Examples and Information

Looking at a Sample Budget

Take a look at the budget example to the right. There is very little money left at the end of the budget, and a few items haven’t even been accounted for, including internet, clothes, and other assorted necessities. This example uses a $36,000 salary, so if your first job will pay you more than that, you can adjust the income figure some. You can take a quick look online to find out what various entry level jobs are paying.

There are obvious ways to stretch this budget out a bit and make your remaining funds a little larger. For starters, the rent listed above is the median rent for individuals living alone, by finding a roommate the amount, as well as your utilities, could easily be cut by 30-50 percent. The figure for an automobile is only relevant for individuals making car payments, so continuing to use a car that has been paid for would save hundreds over the monthly cost of a new car. The food figure can likely be trimmed as well, and can be heavily cut with a few personal choices to restrict eating out and by making smart decisions.

You’ll find as you move on from UConn that some of the plans you had for post-graduation don’t immediately fit your budget. You’ve spent the last 4 or 5 years with roommates, so you might be thinking about a place to yourself after you graduate. As you can see above, cutting back on rent and utilities is easily accomplished by continuing to live with roommates, or can possibly be eliminated completely by moving home for a few months until your salary or savings will allow better accommodations.

If you'd like to estimate your own future budget, or build one for your current status, we’ve provided an easy to use template.