I always knew that many things in life are very expensive. But after seeing the actual numbers, I was very surprised.
For example, college can cost a lot of money. I looked at the tuition of a college I am interested in, MIT, and was very surprised to learn that it costs $58,240 annually not including personal expenses and books! There are many ways to pay for college, such as saving early, scholarships, and even student loans. If I get a student loan I will need to pay off debt. In order to pay off debt, I will need to get a job. I found out that the average salary of a software engineer is $100,526 a year, or $8,377.16 a month. I feel nervous about the future, because college is a lot more expensive than I thought it would be.
After I finish college, I will need to find housing. I will probably start by renting an apartment. I found a building, in Austin, that rents out rooms for $2568 per month. I will also need some form of transportation for shopping and getting to work. I may start by using my car from high school. My plan is to save a lot of money before I buy a new car. If so, I will still have to pay for gas. I will probably have to pay about $150 per month for gas. I never knew how expensive housing and gas could be. Rent will take up a lot of my salary, and if I am not careful, I may end up in debt.
Another thing I would like to save up for is a dog. I was able to find a few apartments that are pet friendly. Because if I live in a apartment, I will probably need to get a smaller dog. We adopted my current dog, Jingles, from the Austin Pets Alive and payed a fee of $125.00. I will also need to pay for a collar, a leash, trips to the vet, food, treats, a bed, and dog toys. I looked at the PetSmart website and was able to find a collar and leash set that costs $13.00. I also found a dog bed that costs $20.00. The amount of money I spend on food will depend on how much my dog eats. Because I already have one right now, I am not surprised to learn that having a dog will take up a lot of my time and money, but having a sweet, furry companion will be worth it.
To have a successful financial future, I will need to save a lot of money. I learned that big, unexpected purchases can come up and leave me in debt. I would also like to save up money for a new car and house, pet, retirement, kids, and a vacation. I will need to pay for bills, groceries, transportation, and rent. I may even have some student debt to pay off. I would most likely spend at least $250 on bills and $154.08 on groceries. My rent would cost $2568 per month and car gas would cost about $150. With my salary of $8377.16 a month I will have about $5255.08 left for saving, taxes, insurance, and possibly paying off debt. I had no idea that even small, everyday things like food could cost so much!After doing this research I now realize that things like food, rent, and bills are very expensive and how important it is to spend my money wisely and save for the future.
I am very surprised by how expensive the future is. I now know how important saving and planning are and I am glad that I did this project and was able to learn so much.
(I wrote this essay for a math project)