2010 Created by: Franklin County 4-H/Youth Development, Revised by: KY Dept. of Financial Institutions

Kentucky Department of Financial Institutions

Knowledge is Key!

Be Aware Be Prepared Get Help!!!

Making A Choice…

Pick an Education Get Your Salary Make Some Decisions

Education

The Basics…Housing

Rent:Apartment: = $400/MonthHouse: = $500/Month

House:Small = $800/Month

(1 story, 2 bed, 1 bath)Large = $1,500/Month

(2 story, 3 bed, 2 bath,

workout/game room)

Rented House or Small House Owned (2bed, 2bath, $150K in Taylor Mill)

Large House Owned(3bed, 3bath, $350K in Louisville)

The Basics… Travel

Own…Makin’ A Statement ($40,000) = $600/MNew, Basic ($20,000) = $300/MUsed Car (good shape, $8,000) = $150/MUncle Ray’s Auto (oh my, $2,000) = $50/M

Hitch a Ride…Bus = $50/MonthCab = $100/MonthFriend = $25/Month + loss of a friend

Statement: 2010 Ford Explorer, $40,000

New, Basic: 2010 Mazda 6, $20,000

Used: 2005 Toyota Corolla, $7,500

Uncle Ray: 1995 Honda Civic, $2,000

Entertainment

TelevisionLocal/Antenna = FREE!!!Cable TV = $30/MonthSatellite TV = $60/Month

InternetDial-Up = $10/MonthHigh-Speed = $30/Month

Entertainment

Cell Phone Basic = $50/MonthUnlimited = $120/Month

Entertainment/Going OutOnce a Month = $25/MonthOnce a Week = $100/Month

(NOTE: “Entertainment” could be a movie, game, concert, date, anything!)

Entertainment, The Real Story… Cable:

Installation = $5/Month for 6 monthsTV = $20/Month (payments)

Internet:Computer = $20/Month (payments)

Cell PhoneActivation Fee = $5/Month

for 6 months

Payin’ The Bills

Garbage = $25/Month Water = $25/Month Electric:

Own = $200/MonthRent = $100/Month

Payin’ The Bills… Insurance Health Insurance:

Good Coverage = $200/Month Regular Coverage = $100/Month No Insurance = FREE!!!

Home: Own = $50/Month Rent = $25/Month None = FREE!!!

Car Insurance Fancy = $300/Month New = $200/Month Used = $100/Month It Runs = $50/Month

Other: (Life Insurance, etc) = $10/Month Dental Insurance: = $20/Month

Taxes!

Rent = FREE!!! Own Small Home = $70/Month Own Large Home = $150/Month

Fancy Car = $100/Month Basic New = $50/Month Small Used = $20/Month Uncle Ray Special = $10/Month

The “WalMart” Trip…

Home Supplies: (Cleaning, furniture, odds/ends)

Own = $100/MonthRent = $50/Month

Hygiene: = $50/Month

Food:Eatin’ Good: = $600/Month ($20/day)

Gettin’ By: = $300/Month ($10/day)

Surprise, Surprise… Parking Ticket = $25 Birthday = $25 New Tire = $100 Gas = $100 Oil Change = $ 25 Doctor Bill

Good Insurance = FREE!!!Regular Insurance = $25No Insurance = $200

How Did You Do?

Always Be Aware!!! Don’t Take Things at Face Value. Save, Save, Save

Goal is 10%Pay Yourself First!!!