The total of my future expenses are about $65,000 according to Zillow.com, ford.com, finaid.com and ehealthinsurance.com. According to USnews.com, I can likely count on making about $67,500 each year in my future job as a market research analyst. In order to become a market research analyst, I need to at least have a bachelor's degree. This would likely cost about $40,000. I want to save $6,000 a year for my rainy day fund and about $18,000 for retirement. If I save $18,000 a year for retirement, by the time I'm 65, I will have $756,000 plus interest. Comparing my future income and expenses makes me realize how important a budget will be. It can be very easy to overspend and be wasteful with your money if you don't have a budget. Without a budget, you become very susceptible to spending your money on things that aren't necessary. Being able to actually look at a budget that tells you what to spend your money on can be very helpful. This also allowed me to see how quickly expenses can add up if you aren't careful by monitoring your spending.
Good job realizing how important it is to have a budget! If it wasn't for your budget you would spend too much money and only be able to save $2,500 a year.
ReplyDeleteGosh, even your budget has smaller limit than me, I wonder what I else could had managed better to save better for my retirement.
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