Budget for real life

Salary

Job

Housing

Taxes

Transport

Evidence 1

Budget for real life

Gifts and donation

Entertainment

Pet care

Living expenses

Conclusion

My salary depends a lot on how long I work, what position I work in, and what kind of lawyer I want to be, however, it pays quite well, although, I am only allowed to earn $37,000

Salary

In my case, I would work for an insurance company in El Potosi, where I would play the role of a litigation lawyer. A litigation lawyer supervises the attention and follow-up in the central area of ​​trials, claims, complaints, judicial and administrative requirements, in which the Institution is a party or has a legal interest, in its capacity as a Credit Institution.

Job

Property Features:

• Parking
• Equipped kitchen
• Utility room
• Closet

For my home, I decided to rent an already furnished apartment that has different services. It is located a little far from the capital and downtown area, but it can be solved with a bus or taxi ride. The rent is in 7500 pesos.Description of the place Beautiful and functional apartment for rent, fully furnished and equipped, includes all services, you practically just enter with your personal things, on avenue, garage for one car.

Housing

• Internet
• Full kitchen
• Cistern
• Water
• Fully furnished

If a lawyer earns 37,000 pesos per month, we first have to calculate how much I earn per year to see how much tax I would pay. Multiplying my monthly salary by 12, I get an annual income of 444,000 pesos. Now, according to the tax table, for incomes between $37,451 and $90,750, 25% tax must be paid. So, I calculate 25% of 444,000, which is 111,000 pesos. In short, as a lawyer, I would have to pay approximately 111,000 pesos per year in taxes. But per month it would be like 9250 pesos.

Taxes

If I earn 37,000 pesos a month, it is important that transportation costs do not exceed 10% of my income, or about 3,700 pesos. A good option is to use public transportation, which costs around 600 pesos a month. This is not only well below the recommended limit, but it also helps me save on other expenses such as maintenance and fuel, leaving me more money available for other things.On the other hand, if I decide to buy a car, such as a Nissan March, there are monthly payments of between 5,000 and 6,000 pesos, in addition to fuel and insurance costs. In expenses, it would end up being 7,000 to 9,000 pesos a month, which exceeds the budget and also depletes my capital.

Transport

For entertainment, I usually indulge myself a lot, like buying makeup, things for my house, clothes, or Legos. I also spend at least 3,000 pesos to go out with my boyfriend or buy things to do together, or occasionally order food.

Entertainment

At the beginning, I would like to have a pet, but having a dog or cat is expensive, so I chose an alternative, which is to have a hamster. If I decide to have a hamster, there is an initial cost that varies between 1,250 and 3,400 pesos. This is to buy the hamster, which can cost between 150 and 500 pesos, and a cage that is between 400 and 1,200 pesos. Also some accessories, such as wheels and toys, which can add up to between 300 and 600 pesos. And the trips to the vet, which can cost around 300 to 500 pesos a year for basic checkups. Once that initial investment is made, the rest would be more viable, a few times going to the vet for a routine checkup, and the food costs about 100 pesos, so it is much more profitable.

Pet care

Gifts and donation

I'm not a person who really likes going to parties or anything else, so I would spend 500 pesos, it's enough for a gift. On the other hand, I'm not that involved in donations, but I have been involved in charities. Mostly they are donations of things that are no longer used and are in good condition, but sometimes I buy something from people I see on the street when I go to Oxxo, so that's about 50 pesos.

• Health insurance and medical expenses: approximately $1,200
• Cell phone: $500
• Food (grocery and basic outings): $1,000 - $2,500
• Savings or emergency fund: $1,500
• Miscellaneous expenses: $1,000. There are always unexpected expenses.

Adding all of that up, it's approximately 6,700 pesos, rounded up to 7,000 pesos.

Monthly budget

Total expenses

After covering all my major expenses, I have 6,150 pesos left over per month, which gives me the flexibility to save or spend on something extra. I realized that having a budget is key to better organizing my money and making sure I don't go over what I can afford and get into debt. I didn't put a savings fund where the remaining money can be put to work and generate more in the future, but that leftover money can be put to work so it doesn't depreciate. I also learned that having good grades helps me get better job opportunities to maintain or improve my quality of life. Also, if I get married or have children in the future, my expenses will increase, so I will have to adjust my budget. This exercise helped me understand how important it is to have control over finances to be prepared for any situation.

Conclusion