          10%
                             Clothing              $50       3%           4%
                       Medical/health             $125       8%           6%
                             Personal              $50       3%           2%
Monthly Total Basic Living Expenses             $1,325      84%
                                                                                    Cost of
                                                                            Monthly loan over
Debt:                            Interest RatesTerm of Loan    Amount      Payments term
                        Home           6%           30        $       -   $0.00     $0
                           Car         7%            3        $  1,450    $44.77    $1,612
                   Credit Card        15%            5        $    950    $45.20    $2,712
                 Student Loan          4%           10        $ 16,500    $167.05   $20,047
                          Rent                                            $500.00
                                                % of Net Income
            Debt to Income Ratio                   48%
                                   $825
Monthy Basic Living Expen. Excl Housing            52%
Monthly Debt Payments              $257            16%
Monthly Housing Expenses           $550            35%
Monthly Debt + Housing             $807            51%
Monthly Basic living expenses
+ Debt+ Housing                   $1,582           100%
Savings                             ($1)            0%
Years to Retirement                  41
Anticipated Long Term Rate of
Return                               8%
Initial Savings                   $5,000
Value of Savings at
Retirement                           $126,484
If you were 18 years old and worked until 59 years old.
Had $10,000 saved up
What would your life look like if you bought an 8000 car every 5 years:
and had $5000 in credit card debt.

                                                                                                            Total monthly
item                                                Car    Rent   Credit Card      Home     Student loans       payments
principal                                         1450                    950 $         -          16500
down_payment                                          0                     0           0               0
loan_amount                                       1450                    950           0          16500
interest_rate                                    7.00%                15.00%       6.00%           4.00%
years                                                 3                     5          30              10      Total           Car
monthly_payment                                 $44.77    $500.00     $45.20       $0.00         $167.05        $757.03        $44.77
Monthly_interest                                 $4.49                 $6.77       $0.00          $55.00                        $4.49
total_interest over term
of loan                                           $162                      $406      $0           $3,547                       $1,327
total_costs over term
of loan                                          $1,612                   $2,712      $0         $20,047                       $13,217

                           Income necessary to cover monthly payments
Gross Salary                                    $25,000                                                                     Retirement nest egg, 10% a
Fed tax                                           $2,500                                                                    Interest rate
State Tax                                         $1,250                                                                    Invested
                                                                                                                            Monthly
Local Tax                                          $375                                                                     savings
FICA                                             $1,906                                                                     Nest egg
Net Annual Salary                               $18,969 Debt/income ratio
Monthly Take Home                             $1,580.73        48%
Monthly Salary left
after monthly
payments                                        $823.70
Weekly                                          $205.93
           Credit Card   Home             Student loans    Total
                  $45.20         $0.00         $167.05    $757.03 monthly payments
                   $6.77         $0.00          $55.00     $66.26 Monthly Interest

                  $3,329            $0           $3,547    $8,203 Interest Expense over working life 18-59 years old

                 $22,239            $0          $20,047   $55,502 Amount spent over working life


Retirement nest egg, 10% annual return
                     12%
                       $0            $0

                      -$1          $25
                ($17,396)    $335,055

				
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