The Chilton Family
Marriage budget
Cooper Chilton and Kelsey Pearce
Starting salary of $10,000.00 per month
&
Cons-
Ridiculous amount of school
&
Cons-
School is more expensive in proportion and less overall pay
Housing-Times Square at Craig Ranch
Security Deposit- $150.00
Monthly Bill:$1,190.00
Leased Apartment for 6 months
Rental Insurance- $30.00
Community Amenities
- Controlled access parking garage
- Private media center
- Fitness center with private tanning studio
- Outdoor fireplace and gas grill
- Business center
- Lanai with resort style pool and wifi internet access
- Views of TPC Craig Ranch private golf course available in select homes
- Smoke free community
Automobiles
Price of each Vehicle- $23,555.00
Payments per month- $438.00 for 36 months
Auto Insurance- $300.00 per month
Savings and Retirement
Transfer to Savings- $1,000.00
Investments- $450.00
Savings for a House- $200.00
Contributing a monthly amount of $450.00 would allow for a million in retirement in 35 years
Student Loans and Credit Cards
Total Credit Card Debt- $17,100.00
- Payed off in 224 months (about 19 years) @ a minimum Payment of $30.00 and an added 3% of balance
Debt is @ 23.39% of Annual Income
Let's Talk About It
Overcoming- By making all other facets of our life cheaper, some according to fate. Car and Apartment leasing cost a lost less and we saved money generally rather than spending it
What did WE learn?
- Scholarships are important
- If you save earlier you get to spend more later
- If you don't have the money, don't spend it
- Don't buy a car or house if you know you can afford it given your situation
- Pick a job you want, you will eventually excel because you like it and get more money
Do we look at money differently?
Both of us agreed we didn't. Because this is only a theoretical project all the money, debt, jobs, etc. are all in theory too. Getting and spending money doesn't mean much until it's something you've worked for.