Saving For A New House ?
By: Shaniya Brown
Background
This will give a breakdown on how much I, as a psychologist, must save in order to buy a new home in Huntersville, NC.
House Cost: $250,000 Beds: 4| Baths: 2| Sq.Ft : 3,005
The Average Physiologiest
Living Expenses
The average monthly Salary ( after tax) that a physiologist would make is $4,595.05 monthly. [(www.blsgov.com) (www.payscale.com) ( www.salary.com)]
List of monthly lIving exPenses living in Huntersville, NC.
Rent: $1,359 { 1 bed, 1 bath, 782 sq. Ft }
Cable/Internet: $108
Electric: $100
Phone: $90
Food: $125
Gas: $135
Insuracne/ Car payment: $501
Expentitures: $200
Emergancy funds: $300
With a monthly budget of $4,595.05 , and a monthly spending allowance of $2,918, I would be able to put $1677.05 into an account monthly for my new home.
The Bank
- I will use NC State Employees' Credit Union, for my banking.
- Interest rate = 1%
By using NC state Employee's Credit union my money market account will pay 1% interest compounded daily.
If I were to just put in the initial amount of $1677.05 and put no other deposit into the account it would take me 500 years to be able to afford the house.
If I were to put the initial deposit of $1677.05 and deposit the same amount each month, I would be able to afford the house in 270 months= 22 years