In this scenario, I am an English teacher and a novelist in Baton Rouge, Louisiana. The sales tax in this state is 7%. My gross income is $55, 050 with my teaching job. This number was reached because it was the national average income of a high school teacher in 2012. With this number, I fit into the tax bracket of “over $36, 900 but not over $89, 350.” With this tax bracket, an individual deducts $5,081.25 plus 25% of the excess over $36, 900 (IRS tax brackets, 2014). With these stipulations, the amount deducted from my annual paycheck was $9, 816, leaving my net income at $45, 432 annually. When the number was divided into the 12 months, it left $3, 786 dollars to work with each month.
In this financial situation, I live alone in a studio apartment in a complex called South Gate Towers. For this apartment, rent is $1,120 per month (Baton rouge luxury apartments, 2014), which includes the apartment, electricity, water, heating and air, and Wi-Fi. The apartment was chosen because it has enough space for me on my own and is pet friendly to accommodate the one cat that I own in this scenario. I do not own a car in this scenario because the apartment complex I have chosen to live in has gyms and shopping centers in the complex itself. To save on gas prices, I take the bus to work in the morning, home in the eveni...
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With these three scenarios, I have learned several things about making a personal budget. I learned how to research the economic situation and best predict the prices for certain things. I also learned how best to manage bills under a tight and a very free budget. I learned how to manage money, not just for myself, but for others that I may one day be responsible for.
Baton rouge luxury apartments. (2014, march 20). Retrieved march 20, 2014, from http://www.batonrougeluxuryapartments.com/floorplans/one-bedroom/
Direct TV. (2014, March 19). Retrieved March 19, 2014, from http://www.directstartv.com/directv_current_offer.html?formLocation=packagesPage
IRS tax brackets. (2014, May 3). Retrieved May 3, 2014, from forbes: http://www.forbes.com/sites/kellyphillipserb/2013/10/31/irs-announces-2014-tax-brackets-standard-deduction-amounts-and-more/
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