Tom has just started his first real job. He’s excited to finally be on his own.

He’s looking forward to his first check more than anything. He’s got a lot of things he wants to do financially.

Below are some financial details about Tom:

• His new job has a salary of $35,000/year.

  • After taxes, health insurance and other deductions, his take-home pay is $2066.19.

  • Tom gets paid $1033.10 every two weeks.

• He moved into a luxury apartment filled with amenities.

  • Rent is due on the 1st and is considered late on the 5th.

  • The amount is $1050.

• He just bought the car of his dreams, complete with a car loan.

  • The payment is due on the 8th.

  • The payment is $440.

• He’s going to visit his girlfriend at the end of the month.

  • She lives several states away, so he’s going to fly.

  • He has to wait until he gets his first pay check to buy the ticket.

  • The cost will be $587.

• His student loans are now active, since he’s been out of school for over 6 months.

• He got a credit card his senior year to build his credit score.

  • He planned to pay it off each month, but now has a balance.

Help Tom create his first cash flow plan (take-home pay is $2066.19 for the month)

• Rent: $1050

• Renter’s Insurance: $15/month

• Car Payment: $440

• Car Insurance: $125/month

• Car Gas: $300

• Utilities: $150

• Subscriptions:

  • AppleTV+ ($12.99/mo)

  • Netflix ($9.99/mo)

  • Apple Music ($10.99/mo)

  • Gaming Subscriptions & Add Ons (??)

  • Disney+ ($9.99/mo)

  • Student Loans: $182

  • Credit Card Payments: $75

  • Plane Ticket: $587

• What did Tom forget to include in his budget?

  • Food

  • What else?

  • What else?