Before you can start creating a financial plan for your educational costs and future budget, you need to make a career choice and then research to find out if you will earn enough money in that career to support the lifestyle you want to live. Think about the following:
What is your top career choice?
What are the educational requirements for that career?
What is the current annual salary range for your chosen career?
How will you budget your money?
Choose a career, then think about the educational costs associated with that career. Determine the average salary for someone in this career path, and then complete the Financial Planning Portfolio to create a budget based on your potential salary.
You may have to do some research to locate information about educational costs and projected income after graduation. This portfolio is designed to help you start thinking about how you can plan for your future.
While completing this portfolio, you may find the three websites linked below helpful. To access the websites, select the link below. The first website contains information about average career salaries, and the second link will allow you to explore the cost of specific colleges and universities, along with what degrees and majors are offered. The third link will give you information about the costs of living expenses other than your education.
1. Top career choice: Marketing Manager
2. Educational requirements: Bachelor's degree in marketing or a related field
3. Current annual salary range: $65,000 - $135,000
4. Budgeting plan:
- Determine monthly expenses including rent, utilities, groceries, transportation, and entertainment
- Set aside a portion of your income for savings and investments
- Create a budget for your student loan payments, if applicable
- Consider additional expenses such as insurance, healthcare, and retirement savings
- Regularly review and adjust your budget as needed
By carefully planning out your budget and considering your potential salary in your chosen career, you can set yourself up for financial success in the future. Make sure to stay informed about your earning potential, budget wisely, and prioritize your financial goals.