Economic Budjet Simulation

Annual budget

Earnings Expenses
Item  Amount ($) Item  Amount ($)
Gross salary 36,700.00 College Debt 2532
Less: Tax 7,582.86 Credit Card Debt 3333.12
Net salary  29,117.14 Housing 9,600


Laundry 60


Transport 910


Groceries 2,080


Pizza (Quarterly)  72


Dinner (McDonalds-weekly) 389.22


Telephone ($41/month) 492


Clothes 3,000


Health Care 20


Personal care 1,762.8


Entertainment  2,198


Savings 2,668




1. Expenses that cannot be changed include college debt, credit card debt, housing, laundry, transport, personal care, clothes, and groceries. The expenses are not irreversible and must be incurred as long as they are there. 

2. To reduce spending I have to avoid eating out, outdoor entertainment, internet luxury included in the phone expenses, and avoid luxuries in personal care like shampoos. 

3. The amount I could be earning if I was economic major $52,540. Website: https://www.bls.gov/oes/current/oes193011.htm

4. To repay the loan having paid the minimum payments on the credit I require 120 months. 

5. Lesson: There is need to research more and concentrate on the course that one undertakes in university. However, all is not lost with the starting salary on reducing expenses I can still have enough savings to accumulate enough capital and shift to personal employment.