It’s important to understand that your $60,000 salary is likely the amount you make before taxes. This means that federal, state, and Social Security taxes will be taken out.
Your tax rate will depend on what state you live in, but if it’s one that has no state income tax, like Florida, it will obviously be lower. It also depends on whether or not you are married and have children.
We all have goals we’re working towards financially. Budgeting is very important because it allows you to cover your expenses, as well as plan for your those goals and the future.
When budgeting for your salary, you want to make sure your necessities don’t exceed half of your monthly income. Necessary expenses include groceries, housing, and transportation.
Your housing costs can include mortgage or rent payments, utility bills, and maintenance costs. This will be around 30% of your monthly income, if possible.