1 Project Q–3 Stages of Life Budget

2 Basic Calculations Compensation –Coll. Grad 75%75,980 x 0.75 = 56,985 56,985 ÷ 12 = $4,749 –Married 85%75,980 x 0.85 = 64,583 64,370 x 0.85 = 54,715 64, ,715 = 119, ,298 ÷ 12 = $9,942 –Married w/ child driving – 105% –Married w/ child driving & one in college –110% Architect = $75,980 Teacher = $64,370

3 Payroll Deductions

4

5

6 Section 2 – Housing Personal Savings –Emergency Fund Rent / Mortgage –Typical Apartment after college Townhouse with small child Single Family Residence for last two stages 2 nd Mortgage ????? Renters / Homeowners Insurance –Likely included in mortgage payment

7

8 Section 2 – Housing Home Maintenance –Lawn care – mowing, fertilize, plants… –General repairs – gutter cleaning, etc. –Driveways – repair, maintain and replace –Paint – every 3-4 years –Roof – every years –HVAC – every years Other –Saving for vacations, new car, etc. HOA Fees???

9 Section 3 – Housing

10 Section 3 – Children Day Care Expenses! –Under 2 years of age $ –Aged 2 – 4 School Expenses –Fees, Supplies, misc. –Lunches –Field Trips –Clubs Spending Money?

DAYCARE $$$$$$$$ Infant (6 weeks – 1year)$250 / week Toddler (1– 2 years)$240 / week Preschool (2 – 4 years)$225 / week Kindergarten $245 / week Before and After School$135 / week REMEMBER this is PER WEEK!! 11

12 Section 3 – Children (College) Tuition –In-state –Out of state Housing Food Plan Books Spending Money

13 Section 3 – Children (College) TUITION TOTAL UniversityIn-state Out of stateHousingDiningIn-StateOut of State NVCC ,515 $ 4,578 $ 10,515 VA Tech 11,455 27,211 4,532 3,244 $ 19,231 $ 34,987 William & Mary 15,463 27,192 5,870 3,946 $ 25,280 $ 37,008 VCU 12,002 30,395 5,274 3,700 $ 21,317 $ 39,369 UVA 12,458 39,852 5,350 4,380 $ 22,196 $ 49,582 ODU * 8,820 24,480 5,470 3,972 $ 18,262 $ 33,922 Christopher Newport Univ. 11,092 21,492 6,408 3,550 $ 21,050 $ 31,450 George Mason University * 9,908 28,592 6,785 4,000 $ 20,693 $ 39,377 Hampton University 20,724 4,800 4,430 $ 29,954 University of Richmond 43,170 4,650 5,620 $ 53,440 University of Maryland 28,348 6,153 4,676 $ 10,829 $ 39,177 West Virginia University 19,632 5,264 4,480 $ 9,744 $ 29,376 Florida State 21,683 5,980 3,932 $ 9,912 $ 31,595

Tuition and Mandatory Fees 14

College Costs 15 Institutions Tuition and Ed Fees Mandatory Non-Ed Fees Total Tuition and Fees Average Room & Board TOTAL STUDENT COST GMU$7,220$2,688$9,908$8,990$18,898 ODU$5,492$3,328$8,820$8,912$17,732 UVA$10,460$1,998$12,458$9,717$22,175 VCU2$9,960$2,042$12,002$9,082$21,084 VT$9,703$1,752$11,455$7,650$19,105 CWM3$10,531$4,932$15,463$9,816$25,279 CNU$6,554$4,538$11,092$9,958$21,050 UVA-Wise$4,801$3,708$8,509$9,990$18,499 JMU$5,104$4,072$9,176$8,873$18,049 LU$6,450$4,890$11,340$8,876$20,216 UMW$6,758$2,902$9,660$9,122$18,782 NSU$3,810$3,416$7,226$8,374$15,600 RU$6,086$2,890$8,976$8,156$17,132 VMI$7,080$7,324$14,404$8,088$22,492 VSU$4,906$2,878$7,784$10,008$17,792 RBC4$3,446$574$4,020$7,680$11,700

16 OUT OF STATE STUDENTS

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18

19 Section 3 – Children

20 Section 4 – Transportation Automobile expenses –Loans – “the four year plan/cycle” –Normal expenses Gasoline Oil Change Wiper Blades Tires Tune up What if you do not own a car?

21 Section 4 – Transportation AAA says normal is: 15,000 miles per year –Gas 15,000 ÷ 25 mpg = = $1, –Oil 15,000 ÷ 3,000 = 5 oil = $ –Tires 15,000 ÷ 20,000 = = $ –Tune up and other long term maintenance 15,000 ÷ 100,000 = = $ –Other ?????? –Yearly costs = ~$2410 ÷ 12 = ~$ / month

22 Section 4 – Transportation

23 Section 5 – Utilities Water & Sewer –Included in most apartments Electricity (75,200,250) Gas (0,100,150) Telephone (30 minimum) Cell Phones????? Cable (70minimum) Internet Access (90 minimum) Books, Magazines, Newspapers Other???

24 Section 5 – Utilities

25 Section 6 – Loans Student Loans –Doctors –Lawyers –Psychologists –If you plan to pay for your education with a loan Credit Card Payments Other Loans –Boat, Camper, Pool, etc.

26 Section 6 – Loans

27 Section 7 – Insurance Car Insurance –Drivers under 25 –Number of vehicles –Do you keep comprehensive for older cars Life Insurance –You –Spouse –Children Disability, etc

28 Section 7 – Insurance

29 Section 8 – Food Groceries Eating out –Fast Food –Slow Food Special Occasions

30 Section 8 – Food

31 Section 9 – Entertainment Entertainment Clothing –Initial Business –Casual –Replacement –Special Occasions

32 Section 9 – Entertainment

33 Final Calculations