Lifestyle and Money Worksheet

Career Exploration Student Development 117 is a great class to take as a freshman at BYU. For one, it gives you lots of suggestions and nudges you along to choose a major as well as a career field to try and get into someday. We had to fill out a money worksheet for monthly expenses growing up (simulated, of course) and these were my results. I'd really like someone to verify this, because with only 4 kids that I said I would have when I was 35 it still costs a ton per month. If this isn't motivation to get a good job, I don't know what is!

Also, Dr. Adams says he was lowballing these estimates, and that they are much much higher in reality. AND we didn't even factor in government and state TAXES! Here were my results.

Location of Career/Job: Washington :)
Job Title: Dentist or Orthodontist
Married: Yes    Children: 4      Ages: 10, 8, 6, 3
Housing Costs:
a.) Home insurance+mortgage insurance: $150
b.) Property Taxes: $75
c.) Monthly Payment: $1,200
d.) Home upkeep (repairs): $50
Transportation Costs (2 Cars):
a.) Monthly Payment: $350
b.) Auto insurance: $100
c.) Gasoline: $160
d.) Maintenance/Repairs: $40
e.) Parking Fees: $40
Food Costs:
a.) Groceries: $1,200
b.) Eating out: $180
Utilities:
a.) Gas: $60
b.) Electrical: $90
c.) Sewer/Garbage: $55
d.) Phone (cell and landline): $140
f.) Cable TV: $50
g.) Internet: $40
Church Donations:
a.) Tithing: 10% of income
b.) Fast Offering: $150
c.) Charitable Donations: $300
Health Care Costs:
a.) Health Insurance Costs: $350
b.) Doctor Visits: $20
c.) Dental Exams: Free
d.) Eye Exams/Glasses/Contacts: $75
e.) Life Insurance: $5
Education Costs:
a.) Registration Fees: -
b.) School Clothes: $600
c.) Books: $40
d.) School Loans: ---
Retirement/Investments:
a.) 401k contributions: 15% or so of income
b.) 403b: 10%
c.) ESPP: 10%
Child Care Costs:
a.) Daycare: $300 (babysitting)
b.) Clothing: $20
c.) Diapers: ---
Recreation:
a.) Salon (hair, nails, etc): Marry someone who can cut hair
b.) Movies: $40
c.) Sporting events/concerts: $100
d.) Music: $30
e.) Books: $100
f.) Clothing: $200
Credit Card Debt/Mo: $75 (The average household in the USA is in debt around $10,400- which is around $200 a month with interest)
Savings: 1/2 of income: $6485
Monthly Expenses: $6485
Vacations: $2000
Total Monthly Expenses in this 4 person family: $14,880
Total Yearly Gross Income Necessary: x12 months: $178,560

That's a lot of money, some of the estimates are off, but if this isn't motivation to get a good job, I DON'T KNOW WHAT IS!

College is important, bottom line. We need to make it count!
I would like to take a vacation here some day, wherever it is...better get a good job!