Finance Blog:
The total of my future expenses each year are $35,840. I know this is logical because my primary sources for information are my parents whom I trust. According to cacareerzone.com ,I can likely count on making $67,390 each year in my future job as an elementary school teacher. My education/training to get that job will cost about $70,000. I want to save $3,000 for my rainy day fund each year, and $2,000 for retirement each year. If I save $2,000 for retirement each year, by the time I'm 65 years old I will have $80,000 plus interest(assuming I start this career when I'm 25). Comparing my future income and expenses makes me think that life is much more expensive than I thought. Simple, little things add up so it's good to plan ahead.
Your plan seems very logical and organized. I agree that after a while the little things add up. For example, groceries seem inexpensive when you are buying them. After purchasing groceries every week, once a week, the cost really does add up. By expecting these purchases, you can plan to save money for groceries and still stay financially stable. I think your approach to stay calm and collected yet prepared will help your future budget.
ReplyDeleteI realized the same thing when I started to plan my budget. Planning ahead is crucial and things like rent and insurance add up so saving up is important just in case there is any kind of emergency.
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