Topic: Workplace Budget
Once you have finished the work from last week (see prior posts), you should realize that it is difficult to balance a budget (income - expenses > 0) on a starting salary with everything that you want in life. So ... as you've realized that last couple of days - sacrifices will have to be made. Before you begin trying to make a budget that works, here are a few additional details for you to consider.
- Save your initial budget first!
- You will start with a student loan debt of $15 000, payable monthly over 10 years at a rate of 6% compounded monthly.
- You will be required to save money, in the percent laid out in the spreadsheet
- You may choose to live with somebody to cut down on expenses. You may choose a partner from your classmates (spouse or roommate) and work with them on sharing costs. This will result in significant changes to your budget. Create a joint budget and try to balance it.
- Write a summary reflecting on the sacrifices that you've had to make compared to the life that you want to lead. What sacrifices have you made in order to make your budget work? Are they realistic sacrifices?
Your final submission should include:
- initial budget
- balanced budget
- reflection on sacrifices
I will come around to view your housing, rental and living expenses research on Thursday.
Comments