How to Budget on a Starting Salary
How to Budget on a Starting Salary
What you’ll learn
Skills you’ll gain
Transitioning to a job with a starting salary is an exciting time, yet creating a budget based on this salary can be daunting. How do you make the most of your earnings? In this course, personal finance coach and financial literacy expert Gregory Sneed will guide you through planning a personalized budget for your starting salary. First, Gregory will explain the difference between gross and net pay, along with the various components of monthly income. Next, he will identify categories to help you prioritize expenses, distinguishing between mandatory and optional spending. Then, Gregory will outline tips for creating a balanced budget with categorized transactions and introduce tools to help you manage your finances effectively. Finally, he will discuss savings and investment strategies to guide you towards making smart money decisions. After completing this course, you'll be equipped to practice healthy financial habits on a starting salary.
Syllabus
Download syllabus-
1
Gross pay vs. net pay The money you make is not the money you have to spend each pay period. 3m
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2
Understanding monthly income Your monthly income may consist of different components, such as salary, bonuses, commissions, and expense reimbursements. 4m
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1
Prioritize mandatory expenses It is a great habit to identify and prioritize payments that must be made each month. 2m
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2
Identify important payments Some payments are more important than others and in your budget it will be helpful to set them aside from less important payments. 2m
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3
Define optional expenses The toughest part of a spending budget is determining the expenses that are not mandatory or important and listing them as optional. 2m
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1
Calculate your income You may be paid in different intervals. 3m
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2
Categorize your transactions A budget cannot work without putting expenses into categories to manage. 3m
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3
Balance your budget Your goal is to achieve a balanced budget that makes sure that your expenses and savings do not exceed your income. 3m
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1
Choosing a budgeting tool There are different tools to consider when preparing a budget --including a notebook, a spreadsheet, or budgeting software to record your income and expenses. 3m
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2
Keeping your budget updated Keeping your budget updated and adjusted is a good way to adjust your spending based on real time data. 4m
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3
Consider budgeting counseling Operating on a budget can be a challenge and overspending can lead to increasing consumer debt. 4m
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1
Cost saving ideas It is a smart idea on a starting salary to learn how to be smart about your spending and save on expenses. 3m
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2
Save emergency funds Emergency funds can be a powerful way to increase your financial stability. 3m
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3
Retirement savings plans Many employers offer a retirement savings plan to set aside money for your retirement years. 3m
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4
Review investment opportunities Investing your money can be an option on a starting salary, but it needs careful consideration. 3m
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1
Starting salary and beyond Building a budget is a great start to making the most of your starting salary. 2m
Certificate
Certificate of Completion
Awarded upon successful completion of the course.
Instructor
Gregory Sneed
Gregory J. Sneed is a seasoned financial advisor and coach, guiding clients through a range of financial challenges, from investment decisions to budgeting dilemmas. With a career spanning over forty years in the financial sector, he has assisted corporations, small businesses, and individuals in enhancing their financial health. In 2010, Gregory established Life Saver Financial Services, dedicated to elevating clients' financial well-being with personalized strategies. His services encompass financial protection, personal budgeting, debt management, savings growth, and retirement planning, catering to diverse life stages. Holding an Accounting degree from Adelphi University, Gregory is a certified public accountant and a licensed Life, Health, and Accident Insurance Agent in California, distinguished by his commitment to clients' financial success.
Gregory Sneed
Personal Finance Coach and Financial Literacy Trainer
Accreditations
Link to awards
How GoSkills helped Chris
I got the promotion largely because of the skills I could develop, thanks to the GoSkills courses I took. I set aside at least 30 minutes daily to invest in myself and my professional growth. Seeing how much this has helped me become a more efficient employee is a big motivation.
