You’ve heard the mantra over and over: budget, budget, budget. This is money management rule number one as you graduate, start bringing home a paycheck and begin life in the real world. But if you’ve never had to pay for life’s essentials yourself, coming up with a realistic spending plan can feel like wandering in the dark.
Earning $94,328 a year could see a single guy living incredibly well in Iron Knob, South Australia, population 199, where you can buy a three-bedroom house for $135,000. Electrical engineering also ranks as one of the good-paying jobs for women; the average annual salary is $99,580. Industrial Designer —Put your artistic, business, and technical skills to good use as an industrial designer. Your salary probably doesn’t top the list of conversation topics when you’re at lunch with your co-workers. NerdWallet adheres to strict standards of editorial integrity to help you make.
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If your parents have been covering or subsidizing your living expenses at home or college, you probably need a reality check before stepping out on your own. For many young adults, the combination of lower-than-expected take-home pay coupled with higher-than-expected living expenses can be a recipe for financial disaster.
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Factors that influence salary growth. These factors play a significant role in determining how much you should be earning at your age. Education: It is well known that a degree, at least a good qualification from a reputable institution, will positively affect your salary potential. Median salary: $110,058. This one is a little vague since there are a lot of different types of attorneys, but generally speaking they make good money. Whether you’re a criminal defense attorney, prosecutor, real estate lawyer, etc., you need a bachelor’s degree along with a law degree from an accredited institution of higher learning.
We’re here to shed some light on your finances, and help you build a that avoids surprises. Your income Let’s start with your paycheck. While you know that Uncle Sam gets first dibs on your hard-earned money, you may not be prepared for how much the government will take. For example, if you earn a salary of $35,000, you’ll likely only see about $28,356 after federal taxes, Social Security and Medicare are subtracted. That doesn’t include state taxes or any deductions from your paycheck for workplace benefits, such as medical and dental insurance or a retirement savings plan.
When all is said and done, you’re likely looking at a take-home pay of—brace yourself—$25,350 or so per year. That’s a net income of about $2,100 per month. Your expenses Now that you know how much you can expect to bring home, you can divvy up your paycheck. Here’s a general guide to help you budget your money to make sure your expenses are covered. You may have to make some adjustments for your situation. If you spend less on housing, for example, you can put the extra money from that category toward paying down debt. The dollar figures in parentheses are based on our above example of a $35,000 gross salary with a monthly take-home pay of $2,110 per month after taxes and other deductions.