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Conquering the Real World:
A Guide for Achieving Success After College
Living on Your Own: Managing Life on a Budget
For many new college grads, one of the hardest transitions
is to the real world is living on a budget.
Think you don't need a budget? Consider these typical living expenses
you'll be facing:
- Apartment/Housing costs (rent/mortgage payments -- and never more than 2 weeks of your salary)
- Phone (land-line, mobile) monthly charges
- Electric/Gas monthly (and set-up/deposit)
- Cable/Satellite monthly (and set-up)
- Daily transportation costs (car payments, parking, public transportation, gas, tolls, maintenance, etc.)
- Insurance payments (car, home/renters, life, health)
- Personal/healthcare expenses (health clubs, co-payments, etc.)
- Clothing budget
- Furnishings budget
- Credit card monthly payments
- Student loan monthly payments
- Entertainment/Social budget
- Food/living budget
- Business/Professional Fees/Memberships
- Investing/Savings plan
- Taxes
- Misc./Other expenses
Most experts give the following percentages as guidelines for budgeting.
In terms of annual spending...
- Housing: 25-30 percent
- Food: 20-25 percent
- Transportation: 10-20 percent
- Personal Debt: 10 to 20 percent
- Insurance and Taxes: 5 to 15 percent
- Clothing/Personal Care: 5 to 10 percent
- Utilities: 5 percent
- Entertainment: 5 percent
- Savings: 5 percent
- Miscellaneous: 1-5 percent
Return to the main page of the Guide for
Achieving Success After College Tutorial.
Have you checked out the rest of the great free
career and job-related tutorials
offered on Quintessential Careers?
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