You have just moved into your first apartment. Opening the door you notice the studio apartment you just rented is completely empty. Other than the refrigerator, dishwasher, stove, washer and dryer you are missing the normal comforts of home. Your parents have kindly provided you with your clothes and a $4000 gift to put towards furnishing expenses. After this money is spent, it is up to you to provide anything else you need to furnish the apartment. What is it going to cost you to live on your own? Can you make it? Part 1: Determining your Income 1. You scored a great job working as a ______________________________________________! Right out of high school you are making $__________ per hour take home and you are working a 40 hour week. Determine the amount of money you take home each week. 2. Find the amount of money that you take home per year, and then find the average amount per month. This amount is what you will need to build your budget amount. Job Title Hourly Wage Income Per Week Income Per Month $ $ $ Part 2: Creating a Working Budget 1. Make a budget to determine how much you can spend on each item per month. 2. As you find the cost for each item, place it in the "amount actually spent" area. Expense Percentage Amount Budgeted Amount Actually Spent Housing 36% Food 12% Auto 12% Insurance 5% Debt 5% Entertainment / Recreation 6% Clothing 5% Savings 5% Cell Phone 4% Miscellaneous /

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Part 1 Determining your Income 1 You scored a great job working as a job title Right out of high sch... View the full answer