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prepare a budget for yourself for after graduation. you can assume that you will stay in...

prepare a budget for yourself for after graduation. you can assume that you will stay in the Texas area and will have a starting salary of $ 50,000 a year or can determine a reasonable starting salary in another location. Be sure to determine reasonable amounts for expenses and any other income you might have

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Answer #1

Suppose, I prepare budget for myself as a Salaries employee.

My budget will something be as under -

Salary $50,000

Other Income (Part time expert)   $10,000

Total Earnings $60,000

Expenditures

Rent $15,000

Transportation $5,000

Lodging expenses $15,000

Telephone expenses $3,000

Entertainment expenses $2,000

Insurance $5,000

Misc. expenses $5,000

Total Expenditures $50,000

Net Balance $10,000 (saving for contingency)

Notes:

1. It has been assumed that salary is after tax and other income is also net of tax.

2. Expenditures level may be different as per country & location.

3. Budget format is for one year only.

4. Other applicable expenses may be there as per Country and location's rules & regulations, please take care of that also in budget.

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