PART TWO:

As you can see, purchasing everything a family needs on a limited budget can be difficult. The good news is, there are steps you can take to make it a little easier. You can decrease your spending by purchasing a smaller home in a different neighborhood. You can buy a more fuel-efficient car to save on gas. Or, you can look at ways to increase your salary. In the first scenario, you were a high school graduate. Now, let’s see how different things could be if you go on to obtain some sort of higher education such as college or technical school.

Your New Situation:

Education: Education beyond high school, such as college or technical training

Your job: Accountant

Job Description: Prepares balance sheets, profit and loss statements, and other financial reports.

Family Description:

  • You are the sole provider for your family of four.
  • You have two children, a boy and a girl, who are both in elementary school.
  • You incur no additional family expenses such as childcare or child support.

Yearly Salary: $62,800

  • State Taxes Withheld: $1,884
  • Federal Taxes Withheld: $3,140
  • Social Security: $2,512
  • Medicare: $628

Annual Salary After Taxes: $55,264

Monthly Take Home Pay: $4,605

Now, referring to the same Shopping Guide, start a new ledger and make your way through the required purchases using this second scenario.

Once you’ve COMPLETED part two, CLICK HERE!


This Get A Life financial education activity is the property of the West Virginia State Treasurer’s Office. Components of this activity are for personal use only and may not be distributed for public use.
The Treasury does not collect state taxes. Visit the The West Virginia State Tax Department for assistance.

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